Dave Ramsey, "Pay Off Mortgage" Money Makeover - 7/10

Dave Ramsey's book, "The Total Money Makeover Workbook", will motivate you to immediate action so you can:

* Design a surefire plan for paying off all debt
* Set up an emergency fund
* Prepare for college funding
* Maximize your retirement investing...and lots more!

Truth To Go: Dave Ramsey Author / Radio Host The Lampo Group, 1749 Mallory Lane, Suite 100, Brentwood, TN, 37027 www.daveramsey.com

100 Huntley Street program #8243

Category:

Howto & Style

Tags:

• truthtogo
• 100hs
• dave
• ramsey
• The Total Money Makeover
• financial
• emergency
• funds
• 100huntley
• christian
• 100
• Huntley
• Street
• Pay
• Off
• Mortgage

[frugalwife]

This sounds like a great plan! I hope to do it soon.

[vention4wh]

@FortNikitaBullion

Possibly, possibly not. For the last 11 years I paid less than I paid for my old apartment, so I was ahead of the game all 11 years. Now my mortgage is paid off. I still have to pay 100 a month in property tax and 297 in condo maintenance fees but that's only 400 a month. I could work at walmart and still make ends meet with expenses that low.

I just did a check and renting an apartment like my condo would set me back 1100 a month minimum, probably more like 1200. I'm happy.

[styleomatic]

Yep, it must be great to pay off your mortgage early. However, do you really own your home if you pay property taxes? It seems to me the state/county are the real owners.

Don't think so? Try not paying it.

[rational1776]

@frugalwife Well it's 3 years later. Did you do the plan? If so, which baby step are you on?

[willbotya]

@sethhersch

Detailed, in depth research to arrive at the above statement,haha

[mymoore0526]

@ Brianstacyn If you like to give your money away to the bank then don't take his advice. Just imagine the peace of mine you will have when you don't have to make a house payment. I had my house payed off once and that took so much of my worry away. I just don't like the fact that every month I was paying the banks almost 500 bucks in interest. I rather put that 500 bucks towards my retirement.

[brianstacync]

this fool's advice is the perfect way to keep you in the poor house. You must play the game that wall st and The Fed forces you to play or you are getting killed by inflation. 4% is damn near free, especially on a depreciating asset like a house is now. let the bank take the risk on the property...NOT YOU!

[paulsballsify]

@Canisius19 First, paying off your mortgage (or debt in general) is guaranteeing a growth investment (not paying interest on your income). There are very few guarantees in this life, take them when you can. As for deductions, you can look up the math. The total amount of interest you pay the bank ends up being a lot more than you get back in deductions from the government, you basically say you'll pay the bank 10k to save 2k from the government.

[Canisius19]

Sorry but I find it very difficult to take financial advice from a guy who had to file for bankruptcy. If you live in a high tax state why on earth would you want to lose the interest deduction, second, why would I want to give extra money back to the bank mortgage rates are about 4 percent, you could take that extra cash invest at a much higher rate then after if you want to whack out the mortgage you could. Your house may be paid but you have zero cash left, sorry dont agree with it

[scoobydo]

@rhdtv2002 Focusing on the tax deduction of mortgage payments is making a big mistake in my opinion. You're only get a deduction on the interest portion of your payments, the rest of the interest is lost. And you end up servicing that debt for many more years, so over that time you have been paying more and more interest. The ADVANTAGE of paying of early is that you don't have to pay the interest in the first place. You get to keep it all for yourself or invest it elsewhere.

[scoobydo]

The borrower is slave to the lender. That's sooooo true. Compound interest is your friend when you're a saver, and it's your enemy as a borrower.