Over the Thanksgiving break I was having dinner with several friends. Some are nearing retirement age and one commmented (lamented really) about how she wished she had paid down her mortgage early. It got me to thinking about when/how/why this became a priority for me.
Working as a career counselor I met with many people since the 2008 economic downturn who lost their jobs and some eventually their homes. Many of these people had adequate EF's, (at that time the recommendation for an EF was 6 months living expenses I think) but simply could not find employment. It really inspired me to make paying off my mortgage a financial goal. The security of having a paid off home (at least for me)is priceless. I am not a risk taker, so this makes sense for me.
There are many different ways to prepare ourselves financially, some disagree with paying down a mortgage and heavily invest instead. This is not a post about what is "right or wrong" in terms of financial planning. Just my own thoughts about my own personal way of planning for my future!
Discussions about Mortgage Payoff
November 26th, 2012 at 07:06 pm
November 26th, 2012 at 07:17 pm 1353957446
The only down side is that I know I fritter away more money each month not having a mortgage.
Some of our friends own million dollar homes with large mortgages. We have always favored living in a nice but reasonably priced home with NO mortgage. Also, we really have no debt of any kind. On the outside we may look like our heavily mortgaged friends, but inside we are living comfortably and safely.
November 26th, 2012 at 09:46 pm 1353966378
November 27th, 2012 at 02:07 am 1353982045
April 10th, 2019 at 06:59 am 1554879558