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Jimmy replied, "Well, I'm not going to have to sell for some time since I only put a small amount down, I still have plenty leftover to buy food and pay my taxes. In fact, the extra that I invested has actually done quite well." (2:00)
Paying off your mortgage was taught to us as a positive going back to the Great Depression kind of mentality. (02:41)
For most people though their home is one of their biggest, if not the biggest, asset that they have. And when you have a home that's paid off, that's a lot of money that you can no longer touch. (02:49)
Quote for the episode: "And depending on mortgage rates at any specific time, the last few decades have shown historically low interest rates, so funds invested outside the home may have the opportunity to grow much more than the interest rate being paid out on the mortgage..." (03:35)
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