The experts will tell you NOT to pay off your home mortgage due to the tax benefits and they will all tell you to take any extra money ( that you would use to pay off your debt and invest it).
They all seem to use the classic “invested at 10% for 30 years and you have a million”. I don’t know about you but I haven’t able to find a safe investment that pays consistently 10% a year. The exception is if you have your own business, but that is another story.
At this point in my life I want the peace of mind of having a home that is paid off. You cannot put a price tag on peace of mind!
The longer you are paying on a home the more interest you pay and the more it is costing you. Whatever your present monthly home mortgage is, let’s say $800/mo., when your house is paid off, you now have $9,600/yr. available to you for other uses.
Cash is king. Tax breaks are one thing but cash makes all the difference.
A must have goal is to own your home outright before you get to your retirement.
Jacques
CreatingWealthThatLasts
2 comments:
Hi Jacques .. I agree cash is king .. and getting your home under your belt with no mortgage is so important.
Thanks - Hilary Melton-Butcher
Positive Letters
Jacques, you are so right, the tax right off is not worth the added interest. The piece of mind really is the best. If it is paid off then no one can take it away from you unless you do not pay your taxes. Piece of mind is great.
Dan and Deanna "Marketing Unscrambled"
Post a Comment