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re: Another Dave Ramsey Thread
Posted on 8/14/13 at 8:45 am to Ace Midnight
Posted on 8/14/13 at 8:45 am to Ace Midnight
quote:No they aren't. House and car are separate debt issues. Unless the car is funded through a HELOC, lumping them together as similar makes no sense.
"Why pay off the house or car when the money is essentially free?" And those people are right -
quote:
Please familiarize yourself with what you're shooting at before you demonstrate what you don't know.
quote:In a low-rate environment, with inflation on the horizon and given any degree of investment savvy, paying off a tax-deductible low-rate mortgage is not good strategy. That is what was correctly pointed out earlier.
Pay off your house early Now it’s time to begin chunking all of your extra money toward the mortgage. You are getting closer to realizing the dream of a life with no house payments. As you attack this last debt, you will gain momentum much like you did back in the second step of the debt snowball. Remember, having absolutely no payments is totally within your reach!
1
Posted on 8/14/13 at 8:52 am to NC_Tigah
quote:
That is what was correctly pointed out earlier.
No - the guy suggested that Dave says to liquidate things to pay of the mortgage early. That was a mischaracterization.
Again - if you don't need the debt snowball, you don't need Step 6. If you got into trouble with money (many of us have), then paying off the mortgage a year or two (or three) is going to help much worse than it will hurt.
Step 7 is "Build wealth and give" - skip the give part if it doesn't suit you, but clearly he intends that mortgage payment to go into savings and investment. Yeah - that's just "crazy" talk...
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