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re: What retirement savings balance is your goal, and by what age?
Posted on 1/2/21 at 6:16 pm to WHATDOINO
Posted on 1/2/21 at 6:16 pm to WHATDOINO
quote:Having zero debt is a financial disservice to yourself. There has never been a time in history where a bank will give you money for 2.5% interest for a home, in which you can use the money you would have otherwise spent on that to invest and get 10+% returns in todays market.
No debt
quote:Also doing yourself a financial disservice by hurting your credit score and not reaping the benefits of rewards programs.
pays cash for everything.
1
Posted on 1/2/21 at 6:50 pm to TigerTatorTots
A fixed rate of 2.25% is almost free money.
Different situations require different origination fees and this will have an impact but for the most part, if you are above the low 3%. You could and should do better.
If you have plans to keep the home forever and have equity in it, I'd think about pulling it out. Having equity in a home is like having cash in a glass jag buried in the back yard. The home will appreciate or depreciate regardless of the equity in it. Not using that equity to get ahead while borrowing at 2.25%, doesn't make a whole lot of $ense.
Once again, I am not sticking my money in a savings account at .75% / yr.
Different situations require different origination fees and this will have an impact but for the most part, if you are above the low 3%. You could and should do better.
If you have plans to keep the home forever and have equity in it, I'd think about pulling it out. Having equity in a home is like having cash in a glass jag buried in the back yard. The home will appreciate or depreciate regardless of the equity in it. Not using that equity to get ahead while borrowing at 2.25%, doesn't make a whole lot of $ense.
Once again, I am not sticking my money in a savings account at .75% / yr.
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