Originally Posted By: Clubber_Lang
Originally Posted By: 99Saturn
So be disciplined enough to make substantially higher than minimum payments monthly and pay your mortgage off in 5-7 years but don't trust yourself not to touch your investment in an index. I would hope those using this advice would pause to think about the implications if they can truly succeed in the former but not that latter and adjust their actions accordingly.
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And I have no doubt it's worked for you, I just have no doubt other methods also work, and we differ on what's optimal.
If the market tanks, u lose your job and your house ac goes out, would u rather have
a paid off house or a fat mortgage pymt?
Would I rather have a paid off house or a fat mortgage payment? For me, that's a 2 dimensional question for a multidimensional issue, designed to only have one answer by the person asking it.
If I lost my job, I'd much rather have money in something more liquid than a home. Especially problematic for me if I've been maximizing my mortgage payments at the expense of saving for a bump in the road. Even more concerning if I was doing so and had yet to pay off the mortgage, being left with a pretty aggressively paid off house, some mortgage payments left to still make monthly, and a list of other expenses besides a mortgage, taxes among them.
Those are my only options? What did I do with the money I didn't use to pay off the mortgage? How many people own this house, is it just me? Do I have a spouse? Does my spouse also work? Is it a hardship paying for our monthly costs if I get laid off? What if my spouse gets laid off? What if we both do? Have we saved some number of month's expenses in a more liquid account? In a more risk adverse options? Do I have kids and their quality of life to worry about?
Oh and we don't have ac - sold the units that were left when we bought this house during the first heat spell and save some money on summer electric, and live with being a little uncomfortable when at home.