Hi everyone,
I've been lurking this forum for a few months, just trying to learn from all of you. I finally decided to start posting and taking more active role myself. I wanted to introduce myself and immediately ask you guys for advice.
I'm a 46-year-old male looking to FIRE in about four years from now. I'm married with two kids who are about to enter college. My wife doesn't work, and I'm the only one generating income for us. My NW is approximately $2.6 million (~$500k in 401k, ~$160k in cash, ~$300k in RE, ~$40k in Stocks and Cryptos, and $1.6 million in Private Equity investment). I'm mostly debt free except for $240k mortgage for our primary home. And this is where I have my dilemma right now.
I can take out some of my Private Equity investment money (which is doing well) and simply pay off the $240k mortgage which would set me completely debt free. I'm at 3.75% interest rate on my mortgage and I still have 5 years before my rate will adjust (it's a 10 year ARM mortgage), so I don't have to pay it off. But at this point in my life, I feel like the mental feeling of not having any debt is something that would give me tremendous peace of mind. It will also allow me to help pay for my kids' college (I use my cash savings to do that plus using my cash flow from my current income). So the question is, should I pay off my mortgage or not?
I'm curious to hear what others think about this situation.
Thanks, and it's lovely to meet you all!
I've been lurking this forum for a few months, just trying to learn from all of you. I finally decided to start posting and taking more active role myself. I wanted to introduce myself and immediately ask you guys for advice.
I'm a 46-year-old male looking to FIRE in about four years from now. I'm married with two kids who are about to enter college. My wife doesn't work, and I'm the only one generating income for us. My NW is approximately $2.6 million (~$500k in 401k, ~$160k in cash, ~$300k in RE, ~$40k in Stocks and Cryptos, and $1.6 million in Private Equity investment). I'm mostly debt free except for $240k mortgage for our primary home. And this is where I have my dilemma right now.
I can take out some of my Private Equity investment money (which is doing well) and simply pay off the $240k mortgage which would set me completely debt free. I'm at 3.75% interest rate on my mortgage and I still have 5 years before my rate will adjust (it's a 10 year ARM mortgage), so I don't have to pay it off. But at this point in my life, I feel like the mental feeling of not having any debt is something that would give me tremendous peace of mind. It will also allow me to help pay for my kids' college (I use my cash savings to do that plus using my cash flow from my current income). So the question is, should I pay off my mortgage or not?
I'm curious to hear what others think about this situation.
Thanks, and it's lovely to meet you all!