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Personal Finance and Investing

OAITW r.2.0

(28,714 posts)

6. I did, once, about 30 years ago.

Reply to Turbineguy (Reply #3)

Sat Dec 28, 2024, 12:10 AM

Yesterday

Then the house burned down. I took $50,000 out 5 years ago to re-roof, add solar back-up, paint, new deck railing, and improve the driveway. And I could wipe out the mortgage by draining a significant part of my current investments.

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I'm wondering...would it be better paying off my mortgage (80K) or keep the money in market investments? [View all] OAITW r.2.0 Friday OP

I'd pay off the mortgage. If the economy goes to shit at least you'll own your house Ocelot II Friday #1

That's what I am thinking too. And who knows how they will screw with SS. OAITW r.2.0 Friday #2

Are you familiar with the Turbineguy Friday #3

I did, once, about 30 years ago. OAITW r.2.0 Yesterday #6

If you've got it... 2naSalit Friday #4

I have 2 CD's that would about cover it. About 6 months from maturity. OAITW r.2.0 Yesterday #9

Hmm... 2naSalit Yesterday #10

Only if you itemize your deductions. Many do not since they changed the law question everything Yesterday #14

I thought that didn't matter now with the higher personal deduction, especially on 80k Shellback Squid Yesterday #16

It comes down to the total annual interest cost plus annual property taxes IbogaProject Yesterday #17

You get a tax deduction on the mortgage interest Felicita Yesterday #21

Good advice, thanks. Maybe paying down chunks. over time, is the better way to go. OAITW r.2.0 Yesterday #23

The fed has signaled that inflation and interest rates are going up, IIRC. usonian Yesterday #5

you'll give up $80K and lose a tax deduction. whats the interest rates for mortgage vs possible msongs Yesterday #7

How much interest is in your payments? Renew Deal Yesterday #8

Pay off the mortgage. greatauntoftriplets Yesterday #11

What's the interest rate on the mortgage and how old is it? PSPS Yesterday #12

I paid mine off, with $500 to spare in my account. alfredo Yesterday #13

Well, I can tell you, 1st hand, LL Bean's sells quality product. OAITW r.2.0 Yesterday #24

your current interest rate on the mortgage? Shellback Squid Yesterday #15

I think it's 3.5% OAITW r.2.0 Yesterday #18

CDs and short-term treasury bills/other bonds are currently over 4 percent carpetbagger Yesterday #20

Debt free is great state of mind. rubbersole Yesterday #19

I'm leaning that way, too. OAITW r.2.0 Yesterday #25

I paid mine off earlier this year. woven Yesterday #22

Welcome aboard! OAITW r.2.0 Yesterday #27

No advice, just analysis here HariSeldon Yesterday #26

Something to consider. Thanks for posting. OAITW r.2.0 Yesterday #28

We were in the same situation 25 years ago - Paid off the mortgage GoneOffShore Yesterday #29

Pay off the mortgage FirefighterJo Yesterday #30

This is good advice Renew Deal Yesterday #32

I never regretted paying off my mortgage early. viva la Yesterday #31

2008 - and the Maidoff led market collapse. I sat down with my wife. "Lets pay it off now because we don't know 3Hotdogs Yesterday #33

How old are you? And are the investments mostly MontanaFarmer Yesterday #34

Invest a small portion into Quantam computing and Beachnutt Yesterday #35

I did it shortly before retiring - smartest thing I could have done under the circumstances. Ocelot II Yesterday #36