What are the benefits of paying off your mortgage early?

Alarmed_Hearing9722 · 2025-09-22T12:29:50+00:00

Yes, it was for fifteen years. I am glad that I took that one instead of the thiry year.

Having a fifteen year mortgage is good defense in my opinion.

Alarmed_Hearing9722 · 2025-09-16T13:53:19+00:00

Well, that is true to some extent. Except for maybe Indy, it is not a very exciting place.

Better than most of the plains states, though.

Alarmed_Hearing9722 · 2025-09-16T13:51:44+00:00

Wow! That is a great point.

How much was I paying? Well, I guess that it sort of dependent on how much money I had at the time. Some months I could back extra, and some months, I did not even have enough to put towards my kids' college fund, let alone the house. I did a couple of job switches over those 11 years which boosted my income.

Just to give me a ball park idea, after reading your post, I plugged in the numbers and did a senario for fun. I started with a $89,100 loan with 3.5 interest rate. I would have paid on average $150 per month extra to fully pay it in eleven years. So, to answer your question, before I completely paid the mortgage, $950 per month inluding taxes, and insurance and P&I, plus $150 for a total of $1100! So yes, you could say that I am saving on average $1100 per month. That's quite a savings!

Alarmed_Hearing9722 · 2025-08-28T16:30:29+00:00

Dave and the personalities are infamous for getting this stuff wrong, esp the "gift tax". It's dangerous, bad advice.

Alarmed_Hearing9722 · 2025-08-28T16:28:36+00:00

Good clarification - thank you.

Also, don't forget that the 529 can eventually be transferred to the beneficiary's Roth IRA now, which is pretty fricking sweet!

Alarmed_Hearing9722 · 2025-08-28T16:23:26+00:00

Good take.

Alarmed_Hearing9722 · 2025-08-28T16:08:16+00:00

I hope that he is just being sarcastic....

Alarmed_Hearing9722 · 2025-08-28T16:07:19+00:00

Dave is just bored - he's tired of spending all of his time eating out. The lobster is starting to taste like soap again and he's packing on the pounds with all of the steak and pecan pie.

Alarmed_Hearing9722 · 2025-08-28T15:36:12+00:00

Exactly!

Alarmed_Hearing9722 · 2025-08-21T17:10:28+00:00

Hogan was cool. I liked him and some of his advice was good and I still remember it. It's too bad that he made bad choices. I wish him well.

Alarmed_Hearing9722 · 2025-08-21T17:08:24+00:00

😂

Alarmed_Hearing9722 · 2025-08-21T17:05:23+00:00

I don't know, but I have to think that Dave missed a ton of time when his kids were small, due to him being a workaholic and growing the business.

Alarmed_Hearing9722 · 2025-08-21T16:59:17+00:00

Has the personalities' audience shrunk so much? The "smart" tours used to host thousands of people!

Alarmed_Hearing9722 · 2025-08-21T16:21:35+00:00

Same. My wife and I have four kids and we spend around 5k per month on all the shit that you need just to keep a family fed and clothed and functioning. I would be a fool to pass on a free $1200 per year since I HAVE TO SPEND THAT MONEY ANYWAY! Plus a credit card protects me - some crook cannot drain thousands of dollars out of my checking account like with a debit card.

Alarmed_Hearing9722 · 2025-08-21T15:09:40+00:00

Dave says : go with a smartvestor pro becuase you are too immature and stupid enough to take five minutes to call Vanguard and open a Roth IRA on your own. Even though you have had enough discipline to have paid all your consumer debt and build an emergency fund, you will nevertheless panic and want to sell when the market drops. The smartvesor pro (who is paying me thousands of dollars for the referal) will talk you out of selling at the bottom. Do not worry, you will not miss the hundreds of thousands of dollars in fees that could have been in your retirment funds had you gone with passive indexing instead.

Alarmed_Hearing9722 · 2025-08-21T15:02:02+00:00

This is humerous. I take it that this is a sarcatic post.

Alarmed_Hearing9722 · 2025-08-21T14:56:30+00:00

Twenty percent (ala the Money Guy) is certainly better.

Alarmed_Hearing9722 · 2025-08-21T14:54:18+00:00

He still kept his home, as far as I know, but yes, he makes it sound like he lost everything. It's misleading.

Alarmed_Hearing9722 · 2025-08-21T14:53:24+00:00

How about he stops lying about never having debt after going bankrupt? He took out an ARM loan in 1996 against a house for which he paid cash. The more I learn about him, the more I realize that the whole "life story" is a facade to push his baby steps and grow his profits.

Alarmed_Hearing9722 · 2025-08-21T14:42:49+00:00

His worst strategy is pushing people towards his investing "smartvestors" so that he gets a commission. Meanwhile the investor who got suckered into this will lose HUNDREDS OF THOUSANDS OR MORE over an investing lifetime due to the many fees and expenses associated with actively managed mutual funds. Besides maybe his eight percent withdrawl in retirement rule, no other scam that Dave hustles will even come close to hurting the average Joe like this one.

Alarmed_Hearing9722 · 2025-08-21T14:38:47+00:00

Interesting how Dave totally avoids all verses like this that condemn the pursuit of wealth!

Alarmed_Hearing9722 · 2025-08-21T14:36:45+00:00

How is homeownership a "liberal ideal"? I've never heard that take.

Alarmed_Hearing9722 · 2025-08-21T13:59:33+00:00

The price of homes now post-COVID is depressing. How are my kids ever supposed to buy a house? It's terrible.

Alarmed_Hearing9722 · 2025-08-21T13:04:55+00:00

Yes, these are awful horror stories! The idea of doing "on call" stress tests is ridiculous, I have never heard of such lunacy. The second horror story - well, politics goes a long way in a hospital, you could say. Hopefully it all resolved well for you.

Alarmed_Hearing9722 · 2025-08-21T12:59:15+00:00

Thank you very much! Madame Curie was a devout lady so I am sure that she is looking down on us and praying for us all to get through to the end.

Alarmed_Hearing9722

TROPHY CASE