Paying off our house was a psychological and cash-flow windfall.
. Over time, investors have historically seen positive returns, but in any given period, that’s not a guarantee.I had a perfect 850 credit score. Then I paid off my house.With no mortgage, my husband doesn’t have to take money out of his Thrift Savings Plan, which is the federal government’s version of a 401 retirement plan. He can allow that money to continue to grow, or in the case of the stock market downturn over the last two years, recoup paper losses.
If you want to maximize your investment dollars, then don’t take vacations, eat out or elevate your lifestyle by buying a bigger house.Because of inflation, a middle-income married couple with two children will now spend about $300,000 to raise a child to the age of 17, , which analyzed data from the U.S. Department of Agriculture. That does not include the cost of college, or “supporting them during their transition to adulthood,” Brookings pointed out.We traded a higher net worth for the priceless joy that our three children bring into our lives.
I discourage decisions that are detrimental to your financial health. You don’t want to be reckless, but if you’ve crunched the numbers and have confidence you’re good financially, paying off your mortgage before you retire can be an appropriate financial move.“Michelle, well done on achieving this important milestone,” one reader wrote.
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