Paying Off Your Mortgage and Saving/Investing at the Same Time
May 05, 2007
Here's a good comment left in response to my post titled Should You Pay Off Your Home or Not?:
Seems to me it's a great time to throw out the word "moderation". I am investing heavily in my 401K, investing in a ROTH, investing in a 529 plan and paying down my mortgage. By balancing all of these, I'm seeing my net worth increase pretty rapidly and also feeling like I'm making good headway on knocking down my mortgage.
This is both what I recommend as well as what I did (I say "did" because the mortgage is gone -- I still do the savings portions) as I outlined in When to Pay Off Your Mortgage. We were able to save like bandits as well as pay off our mortgage early because of one thing: we spent way less than we earned. To the extent that you spend less, you can save/invest/pay off more (kinda simple math, but it was worth saying.) ;-)
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