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I do come from a background where my parents invested quite a bit (Not me, as I was single and a modestly paid public service worker, my choice with no regrets): Here is the deal: in the past 6 years, you are saying, you invested and made enough to pay off your mortgage. How much money was that? How much did you gain, after capital gains taxes, fees, etc? Do you mind citing a number? In the past 6 years, since 2013?
I don’t discuss my financial numbers online. It would be crass to ask me to respond to your question.
Just for 2013 alone, the market went up 30%, my mortgage rate is 3.5%.
You were not specific. My home equity has gone up a lot in 6 years due to the prices in homes. But you had been talking about making a profit in investments. So, what are you talking about when you say your equity went up (in your home): Due to investments, the topic we are discussing? or something else? the price increase in homes these days?
You were not specific. My home equity has gone up a lot in 6 years due to the prices in homes. But you had been talking about making a profit in investments. So, what are you talking about when you say your equity went up (in your home): Due to investments, the topic we are discussing? or something else? the price increase in homes these days?
There are two parts that went up. My home equity went up and my investment accounts went up. Just the home equity alone went up 1.5 times.
I will retire with a mortgage, but it will be paid off less than 4 years later. I bought my house 21 years ago with the intention of this being my forever home. I cannot imagine deciding to go through the massive effort of packing up and moving, possibly to somewhere that I don’t like as much. But I’ve moved around a lot when I was younger so it would take an awful big event to get me to move again. Good neighbors, solid house, lots of family in the area. I’ve personally done a lot of work on this house and I feel like it is part of me. We are happy together.
Starting over with a mortgage at my age would scare me to death, frankly. I play things pretty safe I guess.
I paid enough to have a low monthly mortgage -- considerably less than rent would be for a 2-bedroom apartment -- and then let the rest stay in my investment accounts. It's working. No problema.
How about this option? Instead of not having a mortgage, you have a low cost mortgage for $350K and an additional $450K in hand.
How about having no mortgage and that much saved? I still stand by the method of making sure I owe nobody anything in retirement, and my structure is secure. I didn’t realize it was considered old school.
Without all your specifics no one can say ...it is about your entire financial picture and what your draw rate , assets and allocation will be as well as whether legacy money for heirs is important...
Could I live on a paid off house and 450k ? Nope , I would never attempt it where I live
Without all your specifics no one can say ...it is about your entire financial picture and what your draw rate , assets and allocation will be as well as whether legacy money for heirs is important...
Could I live on a paid off house and 450k ? Nope , I would never attempt it where I live
That’s a number someone else threw out there. I didn’t say it was my magic number.
Well no one can say what someone should have invested without the entire picture ...there are only general rules for being to home equity top heavy ....
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