Oh no it is one of the "save until you can buy a house cash" boomers
No that wasn't said.. What was said was this:
PAY OFF your mortgage.
What this looks like is this :
Instead of using CREDIT CARDS to buy everything. And instead of eating out all the time waisting money on your WANTS .
THOSE MONIES can be used to pay your mortgage off sooner than later.
When you pay off sooner you EXPONENTIALLY reduce the amount of interest you pay.
When you pay more than the Minimum payment , that extra money is used to pay down the Amount borrowed not the interest
The minimum payment includes that months interest...
Wisdom comes with experience and age... ..
you would own your home free and clear if you would stop buying coffee and avacado toast
Edit:
pay off debt at 3-5 apr when everything is going up in price 8-11% per year
Pay off debt at blah blaaa blah while you are eating out ALL the time.and paying for those meals with your CREDIT CARD... You are also buying THINGS you do not need to live.
Using CREDIT CARD to purchase consumables. After you consume them YOU ARE STILL paying for them WITH INTEREST..
If instead of WAISTING your monies on crap you DO NOT NEED could you pay your house of FASTER, And save 30K to 50 K on interest payments? According to you NO According to you ... Waisting money is a good thing...
( caps for emphasis )
These are habits .. We can change our habits but it is easier said than done .. but worth it
(post is archived)