For the past couple of years I have been working on paying off my mortgage and being debt free. My wife and I both wanted to do this. It was not always easy but we keep plugging away. Today was my last mortgage payment. We now own our house free and clear. We have no other debt.
For anyone reading this that is still on the path to being debt free. Don't give up. Is it hard at times but no matter what anybody tells you it is worth it.
No one knows what the future holds (Until the real President is back in office). We are very concerned that inflation is going to get really bad. Hopefully not having debt will make it easier to deal with rising prices.
Anyway once again. Thanks everybody.
So question for others here, with interest rates higher now what advantage would there be to paying off a mortgage at 2.5% when you can get CDs at 4%?
I don't know how to explain this but being debt free sort of frees your mind. The pressure I wasn't even aware of is gone.
It's just the fact that you own it. You don't co-own it with the bank (which basically means they own it, since they can take it away from you under certain circumstances.) Some people won't care about that, but a lot of people just prefer to be debt free.
Who Hell is Paying 4% for CDs??
Credit unions and from a quick search some banks