A Quote by Dave Ramsey
The paid-off home mortgage has taken the place of the BMW as the status symbol of choice.
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I live in a Spanish-style hillside home in Los Angeles, California. I paid $900,000 in 1995. It's perhaps worth about $3m now. Thankfully, I paid off my mortgage before the crash because I could see it coming. I worried that I would be caught having to pay off a very high mortgage for a house I couldn't sell.
Ask most people who live in a home and have a mortgage on it whether they own their own home and the answer is almost guaranteed to be a resounding 'yes'. Yet it's the wrong answer. Technically speaking, until they have paid the mortgage off, they don't own it. Herein lies the difference between reality and illusion, between ownership and control. This confusion lies not only at the individual level, but also at the heart of government thinking.
Once I started fighting in UFC, things took a big U-turn. After my second fight, I came home and paid my mortgage off.
We paid for this instead of a generation of health insurance, or an alternative energy grid, or a brand-new system of roads and highways. With the $13-plus trillion we are estimated to ultimately spend on the bailouts, we could not only have bought and paid off every single sub-prime mortgage in the country (that would only have cost $1.4 trillion), we could have paid off every remaining mortgage of any kind in this country - and still have had enough money left over to buy a new house for every American who does not already have one.
I've always paid off my mortgage as much as I could.
As soon as I paid the mortgage off in 1988, I started racing cars.
Sometimes I really need the money, really need to go straight to work. But if I had the absolute choice - money no object, my mortgage paid off - I'd really just work once or twice a year - but wouldn't everybody! - or at least do a different job sometimes.
Today's status symbol is the Palm Pilot; tomorrow's is not having one, because you have a whole staff keeping track of you. It's like a winter coat in Washington: The ultimate status symbol isn't cashmere, it's no coat at all on the snowiest day of the year - because that means you have a car and driver waiting for you, so why do you need a coat?
Los Angeles is the home of the three little white lies: "The Ferrari is paid for," "The mortgage is assumable," and "It's just a cold sore!
Thirty-nine was the best year of my life earnings-wise. I paid off my mortgage and felt a massive sense of achievement.
Once you get the kids raised and the mortgage paid off and accomplish what you wanted to do in life, there's a great feeling of: 'Hey, I'm free as a bird.'
I can't tell you the number of times I was one of the first people at the arenas or at TV, constantly trying to better myself. I can honestly say that my hard work paid off. My resilience paid off. My persistence paid off.
If I get married I get a tax break, if I have a kid I get a tax break, if I get a mortgage I get a tax break. I don't have any kids and I drive a hybrid, I think I should get a tax break. I'm trying to pay off my apartment so I have something tangible. I actually figured out if I paid off my place my reward would be that I would pay an extra four grand a year in taxes.
If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years.
A reverse mortgage is available to anyone who is at least 62 years old and owns a home outright, or has a small mortgage balance remaining.
If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.
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