I am 30M living with my parents. Together, we bought our current home, which is the first house my parents have ever owned. Growing up, we mostly rented because my parents couldn’t afford to buy a house. We spent most of my childhood in a rent-controlled apartment. My parents really enjoy having a small backyard at our current house, where they can garden and spend time outdoors.
I contribute about $900 each month toward the mortgage. I have managed to save enough to have a net worth of around $800k and have reached my FIRE number. My plan is to leave my investments untouched until I am 40, hoping they will grow to about $1.6 million by then so I can retire early, comfortably.
I also have $150k saved in a HYSA on top of the $800k in investments. I’m considering using most of that money to pay off our mortgage. My parents still owe about $250k. If I put $150k toward their mortgage, it would help them pay it off faster. They are in their late 50s. I was the reason they moved out of their rent-controlled apartment, so I feel a little guilty about that. Our mortgage has a 3.5% interest rate with an FHA loan, so I don’t think we can change the loan terms. Our monthly payment would stay around $2,000.
My personal goals are already met since I reached my FIRE number. I am part of the LGBTQ community and do not plan to have children. I have other "fun" goals that might cost up to $50k, but I don’t see them as urgent.
Right now, I am trying to decide the best way to use my money. I would appreciate any advice.
submitted by /u/wingardianx [comments]
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