First of all Albert.... AWESOME!!
Second -- there's absolutely NOTHING WRONG with a mortgage!
What people do wrong with a mortgage is to repeatedly refi - taking out equity to spend... and lengthen the time in which to pay it back!
The entire exercise should be to retire with a paid for house!! (unless you're retirement far exceeds what normal people are going to collect in those years).
The "ISSUE" is spending more than you can really afford to spend -- the CC allows this - and on a repeated basis. I think a NORMAL use of a CC is -- perhaps an emergency repair - or something unexpected -- and then a guy has to make some payments at those high interest rates.... BUT that is where you should have some dough saved for such emergencies. NOT BEING ABLE TO SAVE is the big mistake -- and that should be he first clue that someone is spending too much.
I have a buddy -- married -- old like me and retired now --- but he's a millionaire -- with a paid for house (millionaire NOT including the value of his house).... and the couple together never made 100 grand a year. He saved a 1/3rd of his income every year since he got his first job. The proverbial "pay yourself first". Called him today to come help me with the trailer --- and he can't -- why? Because they're out cruising around in his new F-250 and Airstream... ENJOYING RETIREMENT.
They spent years NOT having all the new stuff -- stayed in the same house etc -- so that he could spend years enjoying life later. GOOD FOR HIM!!!
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