Pay Off My Mortgage or Keep Financing?
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- Опубліковано 29 кві 2023
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Just paid of my mortgage today
I know the feeling. Its awesome!
💕💕💕💕💕💕💕💕💕💕💕💕
We recently paid off our mortgage early, and it felt amazing.
Don’t pay the taxes and see how amazing you feel.
@@miketheyunggod2534you sound stupid lol 😂 you’re giving homeless.
Its true what Dave says its that simple. Took us 8 years but we are mortgage free for the last 2 years. We lived below our means, paid off our mortgage and we now have 0 debt of any kind. Saved up 2 year worth of emergency fund, max out our retirement accounts yearly, fund 2 kids 529s, and even taxable account with extra $$ per month. I'm 40 this year and wife 35 and hit 1M net worth when I was 39 and mortgage paid off at 38. Formula works and especially now with recession I have 0 anxiety at my job and life is wonderful!
Dave is correct. Its about being out of debt for 90% of all US taxpayers. Why? Americans in general are bad with money and most do not have a financial plan. Carry no credit debt ie pay it off monthly, get rid of the auto loans and pay off / down that mortgage. Wife and I paid off our home last year and we felt this huge relief. We have no auto loans, use one CC each month for the cash-back and pay it off in full. We are now able to save $1000+ in our 401K each month. Glad we listened to DR.
90% great point. On the other hand if you were blessed to get a 2-3% historically all time low mortgage rate, be smart and invest the difference. We have not had rates that low for nearly 100 years. I see zero reason to pay off a 2-3% interest mortgage...IF you are disciplined and can earn 5%+ on your money 😉 guaranteed by the same people who back your mortgage.
99% of Americans would not be disciplined enough to follow what you suggest. Yet you make a good pt. @@donaldclayton9735
If you listened to Dave then you would know he would smack you
over the head for using a credit card.. especially just for the rewards..
WATCH your 401K. I did it right. In my late 20's I started a retirement fund. Paid in monthly. When I came to retire (71) I had only $50,000. I don't know what the heck the financial companies did. I do know every company I used got in trouble with the Feds, then I'd switch to another company; then THEY'D get in trouble. Went thru 5 companies.
The only thing doing well was Tesla, so I moved everything into it. I now have $200,000 in Tesla stock.
Now I'm watching Dave and trying again. I've paid off everything except my mortgage and I'm paying $500 into principal over the minimum into that.
It's not that it's boring, but rather most people are impatient and want get rich quick solutions.
Four years ago I sold my five bedroom home, then used the equity to trade down to a three bedroom condo, paying cash. Got laid off due to COVID one year later. Decided to switch careers. Can't imagine the stress of unemployment and a career change if I still had those big housing costs looming over my head. The borrow is servant to the lender.
*borrower
EXACTLY
You still have taxes, ins & HOA fees that can go crazy. If you had kept the home, you could have sold it then. no big deal.
@nyht727 you can still find homes without an HOA. Once your house is paid off, insurance is optional. If you live in Alaska outside of any incorporated areas, no property tax
@@nicholasselke5214 Not paying for ins. would be very smart move. NOT!!! Living in Alaska ... NOPE!
I bet it feel good my friends called me crazy cause I decided to buy a foreclosure for 60k then took me about 3 years and another 60k to get it livable but now I have a beautiful house and no mortgage
First caller. lol 😂. It doesn’t take a genius to figure out. PAY EVERYTHING OFF LOL 😂
I paid off my home 81/2 years early and saved $52,000 in interest. I see it as stopping the bleeding and not being owned by a bank. I have no dreams of granduer and live beneath my means. I am very grateful for the average life I live.
Mr. Ramsey makes me laugh every time he says tic tac😂😂😂😂😂😂😂😂
Pay it off! It’s the best feeling ever! Cars too.
Sure, I'd like to become a millionaire. Working on it. But to be known as someone with "good walking-around sense" is hella valuable.
In my opinion, there is no greater comfort than knowing you own your own home. No one can take it from me.. except of course the tax guy. Everything else, comes later.
In some areas the tax man payments are almost as high as the mortgage payments. Having a fully paid off home is kind of overrated.
@Tom W Highly doubt that amount of property tax buy still lowering your payment in half is a big savings.
@@tomw485 to each his own. Writing one check a year is much better than writing one 12 times a year. I just like the security of knowing I’ll always have a roof over my head. We all have our opinions on what’s important. I’m sorry if I offended you with mine.
Agreed Robin. The peace of mind that comes with actually owning your home is priceless.
Your HOA can take it from you too. So IRS or HOA.
Ever hear of "equity jail"? That's where your money ends up when you pay off the mortgage. Especially these days, when you can get CDs and MYGAs paying way higher returns than your existing PI on mortgage - if considering the longer term. Or ... put that money in short term treasuries (make a ladder with reinvestment). Any way you look at it ... its a financial planning decision, not a 'feel good' decision to be debt free. Being debt free is always the goal, but sometimes ... the journey is about building wealth.
Thanks for reminding me of equity jail
if you see it as an isolated action, yes you get in "equity jail". If you are following a plan (in Ramsey's case the 7 steps), you should have 6 months of capital BEFORE paying off your mortgage. (this prevents you to get in equity jail).
There is a difference between taking out a mortgage to invest is not the same as investing instead of paying extra on an existing mortgage. The difference - closing costs. If I already have a low interest mortgage, I am investing extra money instead of paying down on my mortgage. Those who have 3% mortgages can get a 5% return in an FDIC insured account. The decision on whether or not to pay extra on a mortgage is a function of interest rate and age/ investing timeframe.
Down to Hotlanta, lunch is on Tom
I think for most you are not going to invest more with a financed house which is debt investing. More than likely that money will be spent elsewhere so paying off your mortgage as quickly as possible when the principal is relatively high to get maximum benefits . I think it's funny people said I paid of my 30 year mortgage in 30 years and my house is worth so much more than it was when I bought it but we forget the interest we paid in it making most 30 year mortgages are a net loss for many residential properties . Others add ons are property taxes ,insurance and maintenance . A house is not an investment first and foremost and many times a liability but a necessary one as shelter is needed . What's key is most have much more house than what is needed .
This is an absolute beauty of a response..
Pay the houses off...no brainer
Funny cus I know several self made millionaires who did not pay off their house. Now I did pay mine off and am glad I did, but I would have more money today if I had not paid off the house.
@@frankish5314 I'd have more money if I was psychic 🔮
Well Dave you found me. I got a 7 yr ARM at 2.375% in july 2016. I paid it off this month before it becomes variable rate. The 750K mortage amount which i could have taken out of my investments stayed invested (100% in s&p indexed funds). The s&p was 2600 in july 2016. Its 4100 now. My growth return was around 450K. The mortgage interest paid during this entire period was around 100K (less because i continued paying it down).
I think it would be different if the interest rates were higher when i took out the loan, but it certainly worked when mortgage rates were historically low.
It sounds like you were throwing extra money at your mortgage. If that's the case you were doing what he says to do. Don't see how he is wrong.
@JoeSmith-gb4ng yes.. however even that accelerated paydown was not necessarily optimal.. I should have invested more of it, but I come from a similar conservative household and upbringing where all debt is basically evil.
A few years after I retired I paid off my house. I looked at what the cash stream of my mortgage was worth . It took a lot less money to pay it off. It was better even after paying the higher taxes on that money.
So after paying off your home ... you still paid taxes & I'm betting ins. So exactly how much P&I are you saving monthly?
@@nyht727 about 7200 per year. At a 4% with draw rate it would of took about 180 K to generate that income. I paid it off with about 16000 dollars. I had been paying extra every month for years though. I paid off the 30 year mortgage in about 17 years.
I do that reverse engineering thing about everyday when deciding on purchases/selling things.
Weeeeee’re Debt Freeeeeeee! Thank you, Uncle Dave. Worth the effort. Weird people!
Two best days of a boat owner's life unless they live within 30 mins of the water and use it regularly...day they buy it and day they sell it.
Took my first mortgage at 27 and set a 22 year term, keeping to it and not staying in this game forever!
4:05 is great!
😂😂😂😂😂
I love listening to Dave.❤❤❤
I leased a car and I saved a WHOLE lotta money on the front end. No complaints.
Don't drive alot!
I’m curious to see how Dave structured the question to the millionaires about paying off the house vs investing…
The research is so airtight that no one can know how it was done
@@andyhuber Many wealthy people have mortgages. Google it. Ask Trump!!! :) :)
I agree--this makes no sense. If treasury rates are higher than your mortgage (a large chunk of the population has sub 3% loans) put the money in a treasury equivalent time frame and collect the extra money for the length of the loan. For instance, a 2.2% mortgage and a 4.9% treasury yield. You can always sell the treasuries on the secondary market. Since the mortgage interest penalty is taken care of, max out with Roth's, mutual funds, etc. While it may feel psychologically good to pay off the mortgage, every dollar counts when an imbalance in exists in the rates. Will you get rich doing this strategy? No. Will you have more money in the end versus paying off your mortgage early? Yes.
@@whennejr Equity in a home makes a person NO MONEY. Equity released could amass a fortune. Paying off a very low mortgage rate makes zero sense. It's contrary to building wealth.
If someone only has as a home now as their only "liquid asset" that is also problematic. While I can cash out treasuries on the secondary market or sell a mutual fund if needed, I can't just tap out home equity very quickly without falling into a high rate HELOC trap. Telling people to pay off a sub 3% loan makes zero sense to me when there are FDIC insured CD's paying more (let alone treasuries which are backed by the US government). I guess all these fortune 50 companies never leveraged debt :) @@nyht727
Dave is "fired up" today!!
Brag call...
He's needing some validation.
Bingo. He got a multi million settlement.
So much about just bragging. Should I pay off my million dollar house with a multimillion settlement. I don't need the money either way.
I agree with the outcome of the study but it’s not air tight. There was no control group. The people that were millionaires were skewed towards Ramsey listeners and followers. I am one of them.
Yup
simple as it is
FACT: Average S&P 500 annual return is 9% over the last 30 years. Taking money out of the market to pay off a 5% mortgage is contrary to the data. But if it makes you feel good, go for it.
The caller sounds like bill from “king of the hill”
(4:25) Dave; you're a TikTok change where people are about to do something stupid with money and they sing 🎵God F*** D*** Dave🎵
I have the money avail to pay off my house. My interest rate is 3.25% and I have about 8 years left on it, lots of equity and a low payment. My accountant advised me not to pay it off because: 1) there are many better investments avail ie 3 month T-bills pay around 5.4% for those who are risk adverse or for those that don't mind stocks a simple low cost index funds or maybe buy Berkshire Hathaway. 2) Many of us think a financial collapse will occur and cash will be king when deflation hits and you'll want a lot of it. Equity will not be avail if something bad really happens. So long as one has the liquid cash avail not owning your house is a more prudent move if you ask me.
I wouldn't try to time the market though. Having a paid off home has been so amazing this past 2 years for us that I have 0 anxiety at work, feel semi retired already and I feel like i'm skipping 15-20 years ahead in my life as I just turned 40 this year and my wife 35. Now I can max out my retirement accounts the past 2 years since mortgage free and we built up 2 year worth of emergency fund in case we both lose our jobs which is highly unlikely. We still contributed last 8-9 years of our journey to pay off our mortgage so havnt missed out on the market either. BUT having a paid off home especially during this high inflationary time with us being in a recession is priceless.
Crazy part is that inflation will be much higher next year and every year it wont be going away any time soon. FED need to raise rates higher than REAL interest rates which is probably more like 20-25% in reality to battle inflation so they lost this inflation war. What does this mean? High inflationary environment is unfortunately permanent, they will cut rates eventually very soon because if they raise higher than 5.5%, it would bankrupt United States as the government would not be able to pay off even the interest on our loans! So they HAVE TO cut rates, which would spur insane demands on homes and price will sky rocket. Goods and services will continue to go up in price unfortunately as well. I just hope we never go into hyperinflationary environment which I doubt since the world is flooded with dollars. If that were to happen I would imagine united states would be the last to have this happen but high inflation steadily going up from here on out is going to be the norm until unrest or civil war occurs which could be likely.
Wife and I paid off the home last year. There is no feeling like it. Yes you have a low interest rate. But getting rid of that large monthly payment and one that you have for another 96 months needs to go away.
Listen if you've got many millions in the bank choosing to pay off a house worth a very small percentage of that could not possibly be a bad decision.
So unless you blow the money there's no bad decision here.
But if it were me I would love to just know that the house is completely paid for and it's 100% mine. The mental victory of that would be amazing.
Well, there is a difference between “became a millionaire BECAUSE they leveraged their house”, and “became a millionaire AND leveraged their house”. I wonder if he’s just misspeaking or if some of them did leverage their house but would not contribute their wealth to that choice 🤔
I’m going to see if i can find the study that he is talking about, to read it and check if the wording in the study is as ambiguous 👍
Oh, it turns out it's "reasearch," and not a scientific research paper at all. It has not been published in a peer-reviewed journal, and does not show the methodology used or anything of the sort. It is disappointing, but good to know.
PAY IT OFF !!!!! LOL !!!!!
I just financed a car for 72 months, got a timeshare, personal loan and recieved 89k in student loans. Wish i would've found dave sooner.... Projected to make 55k
You’re joking…
You still need to loan family some money and buy a new car for your sugar baby.
Sounds like everything Dave hates the most
Sounded older than 53
Sounds about 65 imho
It’s the southern accent
I’m sure he used a fake name and age if he was under a confidentiality agreement.
Just the accent
53 at heart
Dave is a multi-millionaire. I'll take my money advice/opinion only from folks like him who are successful with money.
@@anthonyfaucy2761 In his 20s...But his advice is partially based on what he learned from that experience. I mean....I'm a fan of his bc I also hate debt. Once I'm out of debt, I'm never going back.
Here are a couple things my parents taught me: absolutely NEVER borrow money for anything that isn’t an absolute necessity, if I must borrow, minimize the interest by living on only absolute necessities until it’s paid off, and don’t buy a home unless my annual interest payments are higher than my annual rent. Currently, for a modest house, I’d need about a 40% down payment for that
And, if necessary, get a second job. I’ve been told that I must do what needs to be done even if it’s hard
I personally think Daves reverse engineering is a bit of a strawman. It's not the same thing. I know most financial advisors will tell you to pay your mortgage forever because you'll get a greater return investing. Especially if your mortgage rate is low. I personally do both. I pay extra on my house, but still maximize my retirement investments. However I completely agree that there is a value that you can't put a number on when you pay off your home. Im sure it's an amazing feeling and I hope to get there one day much sooner than 30 years. 😂
the financial analysis doesnt include risk that you get sick, inflation, pandemic etc. if sometime happens and you cannot pay, then you'd be better off with the freedom
george tell me you hear what i hear. i see your smirk
The certainty of the debt is always higher than the likelihood of success in an investment.
Always be biased to zero debt.
This guy sounds like Bill from king of the hill.
Exactly!!!😂😂
3:06, I OVE that exercise! groovy advise
4:04
'Not one!'
Calm down Dave, you nearly burst a blood vessel
And an eardrum.
In order to be interviewed by Ramsey as a millionaire you need to have become a millionaire his way. No way all those millionaire didn’t leverage their money.
That’s incorrect. Maybe you should read the book before opening your mouth
@@nelsnyborg2526 so you are telling me every single millionaire made it by saving and buying assets cash and paying off their homes first. Really! Try reading rich dad poor dad by Robert kyosaki.
I have a realtor friend that leverages every chance he gets, and is a multi millionaire. He owns 8+ investment property and still hasn't paid off his own house. The appreciation of the 8 properties plus his house has grown quite a bit. Sure he has a lot of debt, but his tenants are paying for everything. So every month his net worth is actually increasing.
Yes, that's why Robert Kiyosaki disagrees with Dave. I keep coming back to Dave because I do believe it brings more financial peace to your life.
Hmmm. The guy was already building a $2M house before getting the settlemenet?
I was retired in Santa Cruz ca and my
Landlord said she was gonna double my rent. So I bought a house cash in Texas
for $23k. So I have no debt at all.
Life is so good.
I'd borrow a million at 3% to put into a money market at 4%
Hi Dave 😊what's funny people are online and writing books 📚 saying what you have been saying for years I guess your advice was before its time congratulations 😊
This was a “hey look at me” call
Validation call..."please tell me i did good dave"....
hahaha yes
Flex
That's alright
@@6663000 also true.
I like the reverse engineering example. What ever the numbers
You have $130,000 mortgage and have $150,000 cash
If you had no mortgage and 20,000 cash would you borrow 130,000 to invest ??
If taxes/insurance are close or more than my principal- it won’t feel that great
If you have a mortgage, you’re paying taxes and insurance PLUS principal and interest
Love uncle Dave!
Guy sounds almost like Bill from King of the Hill
I became a millionaire with debt. I must be a unicorn...
He sounds like he is 83
Being self employed will do that
I was thinking 73, lol
I thought he was older too....
But how many of those millionaires invested instead of paying off their house?
quite a lot i imagine. the numbers are much, much higher leveraging debt and investing. speaking for myself, i took a 30 year mortgage 8 years ago. i started investing 5 years ago and already have enough to pay the house in cash. this will continue to compound at a rate that puts my 3% mortgage rate to shame.
Put that pile into investment, dont pay the house down
Worst investment ever
There are many millionaires that borrowed on their house (HELOC) to buy a 2nd house rented in for 3 yrs then sold it for more than double the purchase price. Then pay off 1st home with the profits. That’s how paid off my 30 yr mortgage in less than 5yrs. Timing is everything.
I leveraged my mortgage (not paying it off early) to invest starting around 2010. Go look at the SP500 during that time vs now and you be the judge.
You did great but now you got the probability of S&P 500 crashing down 50-70%. With paid off mortgage you can sit pretty and still have had good gains.
There are lots of smart things you can do that won’t make you a millionaire. Did anyone become a millionaire by paying off their house?
Well, if you include the primary residence in net worth and the property is worth $1M, then I guess so.
@@gottesma are you really that dumb? You need to have the money first to pay it off. It does MAKE you a millionaire by paying it off
Tik Tak 😂
He said “Mortgages” that means MULTIPLE. But he talks of 1M . In GA, probably around that Lake. Augusta (The Masters) or Savannah. Not giving ATL Downtown energy. But multiple??
Tom is the poster child for "Hard work trumps intelligence".
It’s not always about hard work! He’s probably naturally gifted and an intelligent expert at something most don’t know about! It could be pipe fitting, pool installation or kitchen faucets. Nothing sexy but HE knows all about it times 10x lol 😂
Head straight to Vegas
Do some people just call in to showboat?
Either that or nervous about so much money
Using Dave’s reverse engineer logic: If I had a paid for house, would I take a mortgage out at 2.375% and put it in a savings account that pays 4%? Hell yes I would. Strange times we live in.
And if i had a unicorn, i would open a petting zoo.
Isnt it nice to fantasize about things we'll never have?
@@xenn4985 you’re missing the point
I would never, ever borrow money off a paid off house to make only 1.625% interest.....how much will you be paying in taxes on that risky 1.6% income?
oh yeah, and good luck finding a 2.3% interest rate on a mortgage....you won't see that rate again for many years to come.
The issue is, those two things will never exist at the same time.
@@umtozzi true in the sense that you can’t originate a 2.375% loan right now. But for many people who got their loans in 2020, a 2.375% mortgage and 4% savings account do simultaneously exist.
✝️🙏
It's funny because his accent makes him sound sooo stupid, but he has his act pretty much together, much more so than any of the fancy-talking university grads who are 200K in debt.
The power of timing and using home EQUITY to make money! I refied in 2021 and took out $215,000. 30 yr loan at 2.5%. My closing cost were less than $100. Our new loan amount was $420,000. We pay approx $1650 P&I (approx 50% on both). We put that money and some additional cash into CD's paying approx 4.65%. Those CD's are earning over $930/mth. Thus that $420k loan is NOW interest FREE! The interest earned on the CD's is more than the interest being paid on the loan. Simple math! Equity released can make you a fortune. Equity in a home makes no money at all! If you cancel your ins. to save money. You could lose ALL your equity!
well when you did the refi in 2021 and took equity out, CDs and saving accounts were paying nothing. So what exactly was your justification then on doing this? A 2.5% mortgage rate and a 4.65% CD rate will never exist at the same time. What actually happened here is that you got extremely lucky on the timing
@@jamalnasir5648 Yes & no. Since 2003 I had a 6mth LIBOR. During that period it started under 2% to a high of 6.75 around 2007. My margin was 1.5 which was very low. We wanted a fix rate before it went up. I had 11 COFI from 1987 - 2003. It was time to lock in a 30yr. Yes, we could have paid the home off long ago. But why do that? Equity in a home doesn't make any money. Equity released can make a fortune. :)
That strawman argument is old and tired. No one is talking about taking out a loan to invest.
That is a horrible argument.
Why doesn't he deserve how he's currently doing?
Let’s suppose that Dave’s study subjects were only people that were WILLING to talk
to him.
They probably were never told the study was by RS.
Just watch other UA-camrs that go to wealthy neighborhoods and ask the owners how they afford a place like this. Most them mention things Dave Ramsey says about them.
Dave's results correlate with data amassed from the Millionaire Next Door.
I got 1.15 in mortgages I dream of the day they’re paid off.
Sooooo, why did he call🤔
Nervous. LoL
To toot his horn on his liquidity event! 😎
Love Uncle Dave
If you are smart with your money and your interest rate is lower than your annual investment gains then it makes sense to invest over paying off the principal. Sorry
I overpay 1/3 my mortgage and invest the rest. I also bought a house that was way less than I could afford.
Risk. If equals risk
Then you should always have a 30 year balance on your home loan. You should never pay it off and have a HELOC on it also because the S&P 500 makes more over time.
Why call if you “can’t” give the most important info😂
I am working on paying off my house. I’m a millionaire as well :-)
Congrats happy for you
Thank you!!
I've made over a million in my life time and I've ALWAYS pulled cashout. We pulled out $220,000 @2.5% in 2021 loan amount $420,000. That money now makes approx $927/mth in certificates @4.6%. I haven't had a 9-5 job since I left IBM in Sept 1994. Equity in a home makes NO MONEY! Equity released can make a fortune! Ask those residences in Maui that paid off their homes what now? Or flood victim? Or those that had major health issues creating huge debt that caused then to lose their homes. Never pay off a mortgage!!!!
In 5 yr's our certs will be at the similar value as our home balance. Getting rid of 2.5% loan is STUPID!!!
So in 5 years you will have have equal debt on your loan and the cash to pay it off. Not sure why that is better than paying off the mortgage now
@@logdon17 Because I'll never pay off the 2.5% loan. I use the equity released to make more money!!! Equity in a home makes no money. Equity released in a loan can make you a fortune. Keep in mind the home continues to appreciate at the same rate if you have a loan or not.
That's the oldest sounding 53 year old voice I've ever heard.
So how do you get into real estate if you aren't already rich?
4:06
Tickle tickle
Tom sounds like Bill Doughtrieve.
Dave is total sucker for a southern accent
Why can't he say how much he makes?
It's hard to say anything without knowing any income.
Non disclosure clause related to the sale of his business.
I maxed out my house debt and invested into highly leveraged rentals and that made me a multimillionaire. For real.
You have a NET worth in the millions? If you paid off all your debts in cash tomorrow, would you have assets left worth millions in equity?
@@shushanto yes about $8M
@@shushanto Also paying off debt doesn't change your net worth. It only converts cash into equity.
Risk
@@PInk77W1 please elaborate.
I never want a million dollar house.
Don't move to Australia, in that case.
Why would I pay off my primary house? The low interest on it allowed me to buy couple more investment houses in last 2 years. Now the renters are paying off my mortgage on those. How will you spin this up as a dumb thing to do Dave?
as long as it doesnt rain, it makes sense. As soon as it starts to rain ... hold tight bro
If you are just crunching numbers and willing to take the risk, your way makes sense. Dave is promoting financial peace. It's a different mindset, a way of looking at life and money. If you aren't following the Baby Steps of Financial Peace University, you won't understand.
Landlords got a rude shock during COVID. Renters were legally allowed to not make rent payments, but the banks didn't give the landlords a break. What if one of your tenants turn your house into a grow house? Thousands of dollars to repair it. What if they cook meth? The house has to be destroyed and rebuilt. The bank isn't going to just say "oh well" forgive your loan. All your leverage depends on nothing bad happening.
Bill Dauterive’s say finally came, huh!
He said mortgages….!
Why doesn’t he ask this guy if he has other debt too!
Just because someone gets a windfall, doesn’t mean they were wise before.
Dave just don't like people that have a different way to do things.
His goal is primarily to get people out of debt.
@@TheFirstRealChewy Yeah, and not make you wealthy.
@@TheFirstRealChewy I can respect getting out of debt, Fr.🙏
I need some advice; I am 64 and still working, I have enough money to pay off my mortgage which the remainder is $35K. Afraid that I will deplete my savings too much, which is $50K. Should I go ahead and pay off my mortgage? Thank you!
No, not at your age. Keep working and pay it off. Do not go into your savings. The biggest mistake retirees make is retiring with a mortgage.
Thanks for this reply; I wish I had gotten it in a timely fashion:) I did pay off my mortgage and am still working, so rebuilding my savings. @@re8746
Have you followed the Baby Steps? Do you have an emergency fund of 3-6 months of expenses? Have you killed off all the other debt? If yes, than yeah, kill the mortgage.
Thanks for this eventual response. I do have savings and only my car payment; I paid off my mortgage. Now to get after that car! Happy Holidays!
@@damondiehl5637