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re: Pay $1,000 extra to house or invest?
Posted on 6/15/16 at 10:02 am to statman34
Posted on 6/15/16 at 10:02 am to statman34
quote:
What would you recommend as a way to invest that much money a month vs. paying down your mortgage. I am not eligible for Roth IRA and I am not experienced or comfortable with the stock market on my own. Just curious to see what other options I would have.
like barry said, make sure you're maxing out your 401k and then whether you're putting the additional money into the 401k or an individual/personal investment account the safe bet would probably be an array of index funds as they have low costs and typically perform pretty well
This post was edited on 6/15/16 at 10:03 am
Posted on 6/15/16 at 11:06 am to TexasTiger34
Thank you guys for the advice. I do have a 401K and it is maxed as far as I am willing to go at the moment (company match, etc) I am still struggling with one thing in my thinking though. I get that I can build wealth with saving the $1K a month into something that compounds, but I don't get how freeing up that money per month would not help me after it is paid up. I freely admit that I am a per month type person. I look at finances and how much money I have to work with per month vs. long term. I simply cannot grasp how paying off the mortgage is not a good idea to consider with all of the other options as well. Is it strictly because paying off 120K towards a mortgage vs. investing the $120K and earning interest during 10 years that makes it better? Because in my mind I see that I can be mortgage free in 6 years and that would free up a tremendous amount of cash of future earnings. Yes it does leave me with nothing to show for it liquidity-wise, however, if I stay here long enough than won't that count? I am just trying to understand from a different perspective.
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