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We could, but we don't b/c it's not really a good investment strategy. We pay 6% interest on the borrowed money, and it's all deductible at tax time. Instead of taking cash and paying it off, we invest that money and bring in much more than 6% a year. So we still get the deductible tax benefit, and use the borrowed money to make more.
Most financial advisors will tell you it's not a great financial move to EVER pay off your mortgage for this reason, although some people feel more comfortable with it paid off, and if it eases your mind, then it's worth it.
Having been twice divorced AND heard so many stories about how destabilizing it is when this comes into your life, how you have to move, find more money etc...
That will never happen to me...if I choose to share my life with someone and it doesn't work out, he is leaving and my daughter and I will have alot less to worry about then women normally have.
How many women have you heard of that stay in a bad relationship because they have no place to go or not enough money to take care of themselves...
NOT HERE...p**s me off and you just might come home and find your stuff on the front lawn...AND no question about who retains ownership of MY home...
I'm 29 and I Own it. I also own several rental properties and still owe on a few. I am fortunate to have a good job and have family in rental properties that pointed me in the right direction just after high school. If you want to OWN your home, its not about the amount of money you make, its about what you do with the money you have.
Having been twice divorced AND heard so many stories about how destabilizing it is when this comes into your life, how you have to move, find more money etc...
That will never happen to me...if I choose to share my life with someone and it doesn't work out, he is leaving and my daughter and I will have alot less to worry about then women normally have.
How many women have you heard of that stay in a bad relationship because they have no place to go or not enough money to take care of themselves...
NOT HERE...p**s me off and you just might come home and find your stuff on the front lawn...AND no question about who retains ownership of MY home...
Lisa, that's a nice change form the women I've known or read about who can only live their lives through some man... And especially the ones who won't leave when he turns into an abuser. That's one of the things that I'm so proud of my wife for. We've set our finances up so that she can go on without skipping a beat if anything happens to me. She's her own woman, not my "property" or chattel. We don't own each other but still love, trust and cherish each other. But, BOT; we have about 15 years left to pay off the first ever home we've ever owned (paid rent to landlords all over the world...) Currently, we feel that is a better option than raiding our other investments to pay it down faster...
Well, we sort of own our house outright. It's been paid off for several years but the local government is the real owner. If my wife and I would have a catastrophic financial loss and couldn't pay the taxes, it would be seized by the local government and sold to the highest bidder. I've seen it happen too many times.
Lisa, that's a nice change form the women I've known or read about who can only live their lives through some man... And especially the ones who won't leave when he turns into an abuser. That's one of the things that I'm so proud of my wife for. We've set our finances up so that she can go on without skipping a beat if anything happens to me. She's her own woman, not my "property" or chattel. We don't own each other but still love, trust and cherish each other. But, BOT; we have about 15 years left to pay off the first ever home we've ever owned (paid rent to landlords all over the world...) Currently, we feel that is a better option than raiding our other investments to pay it down faster...
I'm glad to hear your wife has your support in that way. I think alot of men are too threatened by that kind of independence.
I don't see myself inviting someone to live with me, either married or not until papers are signed that they are a tenant at will, I need only give a months notice and they have to leave and that regardless of our relationship, time and money they might invest in my home, I retain complete unencumbered ownership of my home...
I can't tell you the number of men that I have spoken to who would have a problem living in a home their female partner owns...I have even had some say that they would make their female partner move into a house that they owned and would expect the partner to comply (I don't comply with anyone) even if the house the man owned was substandard to what the female partner owns...
Some tell me they would expect me to sell my home and co-mingle those assets with whatever they have so we could buy another home together...the point of that being a bad idea is IF you are married AND you sell your house and co-mingle the funds, even if you money makes up 70%, you only get 50% of it back in the case of a divorce...no thanks, I have a daugther to think of.
At 32, Me and My better half, bought ours outright. Sold our tenement took the profit and bought this one. Granted isn't much but paid for and is ours. Just don't have any money left. But with 130,000 profit I can't complain.
We've owned ours for quite a few years. Got such a god deal on the payoff that we had to. We are making more money on investing the payments than we got from tax breaks that there really was no choice.
We do enjoy the comfort level, and we have enough from the investments that we could pay the taxes indefinitely from the dividends if it came to that.
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But with 130,000 profit I can't complain.
