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buying house, buying house 2023, financial advice, financial advisor, personal finance, personal finance 101, personal finance books, personal finance tips, real estate, real estate investing, retirement, retirement planning, retirement planning at 40, retirement planning at 50, retirement planning at 60, save for another house, should you pay off your house or save, wealth management
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Peace of mind, having no mortgage is good for your health. Less stress.
If you are young, clearly you pay your mortgage, maybe a little extra, but you are doing your 401K or ROTH or IRA as close the max as you can. If you are close to retirement, getting your debts to zero is your priority. As soon as that is done, then resume investments.
Pay it off. That removes so much stress. And your house’s value will continue to rise, so you can’t lose
Do the math, be an analyst, so you can have the piece of mind that you made the right decision. Otherwise, pay the debt off and move forward from there. I’m an analyst, but I don’t recommend to my friends to do what I do; they don’t like doing the analysis and don’t understand their own tolerance to risk.
My finances skyrocketed when I started to tithes 10% to God.. praying 🙏 on every decision I make and God always provides and leads me down the right path…
Opportunity cost is key. If you make more interest in your savings account but want to pay the house off early, put the money in the savings account until you can pay a lump sum. You’ll end up next positive.
All debt is bad because you are borrowing for some reason, usually you can’t afford something. Your house can be taken away, your car etc. You will have more money if your debt free. Worked for me at least.
We paid off our home and three rental properties using a debt snowball. We seem to have less big emergencies since we did.
If you are getting at least 5% or more on your money and have a 3 1/2% loan you can afford to pay off now, do the 5% savings (plus compounding) until such time the savings rates drop below 3.5% and pay off the mort. then with even cheaper cheaper dollars, later.
I’ll never understand the idea of being debt free , even in retirement, if it costs more in the end (are we ever debt free). Set it and forget it until the savings environment dips lower than the mort. rate.
What difference does it make if the value of the house declines, unexpectedly? The principal is the principal. Would you act differently when it appreciates?
Great advice Dustin thank you
Reading the crazy comments here. It appears most are not really listening to the jazz guru. Pay close attention.
I just made the move to reduce from maxing my 401K to the employer match so I can pay off the mortage in 5 years at 50. From 50-55 planning on diverting that extra cash for future motor home purchase to reduce high interest on that depreciating asset that my wife wants…..
Fantastic video regardless of the economic slump, I’m so happy I have been earning $ 40,000 returns from my portfolio income every 13days😊
This must be an investment with lauren