My finance prof tonight: “How many of you have mortgages?” 5 hands go up, of 40 people in the room. Prof: “A mortgage is really the only kind of debt you should have, and really, you should try to pay it off early.” Room: *stunned*
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I think I agree, but interested to hear your perspective on this.
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I hear this sometimes, and I'll admit to not being sophisticated myself, but I've assumed it's people stuck in 10%-mortgage-and-Defined-Benefit-Plan times?
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I’m not sure I would treat it so harshly. Guaranteed 3-4% return is fairly healthy. Add in the new tax laws that make mortgage interest deduction much less likely and it seems like sound advice.
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I’m not a financial advisor, IMO this is good order: • 1 month emergency savings • invest to 401k match • Pay off high interest loans (starting with smallest and roll over) • HSA (depending on health) • 3 month saving • invest to max 401k • backdoor/mega backdoor Roth
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