I ran a business with similar or better numbers for 20 years with the same attitude. I have a number of disabled family members to care for permanently so my use of profits was very different. Also I was raised in skakey circumstances so I’m insecure.
Bearing those things in mind it was enormously helpful for me to pay off my mortgage ASAP.
The next step is certainly overkill for most. I also bought a farm nearby with cash in case of... more global problems, which have concerned me since my childhood in the turbulent 70s.
The farm is surpassingly tranquil and beautiful. It has made my life much better and has coincidentally extended my working life enough to launch a third career in my 7th decade.
I made all of these choices out of insecurity but we had consciously chosen an economically diverse enough place to live (Seattle area) that they also turned out to be sound investments.
Bearing those things in mind it was enormously helpful for me to pay off my mortgage ASAP.
The next step is certainly overkill for most. I also bought a farm nearby with cash in case of... more global problems, which have concerned me since my childhood in the turbulent 70s.
The farm is surpassingly tranquil and beautiful. It has made my life much better and has coincidentally extended my working life enough to launch a third career in my 7th decade.
I made all of these choices out of insecurity but we had consciously chosen an economically diverse enough place to live (Seattle area) that they also turned out to be sound investments.