leowis1 wrote:Hey Jerk! I am living within my means. I make my timely mortgage payments and I have no credit card debt. If I lose my job, it doesn't matter if I have a 30yr mortgage or a 15yr mortgage...I could only make a few mortgage payments before I get into trouble. What's more important, paying down your mortgage? Or having your wife raise your kids instead of somebody else? I don't have junk in my house. I have no cell phone, no IPod, no blackberry, basic cable, no premium channels, and the kids have mostly used toys. Raising a family is expensive. Christ, I heat with coal! If that doesn't give you insight into my thriftyness, nothing will. When the kids get bigger and move off to college, can't I just sell the house--take the equity--and buy a smaller house?
BTW, I'm 38 and have around $150K in my 401K. I am not going to throw myself at your feet when I'm older asking you to support me. You can have a 30yr mortgage, live life fully, have a financial plan, and hopefully have a healthy and fruitfull retirement. But go ahead and save, payoff your mortgage, be a stranger to your own kids, and die alone in your paid off house. I'm sure everybody will care and miss you. I won't.
Temper, temper. I didn't say you were living outside your means. I also said that I wasn't picking on YOU. I said that your "brand of thinking", meaning "I'm gonna get mine now", is a problem for those who cannot manage their finances
. Obviously you do manage your finances and your life well.
I commend you for your temperance.
However, it is still more fiscally prudent to put your money in your mortgage first and 401k second. Any financial adviser will tell you that. If you had done that, your house would be paid off, you would have no debt, you'd be putting your payments in your savings and you wouldn't have lost 100k in 401k money in the stock market last year!