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Personal Finance and Investing

padfun

(1,857 posts)

14. Then I see no reason not to pay off the mortgage.

Reply to OAITW r.2.0 (Reply #13)

Wed Nov 10, 2021, 08:21 PM

Nov 2021

You're set for life. It's a nice feeling and will be a good haven if this country goes to shit.

I still have a mortgage but my car is almost paid off. That's like getting a $500 raise.

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So, I have a recent influx of cash from a sold home that I shared with my sibs. [View all] OAITW r.2.0 Nov 2021 OP

you have a interest deduction? Shellback Squid Nov 2021 #1

Mortgage Interest deduction? When did that change? OAITW r.2.0 Nov 2021 #11

It's still around, but the standard deduction was doubled by Trump etc., so progree Nov 2021 #20

call up a financial adviser lapfog_1 Nov 2021 #2

Invest it. Keep the mortgage tax deduction. brush Nov 2021 #3

I can't advise you on all of it, but iwillalwayswonderwhy Nov 2021 #4

Very cool idea! crud Nov 2021 #5

Well, I have all of their artwork on my walls and their Oriental Rugs... OAITW r.2.0 Nov 2021 #7

That's great iwillalwayswonderwhy Nov 2021 #15

Continuity, I think. OAITW r.2.0 Nov 2021 #16

Pay it off jpak Nov 2021 #6

I like the idea of owing no one, nothing. OAITW r.2.0 Nov 2021 #9

Pay off your debts Deuxcents Nov 2021 #8

The only real debt I have is the mortgage. OAITW r.2.0 Nov 2021 #26

Depends on your tax bracket, interest rate and other circumstances, but Ocelot II Nov 2021 #10

If it's a low interest rate, keep the mortgage padfun Nov 2021 #12

I am happy where I am at. OAITW r.2.0 Nov 2021 #13

Then I see no reason not to pay off the mortgage. padfun Nov 2021 #14

I budget the shit out of my finances. OAITW r.2.0 Nov 2021 #19

There was no mortgage. OAITW r.2.0 Nov 2021 #18

The up side of paying off the house is it's Phoenix61 Nov 2021 #17

Sadly, we never own....we use while we are alive, then other stuff happens. OAITW r.2.0 Nov 2021 #21

Lucky me, I can work until I say, that's it. OAITW r.2.0 Nov 2021 #27

Not an advisor, but... jmbar2 Nov 2021 #22

At 68, you shouldn't be looking at 'higher yield" viva la Nov 2021 #23

Learned my lesson back in 2000. OAITW r.2.0 Nov 2021 #24

Very true about your point OAITW r.2.0 Nov 2021 #28

Invest. The S&P made 24% so far this year. Mortgage rates are about 3%. Scrivener7 Nov 2021 #25

Yup....I am inclined to agree. OAITW r.2.0 Nov 2021 #30

I use Vanguard for an S&P index fund. They also have plenty of other mutual funds and Scrivener7 Nov 2021 #32

The pain of the late 90's stock bubble killed. OAITW r.2.0 Nov 2021 #33

I lost a lot in that. But those crashes can work the other way too. During the late 80s, early 90s Scrivener7 Nov 2021 #34

The home mortgage interest deduction has always been over-rated, IMHO..... lastlib Nov 2021 #29

But the logic of post 25 makes sense. OAITW r.2.0 Nov 2021 #31