quote:
I freely admit that I am a per month type person. I look at finances and how much money I have to work with per month vs. long term. I simply cannot grasp how paying off the mortgage is not a good idea to consider with all of the other options as well. Is it strictly because paying off 120K towards a mortgage vs. investing the $120K and earning interest during 10 years that makes it better?

So this is an important question, what would you do with the cash that you were spending on your mortgage once its paid off?

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Posted by achenator

Member since Oct 2014

2957 posts

Posted on 6/16/16 at 2:23 pm to barry

quote:
So this is an important question, what would you do with the cash that you were spending on your mortgage once its paid off?

For most people it's buy a bigger home or vacation home and start over LOL.

This post was edited on 6/16/16 at 2:24 pm

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Posted by statman34

Member since Feb 2011

2964 posts

Posted on 6/16/16 at 4:59 pm to barry

quote:
So this is an important question, what would you do with the cash that you were spending on your mortgage once its paid off?

Invest and assist with college for children.

Actually this thread has been really helpful for me. I think I am going to go the route of investing the extra money instead of paying it to the bank. In 6-8 years I will have enough to pay off the house and pay for 2 of the kid's colleges (if the investments yield reasonably well). So it will accomplish the same task but the investment will allow me to have more money at the end than I would if I had just paid the bank the whole time. And of course, I would have liquidity in the meantime if something bad happens. I am going to probably seek a financial advisor to assist.

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