103 Beyond Your Wedding Day Podcast-Pay Off Your Home Mortgage

by mike on December 19, 2012

103 Beyond Your Wedding Day Podcast-Pay Off Your Home Mortgage

Click Play Below

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

In this episode of the Beyond Your Wedding Day Podcast, we discuss the Total Money Makeover by Dave Ramsey.  We take a look at Chapter 11: “Pay Off the Home Mortgage: Be Ultrafit.”

2 Ways to contact us and get your question answered on the show: www.mikeyoungcoach.com/feedback

Call us at: 847-780-6632

*We discuss Mike’s blog post about the Holidays!

*The sixth baby step is paying off the home mortgage

-Imagine what you could do having ZERO payments, not even a house payment!

*One myth is that it is wise to keep your home mortgage to get the tax deduction

-As we’ve talked about before, this is simple math

-If you pay $10,000 in mortgage interest in a year, it would save you $3,000 in taxes in a 30% bracket.

-So, does it make sense to pay the bank $10,000 in order to save $3,000

*Another myth is that it makes sense to keep your mortgage, and in fact borrow all you can against your home, and invest the money because of such low mortgage interest rates

-the main problem with this theory is that you are not factoring in risk

-Taxes and calculated risk erase any advantage of investing versus mortgage interest rates

*Taking out a fifteen year mortgage is the way to go!

-Admit that you won’t be the only person in the world who will pay extra on your 30 year mortgage like it is a 15 year mortgage

-Too many things will come up and force you not to pay extra (prom dresses, braces, babies!)

Would you like to work with Mandy and Mike one on one?  Check out the Beyond Your Wedding Day Marriage Prep Course.

Right-Click Here to Download the Show

Leave a review in itunes

Previous post:

Next post: