No. of Recommendations: 6
OK... let's get the emotions & judgments out of the way, & look at the cold math.

I'm not going to argue with your math. I didn't look at it at all, in fact. I didn't read beyond this first line. Because I don't disagree with the math.

But this is personal finance. PERSONAL.

We can't take emotions out of the way precisely because it is intensely emotional. Personal finance is wrapped up and dripping with emotion. It's soaking in emotion.

As a professional advisor, one of the most important things I can do is to understand my client. Anyone here who has a securities license is steeped in KYC (Know Your Client) issues.

The point of personal finance is to make the best decisions for the person, for the individual. And individuals have different needs, wants, hopes, desires, and emotions. It's a messy business dealing with emotion. My job is to blend emotion with the rational facts to come up with plans that fit the person.

Why do people brag about paying off their home? For the same reason people brag about having enough stocks and bonds to pay off their mortgage with a stroke of their pen. Yes, those who paid off a mortgage and those who have amassed sufficient assets to match their mortgage are pretty much the same.

Because what they did was to set a long term financial goal for themselves AND THEY MET IT!

Why shouldn't anyone brag about that?

--Peter
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