Disney Won't Hurt the Mortgage Payoff

David and his wife are putting everything they can toward the mortgage and plan to have it paid off in eight years. They want to go to Disney, but it will cut down on the mortgage payoff time.

QUESTION: David in Dallas and his wife are on Baby Step 6. They’re putting everything they can toward the mortgage and plan to have it paid off in eight years. They have two kids who are 3 and 1. They want to go to Disney, but it will cut down on the mortgage payoff time. Dave thinks David should go.

ANSWER: Yeah, you ought to be able to save up and go to Disney. I don’t see a problem with that. I’m not sure how much a 2-year-old gets out of the experience, to be honest with you. Your 5-year-old will have a blast. Disney’s fun. It’s quite a deal and quite an experience. You’re at that stage. What we tell folks is for your first three Baby Steps, be debt-free and have the emergency fund in place of three to six months of expenses. You don’t let your foot off the gas until you get there. But once you get there, that’s when you can save up and buy some luxuries and trips or a better car or get a couch or whatever—with cash—meanwhile, working on your retirement, kids’ college, and paying off the house early, which is what you’re doing.

Yes, I would do it. I think you’ve done a great job with your money. I wish you were running Congress. Go to Disney and enjoy it.

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