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Keith R | Pay off house early or invest in the market? |
I have a 15 year mortgage which will be paid off when I am 65.
I can pay extra each month to pay it off in 10 years or should i take that money and invest in the market?
My interest rate is at 6%. I am currently already investing 12% of my income into my 401K. |
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Chris C
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I'm with J Mac on this one. Most old school people think that all debt is bad debt and automatically say to pay off your mortgage to get rid of it. IF you're in the US or somewhere else where you mortgage is tax deductible, why be in a rush to pay it off? You're deducting the interest from your income anyways!
And for the person that said only a fool would invest in times like this? Perhaps you should ask all the "Fools" that became millionaires in the 1930s becuase they were enough of a "fool" to buy investments when they were on sale and road it out until the markets rebounded (like they always do). Did you know that there were more millionaires created during the Great Depression than ANY other period in history? That's a lot of fools! When do you tend to buy a new pair of shoes or clothes? When it's on sale! Right now almsot every stock onthe market is on sale, you just have to find the best deals on a good quality stock!
If you can find a decent safe investment go for it! Safe meaning a stable company that won't be going under...look to the staples in life where people buy their products no matter what....like the Johnson and Johnson's or the Proctor and Gambles or GE....the HUGE conglomerates that make everyday items like soap and light bulbs and stuff that people need as a basic standard of living even in tough times. |
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foxyman
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Pay off your mortgage then whatever happens you have got a roof over your head. |
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stan c
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Do not play the stock market unless you want to lose your money. Just put the add'l funds into a savings or money market account. You did not state how old you are now but you can request an amortization from your mortgage co that will give you a break down between interest/principal. On the first half of the loan, you pay about 70% in interest. |
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Andy
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I would look for some additional investments. Don't rely on your 401k alone. Now is the best time to buy into something. Just make sure you do the research because it can be risky if you're uneducated about it. To the one who said you're a fool to invest right now is uneducated. Warren Buffet is investing billions right now because he knows what he's doing. Follow his advice. |
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STEVEN F
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In your case, its a close call. The numbers I like are 15% for retirement and the rest to paying of the mortgage. This assumes you have already paid off ALL other debts.
One thing to consider: 100% of all foreclosures involve homes with mortgages. The market can drop just when you need the money. A paid off home will always keep a roof over your head. |
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debtairraid
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Great question!!
With much respect to previous posters, this is not a tax issue. Look at this hypothetical situation:
Suppose Jim pays $10,000 per year in mortgage interest. Jim makes $70,000 and is in the 25% federal tax bracket. If Jim itemizes his taxes and deducts his $10,000 in mortgage interest, he would then only be paying taxes on $60,000. Since Jim is in the 25% tax bracket he saves $2500 in taxes by getting to deduct $10,000 in mortgage interest.
To put it in more simple terms: Jim has to pay THE BANK $10,000 in order to avoid sending the IRS $2,500. That's not good logic or math.
If Jim's house is paid off, sure he'll have to pay the $2500 in taxes, but he'll be saving $7500 in his pocket and not sending it to THE BANK in the form of interest.
If you feel the urge to keep paying $10,000 to some institution to get a tax deduction, why not give money to a charity? You'll get the same tax advantages. Why pay it to a bank?
Pay off your mortgage. A home that is paid for is security. If you have health issues or employment troubles, you won't have to worry about losing your home to foreclosure.
Good luck!
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jednutz
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The market will go up and down, but you look like you're not just trying to make a quick buck, and the fact you're looking for help shows you're open minded. I'd research strategies on how to take advantage of this low. =) I ran across this after reading your question.
http://www.physiciansnews.com/finance/103.html
Keep rational with your investments and use good strategies and history has shown that long term investing pays off. Good luck |
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J Mac
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This is not really a question of how well you think your stocks will perform. Its a tax question. The interest rate you pay on your mortgage is a tax deduction anyways. Putting your money into your 401k allows the money to grow on a pretax basis. With that in mind don't rush to pay off your mortgage and lose the tax deduction.
If you want to, check to see if you can make bi-weekly payments to the mortgage. It will cut the total amount of time you have to pay your mortgage because the principle doesn't have as many days to accrue interest than paying once a month. You'll pay the same amount, but just make two payments each month. |
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iluv2tradestks
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You have to do both. You have to have your house paid off, and you have to have cash saved up for your retirement. Your house is the biggest priority. If you don't pay it off, it will eat up your savings fast. The market is about to turn around, make sure that you are invested in mutual funds, US companies. The rally will start soon, but it won't last very long. By 2010, it will be going down bigger than this last collapse. Good luck. |
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Andi
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Pay off your mortgage early. That guarantees an income of 6% (your interest which you would ordinarily lose if you keep paying your mortgage). Right now there is nothing in the world you can rake in 6% guaranteed. Well... there is but not for the average person. |
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Michelle S
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Only a fool would invest in today's market. Be smart, pay off your house. |
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