Read? Will You Try To Pay Off Your Housing Loan ASAP If You Have One? (6)
Another colleague told me two years ago she has fully paid for her home by 41. The couple is now looking into either investing in another property for rental income or investing in blue chips.
So it is not true that people nowsadays don't choose not to pay off their home as early as possible.
Did the couple really lose out by clearing off housing debt first instead of having more cash for investing?
Does it make more sense to have a peace of mind over the next few decades of staying debts-free and have that feeling of richness in us?
What will be your greatest worry when the next big recession hit? Have you seriously think about it?
"debt-free and that, to me, is richness enough" - Tabitha Wang
"I was debt-free before 36 and live through few recessions without big worries and not losing sleep at nights." - Createwealth8888
Actually, I have dumped most of my saving available in CPF into my home and only took a 5-years HDB loan and that really surprised few people around me at that time.
Did I really lose out by not having investing early? I don't think so!
May be that is just another market myth that housing loan is a good debt so it makes better senses to stay in debts for as long as possible and to get compound returns in investing as early as possible.
Why does everybody think that compound returns in the long run will definitely be positive net interests payable?
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For me, I can pay my housing loan if I have an immediate cash. Why? if you have already some cash, better to pay credits in your loan so that it will lessen your credits.
ReplyDeleteHi,
ReplyDeleteWe were very fortunate. We paid fully with our(my wife and my) CPF; the 2nd HDB maisonette cost us only $123,000.00. I feel very, very sad for the present 25 to 30+ generation. They have to take a 20-30 years morgage loan just to buy a 4 or 5 room flat from HDB. Well this is called progress. That's progressive inflation in capitalist's system. Of course if you are one of the PAPAYAS, no sweat.
Hi CW8888,
ReplyDeleteWishing you a "Happy And Prosperous New year".
(For all your hard(heart)work O. K.)
Ha! Ha!