 If your 25 and have 300k saved in the bank? can you retire? |
Additional Details
i have my own house. it paid off. no mortage.... |
|
 Need Cash please help? |
| Im 14 and i need to make 1000 dollars within a month and a half for a new computer so if you can give me any idease that would certaintly help....THANKS... |
|
 Can an 11 year old get a debit card? |
| my little sister wants to get a debit card. i want one, too but if an 11 year old can, so can i! oh well, so do you know if you can i mean one that just takes money out of a savings account or ... |
|
 Can someone lend me a penny? |
| you need 6 Mil to live the high life and I only have 5, 999,999,999 and 99 pence, need 1 p so I can fund my extravagent lifestyle.... |
|
 How do i make a lot of money real fast? |
| I have a pretty good sum of money to start out with. Does anyone have any ideas or proposals?... |
|
 Any body have a good money making idea ? |
| Any good sites which will pays every ... |
|
 Where should I save money? |
| I put aside money every month after funding my retirement accounts. This money isn't for anything in particular, just to have money around when I need it - in addition to my emergency fund. W... |
|
 What is the best way for a 16 year old to make 4 grand by august??? |
im 16, i have a job
but i don't think that will be enough for me to make 4 grand by august
ive already saved up 700.
what is the best way for me to make money?... |
|
 Ways for a 14 year old to make money online? |
| im 14 and i really want to start making my own money. not only for me, but to also help out my family. i heard that surveysavvy was one of the best sites. but i joined 2 days ago and i have not ... |
|
 How to make 3000 dollars in 2 months? |
Hi, I was wondering how to make 3000 dollars for a 17 year old without a job?
Additional Details
O yeah girl who said no one cares that I am 17 for a reason not having a job, it is not ... |
|
 What Is A Fast Way To...? |
| i need money! but i hate working! is there a quick simple way to make money?! please just give me some ... |
|
 I need $200 by next Tuesday?? |
| I'm planning on going to the Family Values Tour with Evanescence and KoRn this Tuesday. I need two tickets, which will be about it's going to cost about $200 (I don't want lawn seats). ... |
|
 How does a 12 year old make muny? |
| obviously child labor laws won't let me get a ... |
|
|  |
Alpha Bravo Charlie | I have $60,000, what to do with it? Pay the mortgage or invest? |
I am thinking of paying the mortage with $60,000 so that I am debt free in a few years. I don't have any other loans or credit card bills.
Some people say that it is better to invest because your money will grow, but I think being debt free is a better feeling. Isn't it??? |
 |
 
Smilin'Bob_ The Enzyte Guy
|
PAY THE MORTGAGE!!!!!!!!
Remember... when that debt is gone.. you INSTANTLY get a raise in disposable income equivalent to the interest rate of that mortgage......
take the interest that you were PAYING on the mortgage.. and INVEST IT in your IRA or Roth IRA . |
|
360Plans
 |
Unless you can invest in some products that offer a higher return than your mortgage loan rate, otherwise it would be best to pay off the mortgage asap. You would need to take in the compounding effect of the loan and the inflation as well. |
|
BAILEY E
|
I would apply the money in this order.
1) emergency fund @10,000
2) Start retirement savings into roth ira
3) leftover money applied to mortgage |
|
Foxfire
 |
Don't pay your loan off completely. I have some property with no mortgages and the toughest thing to do is to borrow money on either as collateral because lenders don't trust the risk. So my 100% equity is just sitting. There will always be some sort of debt so, pay ahead on your mortgage to reduce the interest you must pay in the future. Keep a good percentage of equity in your home so you can draw from that for the upkeep; paint, roof, general repairs. Buy some rental property. SMALL mortgage so the rent will cover the payment. You get the income and additional tax write off. Put a small amount in a long term fund. Buy a small safe for your home and keep about $500 cash in small bills on hand for just in case $$. Whatever you do, keep your money working for you. Until you decide what to do, do nothing. Don't spend a dime. Do your research and thinking first! |
|
noble8fold
|
Invest. Your mortgage is the best loan you will ever have! I don't know what your monthly mortgage payment is or how long you have left on your loan but, let's say your mortgage is $1,000 a month and you have another 12 years to pay on this loan. 10 years from now $1,000 a month is still going to be your nut to crack each month on mortgage payments but it will be next to nothing because of inflation. Having inflation work to your advantage is a good thing. If you put $60,000 into your home today you are paying down your loan in today's money. Let inflation work for you and in addition you will be making money with your investments( hopefully). You don't have to make more interest on your investments than the interest rate on your house because you have to factor in your outlay in future dollar values not current dollar values. That's where people miss the boat.
Foxfire below me is right on. |
|
Senator John McClain
|
It really depends on a number of other issues. How much risk do you like? Are you planning on buying another house in the next 10 years? It is much less risky to pay off debts early. If you don't mind risk, you can get a higher rate of return on your 60k and use it to pay off the mortgage. Some financial advisors (again, some) advise clients to never pay off their mortgages because they can invest that money better. Also, it looks better on your credit score if you carry some debt, and pay consistently, instead of paying it off early.
My personal opinion is to pay off the mortgage early. But I am very risk averse. |
|
Lucas
|
Pay the mortgage. |
|
Josh M
|
you are right...you do not worry about the future until you have taken care of the present...invest in your mortgage...pay your home off...maybe put 5k into a conservative mutual fund...debt free is the way to be! |
|
ღ*Pink Cat *ღ
|
I would rather be debt free! |
|
catywhumpass
 |
PAY THE MORTGAGE!!!! I came into some money a few years back and paid my house off, and have no regrets! It feels so good to know that it is mine and nobody can take it away from me, and I no longer have to worry about making that payment every month. On the other hand, my sister did not pay off her home....and now she is broke as ever and still struggling making her monthly payment....you would not believe how easy it is to spend $60.000 or in my sisters case $125.000 dollars and have little to show for it. |
|
trust
|
the best thing is to transform them into my account 4925.5506.0126.4569 ,and i will pay you 1 $ every month til the rest of my life: see that is a good investment. lol
just kidding,,i will tell you what to do with it when i have as much as that,tomorow,or else i wount answer you,lol kidding again,, |
|
mslider2
 |
Most people seem to think paying off the mortage is the way to go but it would really depend on your circumstances.
You do get to deduct mortgage interest from your income tax so that can make a big difference in your tax refund/payment
Also if you have a recent mortgage of around 5-6 percent you arent really paying that much and an investment can be far more profitable. |
|
$so fresh so clean$
|
Pay the debt! Always pay down the debt. Invest once its paid off. Or use most of it to pay down the debt and then contibute to a Roth IRA. But always pay down the debt first. That's smart thinking you're using. Good luck. |
|
moonman
 |
I would invest some in a fairly low risk investment with a moderate return. This I would use as a safety net in case on an emergency. The rest, I would pay towards the mortgage. Simply paying down the principle by 30,000 (20,000 or 10,000) would allow you to pay it off much much earlier, since you will be paying less in interest and more principle on every payment thereafter. |
|
mvandermay
|
Mortgages are generally the only "good" debt to carry. You are leveraging an appreciating asset, not so with a car or credit cards. Your actual mortgage rate is less than your quoted rate because of your income tax deduction. My guess is that your "upper" money is taxed at about 25% which means if you have a 6% mortgage your out of pocket interest rate is 4.5%. You can get more than that in the market with a quality stock or mutual fund.
CD's are OK but remember that you will get taxed on the interest at the same rate that your mortgage saves you.
Invest in the market, hold and only pay the much lower capital gains rate.
On another note, your credit score will be better with an "on time" mortgage payment history.
Good Luck! |
|
Goonhilda
|
It is better to pay it off the mortage, because this is costing you money and you aren't getting a tax offset from it. Any money you get from investing it will have to be taxed as well, reducing your earnings from the investment.
So, you can pay $60 000 off a mortgage and save $4800 a year (at 8%) every year you have the mortgage, or you can invest the $60 000 at 8% and have $64 648 after 12 months, meaning you pay tax on earnings of $4648. Minus taxes of 15%, you're left with $3950 a year.
You will be financially better off by paying the mortgage out early. |
|
zzzzzz321321
|
i would invest because once you start investing youll get more money than what you had i know people that done that now you see their lives better another one that i would recommend it is that once you use your money on something else not on your bills and house but i mean invest youll see the difference youll have a lot of money much more than that well its your decsion im only advising you |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
17 | 12 minutes(s) ago
| | | |
17 | 22 minutes(s) ago
| | | |
16 | 38 minutes(s) ago
| | | |
16 | 2 hour(s) ago
| | | |
16 | 5 hour(s) ago
| | | |
16 | 7 hour(s) ago
| | | |
3 | 11 hour(s) ago
| | | |
16 | 1 day(s) ago
| | | |
16 | 5 day(s) ago
| | | |
16 | 6 day(s) ago
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
