Mortgage #3 - Paying Cash For Your Home
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Paying off a house isn't "investment" or "wise choice" it's just done. In some states taxes don't rise as property values do.
The faster I get away from the bank the better. Ever lived in a country with 20% monthly inflation? I have. FYI Salaries don't follow bye bye buying power. Even though my house may still be $1000, milk could be $2 this month, $2.40 next, and $14.86 in 1 year or 1.4% of my mortgage. I may need that $1000 house payment to feed myself and others.
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@fubeca12 - You're right about the impacts of inflation but we'd challenge who controls the money during the time. Cash is king during inflationary times and the ability to leverage is critical. The one who shoves his/her money towards their mortgage has no liquidity, use and control; that is, not until the mortgage is completely paid off. The math always wins for the individual who maintains control and if inflation happens then he/she absolutely DESTROYS the one who made the bank happy.
mountainfinancial 11 months ago