One of my goals has been to pay off our Mortgage. Imagine going into retirement without a monthly mortgage payment hanging over you?
But as this story tells, what may look like a good idea on paper, may wind up biting you later.
This is a cautionary tale that highlights the need for an Emergency Fund. I’d still like to be Mortgage free (in addition to our DebtFree status), but we also need to make sure we cover our ASSets with an Emergency Fund.
What about you? How are you handling the balance between Emergency Fund and paying off/down debt?