If you're like me, than you're creeping up on being 30 years out from a traditional retirement age of 65. I think a retirement age of 65 is bullshit, but I fully recognize that that's what will happen for the vast majority of people. So here's a little piece of advice. Never have a larger mortgage than you have now.
Whether you live in the same house or sell and then buy another, make sure that you never take on more mortgage debt than you have right now. This will help ensure that you will have your mortgage paid off by the time you retire in 30 years. Assuming of course that you have a 30 year mortgage.
I've heard some people advocate that it's ok or even a good idea to go into retirement with a mortgage. Bullshit!!! This is always a bad idea! Don't do it! The last thing that you need in your life is the thought that the bank could come and take your home.
This goes for all debt as a matter of fact. No auto loans, no mortgage, no credit card loans, no HELOC, no debt, no way, NEVER!
Editor: Crass Cash
5 Comments
29/6/2016 05:47:16 am
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29/6/2016 05:52:03 am
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14/7/2020 04:19:35 am
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AuthorThis website was created due to the atrociously misguided financial advice that I've heard over the decades. Financial freedom is not intellectually strenuous, but it takes discipline. Categories
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