Pay Off Your Mortgage

Everyone keeps talking about retaining the 401k for future security but mine (don't know about yours) hasn't gained any value in the last 8 years, rather it's lost value (lot's of it).. What kind of investment value (or security) is that?

My husband was laid off from his high-paying corporate job in 2001. His 401k was worth $125k at that time. At the supposedly "normal" gains of 10% a year (what a bunch of crock) it should have doubled by now (according to all the financial wizards)...

Soon after 9/11 the $125k dipped to $90k. It took until mid-2008 to build to $125k again, but six (short months) later, it has dipped to $100k and the market is still moving downward. Pretty discouraging (and scary).

So exactly how much "security" and investment it is worth, seems at this point, zippo... The financial investors can run off their mouths all they want about what a bad idea it is to pay off the mortgage early but they're all wet. According to them, the best "plan" is to pay the bank huge amounts of interest (on your mortgage) and invest as much money as you can in your 401K.

Well, you might say, I'm seeing through this little investment banker scheme and have realized the best investment I can make is to pay my mortgage off early...

That way the bankers can go ... themselves (I'm sure you know what I mean) and the stockbrokers can also do the same..

I'm holding on to my own money in the form of hardcore assets (property, etc.). That way no one can rip me off again. Plus, I don't care if the value of the property goes up or down, I'll have a paid-off roof over my head and no one jacking my money around ever again!

Nancy of AZ 5:11PM February 07, 2009