Originally Posted by
coflyr
People like to say Dave Ramsey's advice is outdated or doesn't work, but we just paid off our house in our early 40s and it has absolutely worked for us. The key is being able to stay humble and say "no" to the consumption culture. We are still in our regional airline house that's nice but definitely not a "major airline captain" mansion. All kids have a room and walk to good schools and we have great neighbors. We followed Dave's advice, took out a 15 year mortgage and made extra payments along the way. So now no payments other than taxes and utilities and the peace of mind is real.
And yes I understand math and interest rates, and we have plenty invested outside of our primary residence already.
Of course the best decision I've made so far was marrying a great woman who's frugal and happy without needing all the new shiny things.
The last paragraph bears emphasis. Just don’t tell my wife I said that 🙂
Similar demographic (slightly older) and situation as you. Agree on the peace of mind vs. math piece. It is real. Scoop’s book rec (Die w/ Zero) merits a bump.
To the poster a few posts back asking if $15k/mo of “payments” is reasonable, I’d say no. Yes, it can be done and sure you can spend that if it makes you happy.
But IMO that’s far too much FIXED overhead. If you’re talking VARIABLE burn rate (travel/food/whatever) that could be cut way back at the first glimpse of the black swan - different story. Skipping the next ski trip is much easier than unloading the McMansion in a down market.
It will come sooner or later. In my “short” time in the industry:
- EAL strike/shutdown (Dad)
- 9/11-> BK
- Age 65
- 2008
- COVID (which mercifully was quick and atypically mild for pilots in general)