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Lots of subjectivity here, mainly around how you psychologically view debt and your tolerance for debt. The example given above by BimmerDimmer is valid, and one of many ways to look at this.
Factors to consider:
- your age
- your establishment, or not, in your career (accomplishments, clientele, resume)
- stability of your income (position, company, industry, etc)
- your family situation (spouse, kids, other dependents)
- financial obligations other than housing (retirement savings, college tuition, marriages, you get the picture)
Being debt free is a powerful emotional situation to find oneself in. Paying down your mortgage is a step in that direction. Does that appeal to you?
If you can tolerate debt, your income is secure (is it really?), and your financial obligations are well covered, then paying down the mortgage may not be your first priority.
What about opening a discount brokerage account, such as Schwab or others, and investing on your own? Is there a reason you mentioned Edward Jones? Do you have a family member that works there?
Do you know how to create a spreadsheet to calculate net present value of a stream of cash flows? You need this, or you need someone to help you with this.
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