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Just wanted to share my excitement about paying off my house this week! I made the wire transfer last Friday and received confirmation this week that everything went through correctly.
For me I decided to do it for a couple of reasons. I'm 37 and maxing out a 401k, IRA and HSA, so I have a good chunk of money already going into equities. Of course stocks look a little rich and most indications are that we're going to have to settle for lower rates of return over the next few years. Knowing those things, I felt comfortable throwing the extra money at the house. I realize I might miss out on some extra growth that I could have earned by stretching the mortgage out to its full term and investing the difference, but I paid it off start to finish in 5 years so that difference will be small since I can now start throwing the leftover money into investments.
*No I don't make 250k or anything crazy. I'm not as extreme as Mr Money Mustache, but his inspiration to live on significantly less than I make is largely what helped me get to where this was a possibility and I recommend him along with Clark Howard for anyone who wants to get ahead.
Congratulations! Now you have OPTIONS. Invest even more, look at a new career, donate more, etc.
The stock market went up and down while you worked your plan. But your mortgage interest rate never changed. And I'm sure your peace of mind from paying this off is worth magnitudes more to you! So I firmly believe paying off your mortgage was the best use of your money.
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