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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Box-By-The-Riviera™ who wrote (83782)3/21/2001 9:13:05 PM
From: Terry Whitman  Read Replies (1) of 436258
 
I'm with you. Pay off the debt. A puny tax break is no reason to keep paying a big mortgage. You're still giving 3/4 of it to the bank.

Not only do you have a guaranteed return when you pay it off- you reduce your monthly expenses and greatly increase your cash flow. It's much greater than 1 to 1. Since you no longer have a house payment- you no longer need to work for that amount- which you also pay taxes and soc. security, etc. on.

My old mentor used to say a dollar saved is equal to 4 dollars earned, and he would proceed to explain how. I don't recall the whole shpeil, but it has to do with first earning it, paying taxes on it, loss of investment income, expenses to earn it like commuting, etc.
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