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re: Pay off house or invest Pt. 2
Posted on 12/23/21 at 1:31 pm to EA6B
Posted on 12/23/21 at 1:31 pm to EA6B
quote:
Too few understand the role individual behavior plays in personal finances.
+1
I am of the camp who would rather invest than pay extra on a low mortgage interest mortgage. I understand my risk tolerance and behavior having been through 2 major crashes (2000 and 2007). I don't count 2020 as it recovered so fast where the other two took several years to recover. Though seeing your portfolio drop mid 6 figures is a good gut check lol.
However, when you get a large sum of money that lets you pay off the mortgage entirely that is very different than paying extra to a mortgage for 15-20 years.
My advice to the OP would be to immediately sell the second house and refinance the primary house. Then I'd wait at least a month before making any decisions on the money (alot of people say a year). You could still pay off the house, have a decent chunk left to invest and can max your 401k/Roth IRA/529/HSA going forward.
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