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In today's video I am going over if I regret paying off my mortgage early or not.
It has been about 9 months since my wife and I have paid off our mortgage.
Since then, I have had a lot of people voice their opinion on us making the decision to pay off our mortgage instead of putting that money into investments.
So I thought it would be good to make a video going over my thoughts after 9 months of having a paid off mortgage.
Paying off your mortgage should be something you are proud of because honestly, if you choose to pay off your mortgage early or invest in the market, either of those is a win!
So… do I regret it? Short answer is HELL NO!!!
If you came for the short answer thank you for watching and if you could just hit that like button for me that would be great!
Now for those of you sticking around to see why I don’t regret it… lets dive into that right now.
1. Invested the money
Most peoples argument for not paying off mortgage early is you should invest the money instead and I would agree with them!
If I were to put the money I used into my mortgage instead into the S&P 500, I would have a lot more money years down the road than if I just paid off the mortgage.
One thing to note here, I still invested in the market while I was paying off the mortgage. I wasn’t putting every dollar I had towards the mortgage and I think that is important. There still needs to be a percentage that goes into your investments. At least 15%.
Some of you may ask well if you knew you were going to make more money then why not invest it and not pay off the mortgage?
2. Safety/Peace of mind
I sleep better at night
NO EXPENSES (minus typical bills, electric water etc)
My risk is a lot lower if something were to happen to my income
3. More Money To Invest
Now that I don’t have any expenses, I can have a lower emergency fund in cash and can put more money in investments. That money that would be going towards my mortgage is now going towards investments.
I am on the journey to financial independence. My investment income covers my lifestyle. So the lower I can make my expenses, the faster I can get there.
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