Veni Vidi Ego Dubito
Thanks for the advice swamp critter , we paid off our mortgage in 15 years because of the high interest rates when we bought in 82 . We also laid down about 40% cash, contrary to your advice. We are in the position we are today because we thought outside the lemming box. Instead of your other swamp stump advice we invested what we would have payed each month in mortgage payments. Our shoes squish 7 figure liquid assets and the condo we bought after making a killing selling our property after 40 years ( location location location) was paid in cash.Pay attention much? Residence not included in usual figure of "net worth" for an individual/household.
Also investing "conservatively" does not gain you much. By definition, "conservative" investing returns only a small amount over inflation.
The 3rd thing you got wrong, paying off a house mortgage is dumb personal finance. If you have good credit, mortgage interest rates are the lowest. You could actually mortgage your house deeply, invest intelligently, and get way way ahead. I did this for a short time before I got married.
Now, on a positive note for you, the insurance cost in high-risk areas can change this equation dramatically. If you have a mortgage, you -must- insure the house to the benefit of the mortgage holder. When insurance (and taxes) cost significantly, it is more difficult to make gains this way.
Just a couple of ham and eggers with only a few years of college education between put 2 sons through college, one a attorney and the other a MS in construction management.
Yawn… the American dream works if you work it ! It warms my heart to see my first generation Mexican and Hispanic friends doing the same with their lives and families.
Don’t you have some wrong to go right?