Debt
20 Second Advisor: 6% vs 2.5% Mortgage – The impact of rising rates on home affordability
If you’re looking for a prediction on when interest rates will rise or fall, alas, I cannot give you that info as I left my crystal ball at home this morning. But, I want to point out how much the recent rise in interest rates affect the monthly payments homeowners must pay when refinancing or…
Read More20 Second Advisor: Keeping Up With The Steinbergs
Last week, our family took a trip for our kids’ winter break from school. On the long drive, I had the chance to listen to a podcast, The Just Enough Family. It details the rise and fall of Saul Steinberg, an American businessman that rose to great wealth by the age of 30 only to…
Read More20 Second Advisor: 5 Things To Do BEFORE 2022
Retirement Contributions – Make 401k, IRA or employer contributions. Charitable Contributions – Give cash or appreciated investments to your favorite charities. 2021 Reflection – Did I save, give, spend intentionally, and pay off what I had planned? If so, celebrate! If not, why? 2022 Plan – How much will I save, give, spend intentionally, and…
Read More20 Second Advisor: To borrow or not to borrow? Part 2 – Freedom from debt feels good.
Last time, I wrote about the financial elements to consider when you’re deciding whether to pay off your mortgage early. See here for that post. Today, I want to touch on the emotional elements of paying off debt early. As discussed in the last post, you are almost always better off financially to slowly pay…
Read More20 Second Advisor: To borrow or not to borrow? Part 1 – The true cost of mortgage debt.
With interest rates near their all time lows, I want to write a few blogs about mortgage debt. It’s a question we get asked all the time: “Should I pay off my mortgage quicker than scheduled?” Before we answer that question, I want to explore the true cost of carrying mortgage debt. The factors that…
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