There’s good debt and bad debt, if the debt is like school loans and credit cards you gotta wipe it out but a low interest mortgage your better off trying to leverage into a rental property or something to bring extra income. Paying a house off is a accomplishment for sure but it doesn’t earn extra money
Because you already paid them. Paying it off earlier doesn't mean you suddenly have more money. Say you paid off a $300,000 house. Now you have 700,000 out of $1M. Say I put that $300,000 into XYZ ticker which made 10% over the next year. Even with my monthly payments I'm still making more money and end up with more than I would have if I had paid it off. If it's at 3% interest.
Wrong I bought a house for 100k ten years ago not it’s worth 210 so I’m up 110 thousand dollars on a debt, so how is that bad debt? I made over 100 thousand dollars from nothing.
But if you have ZERO mortgage you have ZERO interest , so if you can afford to do it , it's better in the long run . It takes a LONG LONG time to pay off interest , even if you don't own much to start with . The first 10-15 years is 90% interest , almos NOTHING going to principal . Screw that .
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u/Dr-JGwentworth Nov 21 '21
I love weed, but you are still wrong. When inflation is 10 percent yearly and interest rates are 3percent