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Old 1 December 2022, 10:43 AM   #7
MrGoat
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Quote:
Originally Posted by SDGT3 View Post
My CPA told me to do this and we took his advise. Those first couple years were very lean, but things get better. I now tell my children to do the same and expect lean times until raises and inflation make that "FIXED" rate easier to handle.

Paying off one's mortgage not only frees up funds for other things, including retirement savings, but more importantly psychologically comes with a sense of weight off the shoulders.

Fast forward and just a couple months ago I took out a loan for the first time in decades on an average commuter car rather than pay cash. Why? Arbitrage. The interest rate was lower than what I could make in a safe, guaranteed Tbill.

I would disagree. Get a mortgage you can afford and pay extra payments, I can see and advocate for. Getting a mortgage you can barely afford is not a great idea imo and I’m surprised a CPA told you that.


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