I just hate owing someone money and that is what will make it difficult to invest our surplus instead of paying off the mortgage.
My wife and I are 24 so we would be subject to early withdrawal fees when it comes time to retire if we are investing everything in our Roth's and 401ks, correct? Should we also open a separate account that isn't subject to early withdrawal fees and invest the majority in that instead of the roth's and 401ks?
Tenns9 - Last night I was thinking about how the market seems to have lifted from the bottom and that the days of sub 4% mortgages are probably long gone. My next thought was that the people who got those great loans and are furiously paying them off early will rue that as interest rates inevitably rise.
Some specific points in response to this thread:
1. Do not let anyone talk you out of your beliefs about tithing.
2. Unless there's money you haven't mentioned, you do not have enough saved to be pre-paying your mortgage.
3. If you want to retire early: yes, you are going to need enough cash to live on until you can access your retirement savings penalty-free, so you have to save for both scenarios.
4. Early money is worth far more than later money. You are young and can reap the rewards of compound interest, but not if you spend it on killing the ridiculously cheap mortgage.
Could you challenge yourself to think in terms of "owning some money" (for yourself) instead of "owing someone money"? To this end, I recommend the first chapter of Ric Edelman's book, "Ordinary People, Extraordinary Wealth". It's old-ish and should be cheap used or free at your library. IMHO, it should be required reading for everyone before they graduate from high school.
Finally, you are to be commended for doing a lot of things right so far. The right steps now will set you up for life.
