Really? Some people here want to beat this guy up for paying off his house? Wow...
I can see the point of investing rather than paying off a mortgage. I think that is better. Lets agree that for most people in his shoes the financially superior plan would be to invest the money instead.
BUT, the best plan on paper isn't always best for every person. What he did is not foolish or wrong or poor for his financial health, it simply might not be the absolute BEST he could have done.
It's like berating someone because they sold their big SUV and purchased a gar getting 33mpg instead of 38mpg. Yes, we can agree that higher mpg is better, but maybe we should celebrate the good along with pointing out the better... especially when the average so damn bad...
Agreed, and well said. IMO, nereo put it best.
He made a conservative, but still good choice.
Yup, this isn't a financial "mistake" like running up credit card debt, going into day trading, spending money on hookers and drugs, living above your means, etc.
Paying off a home loan early (or simply paying cash for a home) is something a lot of financially successful people choose to do- and it's a decision that involves more than just statistical tables. It's one of those often debated topics for which there is no "right" answer.
My advice too people is do the math, factor in other considerations (e.g. risk tolerance and personal attitudes about money) and make the decision that best fits you.
I would never tell a person that one way or the other is best on this.
BTW, the guy in the article sounds like he's well on his way to becoming a multi-millionaire, he clearly knows what he is doing, so who am I to tell him he's right or wrong on this?