Don't forget that you get to keep your money invested, which means it keeps appreciating. As long as your investments outperform the interest rate, you come out

Don't forget that you get to keep your money invested, which means it keeps appreciating. As long as your investments outperform the interest rate, you come out ahead no matter how long you hold the loan. If you borrow at 3% and have the same amount of money invested and earning 10% nominal returns as the S&P 500 tends to do, you're still ahead 7% a year and can hold the loan forever without losing money. The biggest issue is if you keep taking loans every year, you might become over leveraged. Then if the market crashes you'll get margin called and lose everything. So this only works if your net worth is much higher than your annual spend, so your loans never reach more than around 30% of your net worth within your lifetime. The other issue of course is that there's no guarantee your investments will be able to outperform the interest rate, especially as it will almost certainly be a variable rate. But ignoring short term fluctuations, I think it's pretty unlikely that this would be a big problem over the long term.