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Subject Thank you Cyprus - gave push to pay off mortgage and car loan today. Stupid or smart?

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[quote:King Solomon 36478979:MV8yMTc0Nzc5XzM2NzcxMjEyXzhFOTZFODkw]
Best. Move. Ever.

Financial planners don't agree because how can they make a living if you're not invested.  Bankers also will tell you to leave it in the bank but of course they have a vested interest as well.

Come what may you have a roof and that ain't a bad thing.
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Thank you, I still feel a little shaky. . .

We asked out tax guy, and
he said the interest money we would save on the loan was enough from his angle to justify losing the mortgage interest writeoff.

That might tell you how little I earn. . .hehe.

The lower your tax bracket, the less a tax loophole means.
Because it won't save you much.

Now a tax CREDIT is great for lower income people, like the earned income tax credit. It saved my hide once or twice.

I agree financial planners need some money to plan with, and if you don't have it, well, it is harder to plan.
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Smart move.    Get out of debt.   Stay out of debt.
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Original Message We had the money but you always have a little doubt - keep the emergency fund well-stocked or get rid of debt.

WellCyprus primed us to jettison our debt.

This is not about being rich. I am not rich by anyone's measure, financially. High net worth individual? No, not me.

It IS about the safest place to have your money.

We decided the bank was not it. And that was that.

Obviously, I vote for smart, but many financial planners do not advocate ruthlessly cutting your debt.

It feels good but scary. I could lose my job tomorrow and not worry about money. That feels good.
But the emergency fund is low. That feels scary.

Cyprus, you gave us the push to do this.

Hope all resolves itself somehow for you.

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