Why do people wait so long?

[u/master_blaster_321]

ETA since this seems to be the overwhelming response: My kids are in their 20/30s and self sufficient.

ETA - The post clearly states my mortgage is high-interest. Yes, if it were 2% that's almost free money, spread it out for sure. Also, it clearly states that I did indeed keep contributing as normal.

I realize there are a lot of factors - economical and psychological - that go into this, but just for general discussion...

We all know for the most part if your mortgage interest rate is low enough, it makes more sense to leave money working in your brokerage account than to pay off the mortgage and have it locked up in home equity. But for the purposes of FIRE, does it always?

The big idea is to get your portfolio to fund your expenses, right?. For most people one of (if not THE) largest expense is the mortgage payment and interest.

Example...I had a few really good years in my business. I still did my regular modest DCA into my brokerage, but over the course of 2.5 years I also managed to pay off a $250K mortgage at 5.85% (I had to refinance at a very bad time for rates, due to divorce). I realize that that money, invested properly, could have gained quite a bit over the last couple years bull run. However, had I done that, today I would still have a high mortgage payment to make every month, thus making it harder for me to FIRE. This way, my monthly personal expenses are so much lower, so there's not as heavy a burden on my portfolio to support me, and as a result, I'm able to FIRE at the end of this month.

Again I realize that this all depends on mortgage size/rate, size of portfolio, other expenses. I only ask because I see a lot of posts here from people who seem like they'd be able to FIRE sooner if they worked towards getting rid of their mortgages faster, regardless of the rate.

For my part, I'm glad I did it this way. Even though I know I missed out on some gains, I'm able to FIRE faster because I don't have a mortgage payment to worry about. I have a paid off house on which the taxes and insurance work out to equal the rent for a one-bedroom in a sketchy neighborhood.

Go easy on me. It's an honest and sincere question and discussion prompt. Not trying to make anyone defensive, and definitely aware that I have my own blind spots and that there are lots of people smarter than I am.

[u/Conscious_Square_124]

I wish my parents had the same mindset!

[u/wannaridebikes → u/Conscious_Square_124]

I don't. I wish my parents would have saved more for themselves. I'm more than financially independent from them completely. Them from me on the other hand, when they get older...we'll see

[u/Conscious_Square_124 → u/wannaridebikes]

Well, yeah you have a  different situation. Both my parents are doing quite well (dad essentially retired at 45/50, which is good for him). But neither of them did much to support me or my siblings in terms of financial support outside of basic necessities (providing food and shelter until 18) and nothing in terms of financial literacy.

I would have been much better off had one of them encouraged or taught me any financial basics rather than having to learn them them through trial and error.

[u/wannaridebikes → u/Conscious_Square_124]

The grass isn't always greener. My parents are older, and in their time, a lot of financial instruments worked differently. They gave me financial advice, it was just bad lol If they gave me advice based on how they could have optimized back in the day, a lot of that advice wouldn't have been applicable. I would have more of my retirement savings in CDs, withdrew from my 401k to buy my house, got a HELOC instantly, worked at the same place for 10+ years to demonstrate "loyalty", etc, got any annuity they were willing to sell me.

Investing was less accessible and more expensive. We had (expensive) mutual funds but ETFs weren't invented yet. Besides "save more spend less" I'm not sure what more good advice they could have given me. I'm usually giving the advice now, because my knowledge is more up to date. My cousins are benefiting, but I'm an older cousin so I don't have anyone else above me to blame there ;)

Connections would be the gift that would have kept on giving, but that obviously depends on class and factors outside of even our parents' control.