A Millionaire Who Regrets Paying Off his Mortgage!

The biggest downside to paying off your mortgage early

There are several studies citing the psychological benefits of paying off debt early, such as emotional relief and the strength to avoid slipping back into debt.

All of that is true. But the biggest downside that no one talks about is the complete loss of motivation to take on calculated risks and to work as hard as you can to grow your wealth. 

Of course, everyone is different. 

The most important lesson Sam Dogen learned from paying off my mortgage early is that you should always have something that keeps you motivated and financially driven. When you’ve got your living costs covered and things are easy, it’s tempting to get soft and ignore your finances. Only the most “gung-ho” people will bother to take risks or put in the extra hours to get that raise. If you have no financial burden and no one is depending on you to provide, it doesn’t make sense to work twice as hard.

His best advice: Plan for the future

My Future Plan for my Career - Assignment Point

His best advice is to pay off your mortgage by the time you no longer want to work. Figure out when you plan to retire and divide your debt amount by the number of working years you have left.

There are free retirement planning calculators to help give you a realistic picture of your financial future. After all, there’s no rewind button in life. It’s always better to over-plan than it is to under-plan.

Read More: Millionaire who bought a home at 26 regrets paying off his mortgage early: ‘This is the biggest downside no one tells you’

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