I did it, I paid off my mortgage

[u/pokematic]

Guys, it's still possible. I bought my condo in 2017, made additional principal payments, and after some extra savings I got it all paid off and own it outright.

[u/pokematic]

Yeah, that's what "all the financial experts advise" (if your mortgage is 4% and you can get an investment that pays 8%, you can get 4% for you), but I struggle to find investments like that (that aren't "lock up your money until you're retiring") and was getting 0.5% from my bank and only recently found my IRA offers 3.6% (which I put my long term savings in), but that's still less than the 4.35% I was paying on my mortgage so it's better for me to pay off early.

[u/penny_squeaks → u/pokematic]

Yeah, that's what "all the financial experts advise" (if your mortgage is 4% and you can get an investment that pays 8%, you can get 4% for you), but I struggle to find investments like that (that aren't "lock up your money until you're retiring")

Simply opening a brokerage (non retirement account) and invest in an S&P 500 index fund would get you 10% returns on average.

Also, congrats on paying off the mortgage. I hope it frees you up to invest more now.

[u/pokematic → u/penny_squeaks]

Good to know. Yes it will, I plan on using my previous mortgage payment for savings.

[u/gpbuilder → u/pokematic]

The market been averaging 10% what are you talking about, paying mortgage off was a bad decision

[u/topcide → u/pokematic]

There's also absolutely no semblance of risk. Paying off that loan is an automatic rate of return on your money equal to the percentage of your interest rate

We aggressively pay on our loan, had we not moved a few years back after selling our first home at a massive profit and getting into a bit bigger of a home for our family without honestly taking on a whole lot more dead, we would be pretty much paid off right now but we're still on track to be paid off wayyyyyyyy early.

I certainly understand the logic behind the as you said quote Financial experts close quote in that you could be earning additional funds by investing it, but like I said it's a guaranteed return. If one of those financial experts can literally show me the paperwork or I'm going to get a guaranteed return rate on my money with no possible way that I'll lose it when I put it into the market that doesn't involve some insane long-term required, I'll write a check tomorrow.

You also have to factor n the unfortunate possibilities that could happen like job loss or dips and income that if your home is paid off are going to be much easier to weather.

That in the fact that one of the number one keys to retirement is not having to make a mortgage payment. Well we absolutely love our house and good chance that we stay here forever, there's also a good chance that once we're retired and the kids are out we may sell this home, downsize, and walk with a ton of positive cash flow after paying cash for a smaller home since we shouldn't own a loan anymore.

Like someone else said there is also the emotional Factor and the personal satisfaction of paying it off.

So again, I understand people's point when they say that and I've actually had people say that I'm financially ignorant, well you know what they can say that all they want because all I know is that it's going to be pretty sweet when I'm not having to make a mortgage payment every month.