Dave Ramsey Should I Pay Off My Mortgage
Olivia Luz
Some of my reasons to pay off our mortgage rather than invest.
In another moment of clarity it was evident that by taking on more debt to invest we weren t making any real progress to become financially free. I have enough to worry about. I put all my extra money in mutual funds instead. As i approach retirement 3ish years i am driven to pay my mortgage off.
What they have in investments is just about equal to their 380 000 mortgage their household income is about 175 000 a year. I was starting to think that dave ramsey was right after all about paying off the mortgage. Actually in addition to investing 1 the peace of no debt. It s a nice way of saying you re stupid and you believe cultural lies that are out there.
If you want to pay off your debt the fastest focus on the debts with the highest interest rate first. He recommends paying off everything. Dave says you should first invest 15 of your income for retirement before you work toward paying off your mortgage. Pay off all debts.
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Right now i could pay off my mortgage 7 times with my non retirement savings if i so desired but i am ok with having the liquidity. Laura on twitter asks dave to explain paying off the mortgage versus keeping it for the tax deduction. I decided to not pre pay my mortgage 15 yr with 2 75 rate. Credit cards student loans and your mortgage.
The entire point of dave ramsey s teachings is to live a debt free life. As anyone who has read my other answers knows i am not a fan of dave ramsey although some of his advice for getting out of debt is just fine. Dave ramsey is a seven time 1 national best selling author personal finance expert and host of the dave ramsey show heard by more than 16 million listeners each week. I m 99 sure the dave advice is to pay it off but it s a big decision so i want to dot all my is and ts.
If you have the opportunity to pay off your home and you don t pay off your home in order to keep the tax deduction that would be an indication that you are poor at mathematics. 3 the certainty of knowing that it s taken care of. Dave ramsey became wealthy not by following his own advice although i am sure he does but by becomin.
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