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Is there a downside to paying off your house early? I have a coworker who cashed out his 401 but now says he regrets it. He says he's probably going to have to work longer. I've asked him about it but he's not 100% open. Obviously it's his business.No consumer debt payments
no car
no house
no credit card payments
Stop giving all your money to PAYMENTS
If you're paying 3% interest on your mortgage it makes no sense to pull money out of your 401k that you are making around 10% on.Is there a downside to paying off your house early? I have a coworker who cashed out his 401 but now says he regrets it. He says he's probably going to have to work longer. I've asked him about it but he's not 100% open. Obviously it's his business.
The problem is that the US has built itself, since the Model T, into an automobile centered country. In older Euro cities, there are entire city blocks where you can get from your house, to the grocery, to an electronics store, to shops and restaurants...all quickly by foot without risking being hit by any sort of transportation mobile - be it car, motorcycle, train, etc. We don't have such walkable locations. Even living in downtown PDX, you're fighting cars every 100ft.IMO burning dinosaurs (and their food) is a pretty dumb and antiquated way to get around (we've been using this as a primary mode of transit since before we all even had phones). I'm lazy (and I always have lots of crap) and it rains alot here, so I don't want to bike. I want alternatives, but I'm pretty sure I don't want to give that dbag Elon Musk a dime.