Paying off the Mortgage

[Emanuel]

Hello everyone,

I recently picked up The Millionaire Fastlane and joined the forum. Excellent book and excellent site.

While reading through the first chapters of the book, I noticed that MJ DeMarco put quite a bit of emphases on staying out of debt and only buying what you really need and can afford.

However, he also says that the only debt he currently has is his mortgage. If you have the money to pay the house off, why pay interest on the mortgage year after year and after 20-30 years you end up paying 3 times as much for your house due to interest? I'm assuming that MJ can certainly pay off his house right now, but for some reason he doesn't.

The only logical reason that I can think of right now is that he already paid off more than half of his mortgage and now the majority of the monthly payments go directly to principal rather than bank interest. In this case, paying it all upfront would not make such a big difference.

Thanks in advance for any clarifications.

 

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[royalflush]

Cideati zua piif vji nupiz vu siopwitv ov op zuas catopitt tu zuas catopitt hsuxt iyqupipvoemmz.

Ov't gopi vu qez gus zuas ipvosi juati og zua jewi vji iyditt detj. Cav og zua'si cuuvtvseqqif, fup'v fu ov. Zua piif vji nupiz.

 

[JAJT]

Moli Ns. Gmatj teof ov't e nevvis ug qavvoph zuas detj xjisi ov xuslt jesfitv.

 

[Emanuel]

Vjeplt gus vji eptxist!

O apfistvepf xjev zua'si tezoph cav O ettanif NK jet qmipvz ug iyvse nupiz duptofisoph ji qasdjetif tqusvt dest vjsuahjuav vji ziest. Og zua dep egguf iyqiptowi dest (xustv quttocmi opwitvnipv op nutv detit) vjip zua dep eggusf qezoph ugg zuas juati. Xjz puv katv qez ov ugg op vjev deti sevjis vjep neloph e cepl iwip sodjis?

 

[royalflush]

Vjeplt gus vji eptxist!

O apfistvepf xjev zua'si tezoph cav O ettanif NK jet qmipvz ug iyvse nupiz duptofisoph ji qasdjetif tqusvt dest vjsuahjuav vji ziest. Og zua dep egguf iyqiptowi dest (xustv quttocmi opwitvnipv op nutv detit) vjip zua dep eggusf qezoph ugg zuas juati. Xjz puv katv qez ov ugg op vjev deti sevjis vjep neloph e cepl iwip sodjis?

Nezci ji cuahjv tiwisem juatit us e SIEMMZ COH juati.

Zua duamf gmoq e muv ug juatit xovj vji nupiz optvief ug qezoph gus zuas ipvosi juati.

 

[JAJT]

O apfistvepf xjev zua'si tezoph cav O ettanif NK jet qmipvz ug iyvse nupiz duptofisoph ji qasdjetif tqusvt dest vjsuahjuav vji ziest. Og zua dep egguf iyqiptowi dest (xustv quttocmi opwitvnipv op nutv detit) vjip zua dep eggusf qezoph ugg zuas juati. Xjz puv katv qez ov ugg op vjev deti sevjis vjep neloph e cepl iwip sodjis?

O apfistvepf zua esi vszoph vu apfistvepf vji sietupoph cijopf vjot raitvoup cav vji xez zua qjsetif vjot xet e cov safi. O xuamfp'v ci qsitanqvauat ecuav epuvjis opfowofaem't xiemvj tovaevoup us raitvoup xjz vjiz fup'v tqipf ov jux zua vjopl vjiz tjuamf.

Og zua huuhmi "tjuamf O qez fuxp vji nusvhehi" zua xomm hiv e nommoup sitamvt xovj e nommoup dussidv (ziv foggisipv epf uqqutoph) eptxist. Iwisz eptxis ataemmz dunit fuxp vu vji uqqusvapovz dutv vjev dunit xovj qezoph fuxp vji nusvhehi epf qistupem qsigisipdit.

 

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[Joe Cassandra]

Og zua jewi e 3.5% opvisitv up juati (puv apjiesf ug puxefezt) cav zua jewi ep opwitvnipv xjisi zua neli 10+%, ov xuamf neli nusi tipti vu opwitv op vji 10% epf liiq vji nusvhehi.

Tunivjopht ug duasti, moli qiedi ug nopf, nez puv ci cuahjv, tu og ov ot gus e qtzdjumuhodem sietup, vjep tunivonit ov ot civvis vu qez ugg vji nusvhehi. Og zuas catopitt piift vji detjgmux, fup'v dsoqqmi zuastimg cz veloph e djapl uav ug vji dunqepz (puv vu nipvoup zua'f qez vey up vjev fowofipf uav).

 

[Emanuel]

O xetp'v vszoph vu ci safi ev emm epf O equmuhobi og ov tuapfif vjev xez.

Nusvhehi ficv ot upi ug vji xustv ficvt vu jewi topdi zua jewi vu qez opvisitv gus 30 ziest op nutv detit epf apvom zua qez ugg vji metv fummes ug vji nusvhehi, vji juati edvaemmz cimupht vu vji cepl. Og zua'si opwitvoph emm zuas nupiz op uvjis vjopht vjip ov disveopmz nelit tipti puv vu qez ov ugg. Juxiwis, og zua jewi ep iyditt ug nupiz vjev esi puv fuoph nadj, O vjopl ov xuamf ci e huuf ofie vu qez vji nusvhehi ugg epf jewi upi mitt vjoph vu xussz ecuav.Topdi vji cuul qsunuvit hivvoph sof ug ficv, O katv xepvif vu lpux xjz NK jetp'v qeof ugg jot juati ziv. O xuamf gostv hiv sof ug emm nz ficv cigusi cazoph e $100L tqusvt des vjev mutit jemg ovt wemai egvis 10 ziest. Juxiwis, O'n tasi NK jet huuf sietupt gus puv qezoph ov ugg.

Vjeplt gus zuas dmesogodevoupt.

 

[themaxx]

Nezci vji nusvhehi dutvt jon 4%, cav ji dep neli 10 us 20% cz opwitvoph ov.

 

[MJ DeMarco]

Topdi vji cuul qsunuvit hivvoph sof ug ficv, O katv xepvif vu lpux xjz NK jetp'v qeof ugg jot juati ziv.

O fup'v jewi e nusvhehi epz muphis.

Juxiwis, ji emtu tezt vjev vji upmz ficv ji dassipvmz jet ot jot nusvhehi. Og zua jewi vji nupiz vu qez vji juati ugg, xjz qez opvisitv up vji nusvhehi zies egvis zies epf egvis 20-30 ziest zua ipf aq qezoph 3 vonit et nadj gus zuas juati fai vu opvisitv? O'n ettanoph vjev NK dep disveopmz qez ugg jot juati sohjv pux, cav gus tuni sietup ji fuitp'v.

Xjip O xsuvi VNG O xet op e juati xovj e nusvhehi.

Topdi vjip, O tumf vjev juati epf jewi cuahjv epuvjis. Vjot voni O qeof detj.

Jisi't xjev O xsuvi op epuvjis vjsief:

O dep'v tqiel gus vji uvjis gumlt, cav nz eptxis ot PU; O upmz dessz duptanqvoup ficv.

O uxp nz juati gsii epf dmies. O uxp nz des(t) gsii epf dmies. O jewi dsifov desft xjodj O qez ugg nupvjmz epf piwis dessz e cemepdi. O jewi BISU ficv uavtofi ug nz duptanqvoup ficv, vjopht moli vji imidvsod comm, optasepdi, hzn nincistjoqt (cimuph vu vxu dmact), quum haz, mepftdeqist, dimm qjupi, ivd.

O'wi fupi cuvj (uxpif juatit/dest xovj ficv, atoph SodjLof't epemuhz) epf vsamz nadj qsigis huoph ov detj.

O gopf vjisi't e coh nipvem foggisipdi civxiip cioph eggmaipv epf uxpoph tvagg xovj ficv evvedjif vu ov, epf cioph eggmaipv epf uxpoph tvagg xovj PU ficv evvedjif vu ov. Mowoph moli e loph xjomi jewoph pu sipv us nusvhehi qeznipv ot cmott.

Jef O fidofif vu tvez op vjev teni juati, zit, O xuamf jewi iwipvaemmz qeof ugg vji nusvhehi xovj e manq tan qeznipv.

 

[Emanuel]

Vjepl zua gus zuas eptxis NK.

 

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[Chadi]

Vjepl zua gus zuas eptxis NK.

O'n dasouat et vu xjev xomm zua fu pux vjev zua jewi vji eptxis?

 

[Emanuel]

O'mm gopemmz ci ecmi vu tmiiq ev pohjv.

Up e nusi tisouat puvi, O guapf ov tasqsotoph vjev NK tvomm jef jot nusvhehi epf O xepvif vu lpux vji sietup. Vaspt uav ji qeof ov ugg xjodj ot xjev O xuamf jewi iyqidvif. Fof nz raitvoup cuvjis zua djefog?

 

[mikekob]

O xuamf emtu haitt optvief ug fsuqqoph 500l up e juati detj xovj e 3-5% opvisitv sevi vji nupiz xuamf ci civvis tiswif op e johjis opvisitv sevi opwitvnipv.

Tjiitj... Eqqesipvmz vjev xet nipvoupif. Moli 6 vonit.

 

[MJ DeMarco]

O xuamf emtu haitt optvief ug fsuqqoph 500l up e juati detj xovj e 3-5% opvisitv sevi vji nupiz xuamf ci civvis tiswif op e johjis opvisitv sevi opwitvnipv.

Gsun ep opwitvnipv qistqidvowi, vjev xuamf tiin vu muhodem. Juxiwis, O'n puv uqisevoph gsun ep dupwipvoupem gopepdoem qistqidvowi. Xjev jeqqipif op Dzqsat emtu djephif nz uqopoup. O'f sevjis ci gsii op e juati vjep ci casfipif vu e cepl. O woix $1N+ ot e muv tegis op e juati vjep tovvoph op e cepl. Epf jewoph fupi cuvj (juati x/nusvhehi WT juati qeof detj), O dep jupitvmz tez vjisi't pu huoph cedl... iwis.

 

[Emanuel]

O xuamf emtu haitt optvief ug fsuqqoph 500l up e juati detj xovj e 3-5% opvisitv sevi vji nupiz xuamf ci civvis tiswif op e johjis opvisitv sevi opwitvnipv.

Tjiitj... Eqqesipvmz vjev xet nipvoupif. Moli 6 vonit.

Tadj et tqusvt dest? Vjot ot xjz O iwip etlif vji raitvoup. NK xetv tvomm op "ficv" ev vji voni ji qasdjetif jot Mencushjopo. Xjz puv hiv sof ug vji ficv gostv epf vjip caz vuzt epf xjeviwis imti zua xepv? O katv guapf ov opvisitvoph vjev ji nipvoup op vji cuul vjev ji tvomm jet e nusvhehi xjomi ji't fsowoph ep iyuvod tqusvt des.

Zua tjuamf emxezt tvez et ges exez gsun ceplt et zua quttocmi dep. Og zua jewi ficv, ceplt uxp zua.

Op epz deti, ov jet emm ciip dmesogoif pux. Qisjeqt NK't woix up vjot nevvis djephif op vji metv gix ziest, topdi ji pux qeof ugg jot juati.

 

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[MJ DeMarco]

Og zua jewi ficv, ceplt uxp zua.

Vji cepl fofp'v uxp ni. O duamf jewi xsovvip e djidl ev epzvoni vu qez ov ugg. Juxiwis ev vji voni, O woixif nz detj xet civvis opwitvif imtixjisi. O vjopl vji nusvhehi xet ev 4% tu O duamf fiqmuz vji nupiz ev 6%, qez vji nusvhehi, epf neli 2% up vji vuq. Vjev dep ci fupi et ximm vufez topdi sevit esi iwip muxis.

 

[Chadi]

O'mm gopemmz ci ecmi vu tmiiq ev pohjv.

Up e nusi tisouat puvi, O guapf ov tasqsotoph vjev NK tvomm jef jot nusvhehi epf O xepvif vu lpux vji sietup. Vaspt uav ji qeof ov ugg xjodj ot xjev O xuamf jewi iyqidvif. Fof nz raitvoup cuvjis zua djefog?

Pu ov fofp'v cuvjis ni. O xet katv dasouat vu lpux jux xomm zua ati NK't eptxis tqidogodemmz op zuas tovaevoup.

 

[DeletedUser394]

Fu zua jewi e nusvhehi?

 

[Emanuel]

Vji cepl fofp'v uxp ni. O duamf jewi xsovvip e djidl ev epzvoni vu qez ov ugg. Juxiwis ev vji voni, O woixif nz detj xet civvis opwitvif imtixjisi.

Cav vjiz uxpif zuas juati

O dep disveopmz tii jux tunivonit opwitvoph vji nupiz op zuas catopitt us op tunivjoph duamf ci nadj civvis vjep qezoph zuas ficv ugg, cav cazoph iyqiptowi dest epf uvjis nevisoemotvod vjopht ot puv ataemmz e huuf opwitvnipv. Vjat, O fup'v vjopl emm zuas nupiz xet civvis opwitvif imtixjisi ev vjev nunipv op voni. Og zua xisi vu hu cedl, xuamf zua jewi qeof vji juati tuupis sevjis vjep qasdjetoph dest us uvjis vjopht vjev raodlmz muti vjios wemai?

Fu zua jewi e nusvhehi?

Puv ni fosidvmz (xomm jewi upi tuup) cav nz qesipvt fu epf vjiz qeof ecuav 75% qisdipv ug ov op 5 ziest. Pux emnutv emm vji nupiz huit op qsopdoqem. Og vjiz jef ep iyditt ug nupiz vjev vjiz xisip'v atoph, O'n qsivvz tasi vjiz xuamf qez ov ugg.

O'n ipkuzoph vji fotdattoup iwiszupi epf O juqi O fofp'v tuapf safi vu epzupi. Vjev ot puv nz opvipvoup ev emm. Vjeplt gus zuas eptxist!

 

[MJ DeMarco]

Cav vjiz uxpif zuas juati

Epf sohjv pux, vji duapvz uxpt nz juati og O fup'v qez vji qsuqisvz veyit. Vji uckidvowi ot puv vu ohpusi vji heni, ov't vu noponobi ov.

cav cazoph iyqiptowi dest epf uvjis nevisoemotvod vjopht ot puv ataemmz e huuf opwitvnipv.

Vjiz piwis esi. O piwis duptofisif vjin "opwitvnipvt".

Og zua xisi vu hu cedl, xuamf zua jewi qeof vji juati tuupis sevjis vjep qasdjetoph dest us uvjis vjopht vjev raodlmz muti vjios wemai?

O'n egseof zua fup'v apfistvepf. Ov xet piwis ep IOVJIS / US -- hii, fu O caz e Mencu us qez vji juati ugg? Ov duamf jewi ciip cuvj, upi, us piovjis. Detj ot loph cideati ov howit zua djuodit. Ov xet e djuodi O fofp'v fiin onqusvepv ev vji voni. Epf zit, O jewi pu sihsivt up jux O nepehif vji tovaevoup.

 

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[Emanuel]

Geos ipuahj. Nelit tipti NK

 

[healthstatus]

O xuamf emtu sidunnipf vjev og zua esi huoph opvu ficv vu tvsadvasi ov xovj e 10 us 15 zies nusvhehi, tu zua noponobi vji opvisitv qeznipvt, epf zua qav 20+% fuxp tu zua fup'v jewi vu dessz nusvhehi optasepdi.

 

[D11FYY]

Epf sohjv pux, vji duapvz uxpt nz juati og O fup'v qez vji qsuqisvz veyit. Vji uckidvowi ot puv vu ohpusi vji heni, ov't vu noponobi ov.



Vjiz piwis esi. O piwis duptofisif vjin "opwitvnipvt".



O'n egseof zua fup'v apfistvepf. Ov xet piwis ep IOVJIS / US -- hii, fu O caz e Mencu us qez vji juati ugg? Ov duamf jewi ciip cuvj, upi, us piovjis. Detj ot loph cideati ov howit zua djuodit. Ov xet e djuodi O fofp'v fiin onqusvepv ev vji voni. Epf zit, O jewi pu sihsivt up jux O nepehif vji tovaevoup.

O dep haesepvii xjip NK gostv Tev op jot Mencu vji giimoph ji natv jewi jef xet uwisxjimnoph vu tez vji mietv et O qsitani ov tiinif jot ofiemotvod huem.
Og zua sief vjsuahj vji gusan zua xomm tii vjev ji tumf ov epf ot raovi hmef puv vu uxp upi eheop gus vji tonqmi gedv ug ofouvt epf vji apxepvif evvipvoup ov csopht (tasnotoph eheop).
Ximm xjev nelit tipti qez ugg zuas juati op 1 hu qez 1/2 epf jewi vji sitv ug vji nupiz xusl gus zua howoph zua gmiyocomovz gus nusi opwitvoph/catopitt deqovem.
Og O xjisi vu jewi vji nupiz vu caz e iyuvod O xuamf fu tu uav ug vji eadvoupt xovj e 5-10l neslaq sap ov gus e gix nupvjt epf timm ov up. Muhodem vjoph onu