Why Paying Off Your House Later Is A HUGE Risk

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My wife and I paid off our house in 2020 after putting together a financial plan in 2017 to reduce debt. We are 100 percent debt free. We didn't make any excuses, we had to pay off student and car loans as well. We are very grateful. Praise to God. Our house is valued at $700k. We are also black :-) so it is possible for anyone to achieve.

slthomas
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Mortgage paid off this Tuesday!! Best feeling of security ever! Shackles are gone.

gahippie
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Being debt free feels wonderful! Paid off house this week and no others debt! Just ordered Dave’s Baby Steps Millionaires. My husband and I feeling super motivated

stephaniemcgowan
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I am so grateful for a paid off mortgage. It really does feel great.

suek
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Eliminating all debt was the most liberating experience of my life. The peace of mind that it brings in a financially tumultuous world cannot be quantified.

nmccw
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A very wealthy friend of mine told me this. He hasn't had a house payment since about 1995. He owns several homes, but has payed cash for all. He says it freed him to make investments, and feel safer about it. He's always commented if his business ever failed, he could work at Home Depot and not lose his homes.

ethanmurray
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Peace of mind is priceless - no debt is the best way to be

danieldpa
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Paid off mortgage and not looking back. Make a plan stick to it regardless of whatever happens. It feels like a huge weight lifted off. This is more encouragement to people who are looking at other ways.

MiguelNoyola
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Paid off my house in 2019 sent my last payment in July my company I worked for went bankrupt in August. I was so happy to have made that last payment one month before.

lovelife
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I've paid off my mortgage got no debts.
Being 45 life just gets better No more monthly mortgage payments. The freedom
Feels amazing! I've had to listen to people
say why am I working so hard? You need to learn to relax and take a break.
It really did get to some people. I choose to ignore them and stay focused on my goals!
Getting advice from people who are dreaming of winning the lotto and are lazy.
Life is to short to gamble!

gavinlocke
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So many factors involved. I'm paying off mine this year simply because of the unknown. Losing a job, leaving a job that you hate to do something more enjoyable, coming down with bad health. I'd say the number one priority/achievement in a person's life would be having the roof over your head paid for. House paid for, car paid for....everything I make will be profit basically.

marcusj
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reading the comments it amazes me, though it really should not, how many people do not understand Dave is teaching financial peace, not math class.

eatpigsnot
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The way I look at it is like this: if I put more money towards my mortgage, it's literally GUARANTEED returns. You can't guarantee anything with the stock market. Yeah, my APR is only 3.125% on my mortgage, and right now for example even in Vanguard's Federal Money Market Fund, it's returning 5%. But it hasn't been like that forever. If I put more money toward my home, I'm literally guaranteeing I'm making more money. People don't view it as MAKING money, but that's what you're doing. If I was supposed to pay $100k in interest, and I only pay $50k, I literally *made* $50k.

Silidons
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Paid off my mortgage in 5 years 😊.. I am 34, single mother of 2 teenagers.. thanks to god and me finding Dave Ramsey.. I am debt free 🎉🎉.. but I don’t have a car 😂.. building cash to get one in 2025💪🏽

Heavenjewel
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Good advice Dave. I have many friends, coworkers, financial advisors etc who have preached the opposite for my entire adult life. They claim that leveraging everything possible vs paying cash when possible is the way to long-term wealth. I don't know a single person who's been disciplined enough with their finances and spending for this to work even marginally. Several have lost houses, claimed bankruptcy multiple times and will have to work until the day they die. My parents and grandparents lived through the great depression and instilled in me to live within my means, borrow money only when u have no other options and pay it off asap.

JohnJohn-wrjo
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having no debt and a paid off house is an amazing feeling and I did it by age 50. Dave's tactics work, live w/in your means being the best one IMO.

jumpingjeffflash
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I was about investing before mortgage. At 35, I was diagnosed with a severe debilitating disease and now I realize I won't be able to work till 65. So our lifestyle has been readjusted and our risk has been readjusted. Paying off the mortgage is now a priority over investing.

CanadianPilotYHM
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I put 500k into stonks on 2019 instead of paying off my 400k mortgage. Today, I still have that mortgage, and my stock portfolio is almost 1.6 million.

CNT
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One benefit paying off your mortgage gives you and it's hardly mentioned, is how you view your job. Feels great you don't really need your job that much, and you can tell your boss to do one, any time.

Now, that's a great feeling!

scotttracy
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My parents were forced to sell their home when in their 50's because of health issues. This was such a painful experience to watch, I paid off my mortgage against the advice of my financial advisor. That was such a good decision, no one knows the future.

smacdiesel