Iām 30, and I paid mine off last summer. Iāve had countless people tell me that that was a bad idea (mostly by those who still have one or canāt qualify for one.) But that doesnāt matter, because I knew that being debt-free resonated with my preferred lifestyle and overall profile as a human being. Iām not someone who can stomach living with debt while having my home equity fluctuate in the market knowing I couldāve used that money to remove the stress of monthly payments from my life. Yeah, seeing my $XEQT and $VFV position gain in value would be great, but not at the expense of developing stomach ulcers from stress lol. Iām aware that my home equity wonāt outperform $VFV or $XEQT and Iām ok with that because the ROI on my personal life satisfaction will. Iāve spent a lot of money on experiences (outings, vacations, gifts, etc) that I otherwise wouldnāt have been able to afford if I had payments. That means something to me. I live a better life experience without a mortgage and knew I would, so I paid mine off. Youāre different than me, and everyone else on Blossom. If you can live a better life with a mortgage/investing the difference, donāt pay your mortgage off. Itās that simple and only you know. As Dave Ramsey would say, āstop listening to your broke brother in law.ā š Check out my Montreal personal meetup Facebook group, link in my bio!
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128 Comments
Le Corb@lecorb Ā· 22d
@alejcanales7 very few people on this platform have the benefit of experience and time. Hindsight is 20/20. Having both, what will tell you as an experience and successful business leader and having accomplished all the things one should aspire to achieve financial success is this. Being mortgage free will be the single biggest determinant to driving future financial success. The biggest element to financial success of investments isā¦.CONTRIBUTIONS. And being mortgage free means, you now have massive FREE CASH FLOW. Letās say the average mortgage payment in Canada is $2,500/month. That means from this point forward you can contribute an ADDITIONAL $30,000 a year into investing. People on this platform canāt do the basic multi step financial math to understand how free cash flow and contributing it into investing explodes wealth and compounding. I was mortgage free at 34 years old. I can tell you, you now have no liability of debt, interest rates, foreclosure and unemployment. Thatās priceless.
Harvey Specter@harveyspecter Ā· 22d
stocks > real estate
Samit Dewan@investordaddy Ā· 22dEdited
Good on you for paying off your biggest debt at 30ā¦.it doesnāt matter what people think or say about it, it was your decision to pay it off and as long as it makes you happy and stress free that is all that mattersā¦.i want to be debt free and would do anything for thatā¦.i wish i was this wise at 30ā¦.
Selam @selam.stacks Ā· 22dEdited
You will ALWAYS need a place to live. Yes, renting or having a small mortgage makes sense for some but there is never a guarantee it can be paid for in the future. I work in healthcare and have seen too many peopleās situation drastically change to where things suddenly become unaffordable. So for me, I think what you did was smart and big congrats to you on owning your home outright š šš¾
Julie Babs@juch50 Ā· 22d
I love Dave Ramsey and yes, I will pay off my mortgage if I have the means today. I like having sound sleep like a landlord.š
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