01-02-2022, 09:57 AM
(01-02-2022, 09:16 AM)ken-do-nim Wrote: So instead of a Med cruise (I'm not a cruise person but this would be an exception), this summer will be Yellowstone, just after Labor Day.I completely understand the logic that investing in the market has easily paid of for you vs retiring a low interest mortgage. I faced different circumstances in the 1980s. A 10% mortgage and a bad economy. I worked hard to retire my first mortgage in about 13 years. Built a modest new home and retired that mortgage in about 12. Bought a rental house and used all the income to retire that mortgage. Could I have made more money in the stock market? For much of that time period no. The market was rough and my skillset less than now.
Cruises are awesome, but Yellowstone is a must. I hope to get out there soon too. Hopefully 2023.
If you keep making 50% a year in your port maybe you can pay it off a little early. Just add some more leverage lol.
I do occasionally have fun with the investment calculators lol. Let's see ... yeah if I make 50% a year it says I end up with $50 million in 10 years
If I move out of my house in 4-5 years, I will either convert it to a rental or sell it. Chad's advice was to sell, though I have to recall the reasoning. If I'm renting it, the rent will more than cover the mortgage. I pay about $2200 a month on it, and if it were today, I would try to rent it for $3500/month. In the unlikely event I remain living here long term, I will have to run the numbers to see if paying off the mortgage say 15 years early is better than keeping that money in the market.
One thing I can promise you. Sitting there at age 55 debt free gave me options. If real estate crashed I'd be OK. If my income dropped I'd be OK. I'd probably try to rent your house. You can change your mind in a couple years if it isn't for you. In the meantime you'll build some equity.
And yes the investment calculators are fun. My projected path was nice and linear. My reality an unending S pattern.
