DinkerTinker My point here is that you need money when you lose a job. Being debt free doesn't help you. The proper financial goal is to accumulate assets, not just merely eliminate debt.
Ed, so if you are a homeless person you don´t have debts:)? Seriously, how do you know? I would argue that the reason you are homeless is because you lost your home. The reason you lost your home is most likely to be because you couldn´t pay your rent or mortgage. I would argue that most homeless people are very much in debt. No:)? Why would they live on the streets otherwise?
Navde42 No emotions here, just financials. 15 yr fixed these days is 4.5%. If you can't out earn 4.5% in the next 15 years with your money, please higher a financial advisor that can. (also the true after tax net cost of that rate is around 3.15%)
Thats true Ed, but if your disciplined enough to pay off a mortgage in 15 years or less, your going to pay your taxes. Debt free is so very comfortable. Comparing homeless to the debt free is not a very good analogy. I'm not a financial professional in the traditional sense but I've certainly studied personal finance enough to give advise and a house free and clear is absolutely a great idea,
Navdep42 A lot of people that own their homes free and clear have lost their homes too. To the government for not paying their property taxes. Paying off the mortgage on your home doesn't solve the risk of you losing your home.
Hey Ed....100% of foreclosures happen to houses with mortgages! Pay it off quickly folks. 15 year fixed at no more than 6% will give you more hope than a long big mortgage.
If you have an extra dollar and pay off your 4% mortgage, yes you save 4%. But if you took that same dollar and invested it elsewhere it can grow at 7 or 8 or maybe 9% over that same period of 30 years. Keep in mind the S&P 500 has averaged a 9.7% year ROR since 1926.
I just believe in growing your wealth and not just focusing on getting you debt free.
DinkerTinker My point here is that you need money when you lose a job. Being debt free doesn't help you. The proper financial goal is to accumulate assets, not just merely eliminate debt.
econarchy 3 months ago
Ed, so if you are a homeless person you don´t have debts:)? Seriously, how do you know? I would argue that the reason you are homeless is because you lost your home. The reason you lost your home is most likely to be because you couldn´t pay your rent or mortgage. I would argue that most homeless people are very much in debt. No:)? Why would they live on the streets otherwise?
DinkerTinker1 3 months ago
Navde42 No emotions here, just financials. 15 yr fixed these days is 4.5%. If you can't out earn 4.5% in the next 15 years with your money, please higher a financial advisor that can. (also the true after tax net cost of that rate is around 3.15%)
econarchy 10 months ago
Thats true Ed, but if your disciplined enough to pay off a mortgage in 15 years or less, your going to pay your taxes. Debt free is so very comfortable. Comparing homeless to the debt free is not a very good analogy. I'm not a financial professional in the traditional sense but I've certainly studied personal finance enough to give advise and a house free and clear is absolutely a great idea,
navdep42 10 months ago
Navdep42 A lot of people that own their homes free and clear have lost their homes too. To the government for not paying their property taxes. Paying off the mortgage on your home doesn't solve the risk of you losing your home.
econarchy 10 months ago
Hey Ed....100% of foreclosures happen to houses with mortgages! Pay it off quickly folks. 15 year fixed at no more than 6% will give you more hope than a long big mortgage.
navdep42 10 months ago
Thank you! Glad you enjoyed my video.
econarchy 1 year ago
Good Video! Very Good!
8HighlyFavored 1 year ago
If you have an extra dollar and pay off your 4% mortgage, yes you save 4%. But if you took that same dollar and invested it elsewhere it can grow at 7 or 8 or maybe 9% over that same period of 30 years. Keep in mind the S&P 500 has averaged a 9.7% year ROR since 1926.
I just believe in growing your wealth and not just focusing on getting you debt free.
econarchy 1 year ago
Why not try to pay it off, then you don't have to pay interest. That's better than getting 20% back on the interest you paid.
mjpitche 1 year ago