Did you know that the bank controls more of our decisions than we’d ever care to admit? The typical procedure in buying a home: “Hey, honey, you wanna buy a new house?” “Sure, baby.” I hope there is a little more discussion than this, but eventually husband and wife decide to buy a home. Now it’s time to decide how much house can we afford. “Hey, honey, you wanna go to the bank and … [Read more...]
Debt and the Opportunity Costs of Not Paying it Off
When you make a decision to get into debt, you're also making a decision not to do many other things. Here are the three biggest opportunity costs of not paying it off. Opportunity Cost #1 - Your Future Retirement This cost will affect the day-to-day existence of possibly a third of your whole life. Some people may think that since retirement is so far away, they don't have to be concerned about … [Read more...]
Should I Pay Off My Mortgage or Invest?
Beware, financial geeks. You’re not going to like my answer to the question, "Should I pay off my mortgage or invest?" Not to worry, I've since gone back and added the math analysis regarding paying off your mortgage I’m making a few assumptions as I begin this post. Pay Off Mortgage or Invest? Starting Assumptions If you’re asking this question, you’re in great financial shape. All … [Read more...]