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SVTPerformance's Chain of Restaurants
Road Side Pub
Liquid Assets and Expensive Car Purchase
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<blockquote data-quote="mike99" data-source="post: 15731117" data-attributes="member: 3878"><p>Paying off your mortgage is not bad advice but it may not be the best advice for everyone. In my case, I have a mortgage that is less than 3% and the interest is tax deductible. My equity is around 75% versus the loan amount because I bought in a good neighbor hood and spent a lot of my time and money fixing up the property. With that ratio, it was easy to get a HELOC at less than 3% which I used for cars, kids college, etc... and its tax deductible. I'm making 15% on investments and 401K funds and my house value is going up 5-10% a year. No interest in paying off my home loan early to save an effective interest payment of around 2%. My home interest deduction comes off the top of my gross income which mean it reduces the tax payment at the higher tax rate. This is just my situation and it does not apply to everyone.</p></blockquote><p></p>
[QUOTE="mike99, post: 15731117, member: 3878"] Paying off your mortgage is not bad advice but it may not be the best advice for everyone. In my case, I have a mortgage that is less than 3% and the interest is tax deductible. My equity is around 75% versus the loan amount because I bought in a good neighbor hood and spent a lot of my time and money fixing up the property. With that ratio, it was easy to get a HELOC at less than 3% which I used for cars, kids college, etc... and its tax deductible. I'm making 15% on investments and 401K funds and my house value is going up 5-10% a year. No interest in paying off my home loan early to save an effective interest payment of around 2%. My home interest deduction comes off the top of my gross income which mean it reduces the tax payment at the higher tax rate. This is just my situation and it does not apply to everyone. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Liquid Assets and Expensive Car Purchase
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