What is one of your favorite things that you’ve been able to do with your money?
Hands down, the most “fun” thing that I’ve done with my personal money is…. pay our mortgage off early (I’m 41 years old).
Clearly, that step goes against the grain of traditional personal finance advice. As a former institutional portfolio manager, I knew full well what we were leaving on the table in terms of “leveraged returns”. But to me, sleeping well at night knowing our household is 100% debt free is truly priceless.
My advice for others is to follow a financial strategy that truly speaks to your heart. Connect your money flows to what truly brings you money joy, and you will have a rich life indeed.
Manisha Thakor helps women achieve a state of “MoneyZen” by teaching, writing, and speaking about the basics of personal finance. Manisha earned her MBA from Harvard Business School, her BA from Wellesley College and is a CFA charterholder. ManishaThakor.com.
December, 2011 features several money mavens answering this question.