Posted by Dave H (MI) on March 08, 2014 at 07:24:35 from (192.183.61.147):
In Reply to: paying off mortgage posted by austin carpenter on March 08, 2014 at 06:18:21:
You have some good advice here, and some not so good advice. Keep in mind that you must have cash reserves for emergencies so it is a bad idea to run yourself too short. Also keep in mind that under today's warped credit rating system your credit can actually suffer if you do not have some debt. Line up your debt in order of interest rate. Pay off the highest rate debt first and proceed down the list until you have it gone. I don't believe in paying interest or rent unless I have to. Beware of the following giving advice:
1) The "guys" at work. Experts of the break room/coffee machine/water cooler shooting off their mouths usually only understand 5% of what they are talking about...or less.
2) People who tell you they can "invest" it for more than you are paying and you will get ahead. These are the folks who mortgaged to the hilt in the 90's, spent it on God only knows what and played the market then defaulted on their debt when the crash came and left all of us in a mess.
3) Lawyers who preach tax code. Sorry, and I mean that sincerely, but they usually are not well qualified, speak in generalities, and refuse to back down when challenged. They are a curse in my biz.
If you can do so safely, and have no higher interest debt, pay off your mortgage and invest the payments you WOULD HAVE made in good solid investments. In short, be your own mortgage holder...you won't regret it.
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