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I disagree with the notion that carrying a mortgage has pros and cons. If you approach this problem from a financial view, it's clear that carrying a mortgage will allow you to be better off financially.

But clearly, this is not simply a financial problem. Emotions play a huge part in personal finance and carrying a mortgage is no exception.

I have a friend who'll be getting married soon. With his and his wife's combined incomes, they will be able to pay off his existing mortgage in a very short time. And they will probably go ahead and do just that. My friend also understands that he'll be better off financially if he never accelerated his payments. When I asked him why he planned on paying the mortgage off early knowing what he knows he simply stated, "'Cause debt don't feel good."

Debt not feeling good is not financial. It's emotional. No pros or cons involved.

From Stanley's writing, I got the feeling that most millionaires are "less" emotional when approaching their own personal finances. Which is why statistics show the most millionaires (not all) carry mortgages full term. I get the feeling that when millionaires approach a financial decision, they choose the alternative that puts the odds of being wealthier in their favor. This is why they save instead of spend, buy stocks more than bonds, stay married instead of getting divorced, run their own business instead of working for "the man".

One of the characteristics Warren Buffet looks for in managers of the companies he owns (read: "The Warren Buffet Way" by Rob Hagstrom) is rationality. Emotions aren't usually rational. I think most millionaires exhibit some form of rationality.

Paying down a mortgage early isn't rational. But like my friend says, debt just don't feel good. And maybe that's more important but it won't help your wallet.
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