Should you invest or pay off your mortgage first? It’s a decision that could cost you thousands of dollars…but which is it? I argue with one of my personal finance friends whether to pay off debt or start investing. Who do you think won?
Check out Jacob Wade’s blog RoadMapMoney!
https://www.youtube.com/channel/UCQZgCU3n7mTUME_fIKgE2PA
Which is right for YOU, pay off your mortgage or start investing? Our points:
Pay off your mortgage because you’re not getting the tax savings anyway. Most people are not itemizing their returns.
Even on a 6% mortgage interest rate, you’re still making higher returns on stocks so invest that money instead of paying off the mortgage.
Debt freedom feels amazing! You’ll sleep like a baby!
If you don’t start investing now, you’ll never start. You’re always going to have some kind of debt you have to pay off.
Investing is risky and kind of a roller coaster but paying off your debt is a guaranteed return.
You never know when that next bull market in stocks is going to start so start now so you can take advantage of that!
When that mortgage is paid off, you will vastly increase your cash flow.
There is no better wealth builder than stocks with a 12% annual return over the last decade. You need to get started.
Being mortgage free means way less money you need to become financially independent.
Don’t pay off your mortgage all at once. Take advantage of the tax savings every single year.
#shorts #debt #debtfree
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
