Don't take this the wrong way, I'm sure you considered this, but... why put all that cash down when you almost certainly could have got a low interest mortgage and made more by putting that money in... well anything really?
Don't take this the wrong way, I'm sure you considered this, but... why put all that cash down when you almost certainly could have got a low interest mortgage and made more by putting that money in... well anything really?
You gotta look out for people who argue real estate transactions are as cheap and frictionless as stock market transactions, or insist on weird date ranges in historically bubble economies or rapidly changing demographic economies, or insist tax policy does not exist. Not everything is fundamentally an income stream and you need a plan when a simplification to that fails and you take a massive capital hit. If the error bars on the numbers are large enough, the same number can be interpreted to prove anything. Finally look out for people who confuse average/median with "everyone". All of those are HUGE effects when making financial decisions.
I'm not OP, but I have no mortgage and its worth pointing out that my personal break-even income is obviously twelve times the monthly payment lower than someone with a mortgage, and given a realistic 1/3 of income going to mortgage for most folks, obviously my runway is 1/3 longer than everyone with a mortgage. Also immensely lower stress.
It was also convenient for making offers. I don't have to jump through the hoops of involving a bank in the process. And for most sellers, a cash offer is more attractive because there's no chance of the bank stalling or killing the deal.
The house I bought, I saw it the morning it came onto the market and offered cash on the spot to seal the deal. Seller might have accepted with a mortgage anyway, but I think cash was good incentive for them to proceed with me immediately instead of waiting a couple days to gauge interest from other buyers.
An extremely common theme heard from people with a lot of money is to get your money working for you.
Another extremely common theme is you hear from the same people is after a while they realized it just didn't make them happy like they thought it was going to.
Theoretically there is a certain maximum level of feeling good that's possible in a day. My goal these days is to optimize for that. I'm not there yet, but I can see a path to it. At some point the pursuit of money puts pressure against some of that happiness in one form or another. At least that's been my experience and observations. It's not an absolute rule but a reasonable hueristic.
If from an emotional perspective it wasn't possible to feel any better than you did, what would more money actually do for you?
IMO a lot of people need to dig much deeper on their 'why' for chasing the maximum amount of money possible. It's not 'wrong' to do so, nor am I judging anyone for doing it, I just think it's quite a one sided perspective that that should be the goal and that alone.
It's mostly about status and getting laid at an instinctive level. I realized this after already having a child, so I've technically passed on my genes and recently a vasectomy, so I can't even pass on any more genes. Yet my instincts are still the same. Chase after status, position yourself to be the fittest mate possible. We just can't turn those drives off, so once we've earned enough money and our happiness is no longer increasing as a function of getting more money at some point after that we actually hit an inflection point and things start to go the other way.
I can totally see how a roof over your head that can't be taken away from you and low AF overheads makes life feel like a breeze. That's actually worth a lot, just not in Dollars.