• 6 money rules I followed to pay off my mortgage more than 15 years early

    7 days ago - By Business Insider

    Summary List Placement When my then-boyfriend and I bought our home in 2007 at ages 26 and 23, we assumed we'd be paying off our 30-year mortgage until we were in our mid-50s. Even though we put a little extra money toward the principal every month from the get-go, it never occurred to us at the time that we'd be mortgage-free less than a decade and a half later.
    As the years went by, and our expenses increased with marriage and kids, our distaste for debt grew as well. We both experienced our own form of working-parent burnout, and we realized we didn't want to be tied to full-time jobs...
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  • When You Should and Shouldn't Tap Into Your Retirement Account

    When You Should and Shouldn't Tap Into Your Retirement Account

    7 days ago - By RIS Media

    Financial advisors generally recommend that people resist the urge to withdraw money from retirement accounts to pay for current expenses. Since retirement funds benefit from compound interest, withdrawing money early can have an oversized effect on the ability to retire comfortably in the future.
    The COVID-19 pandemic has caused millions of people to lose their jobs, fall behind on housing payments and struggle to afford necessities, such as food. Even before the pandemic, people sometimes found themselves in difficult circumstances and didn't know how to cover their bills.
    In some...
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  • Should You Pay off Your Mortgage Before You Retire?

    7 days ago - By RIS Media

    Your mortgage is probably your largest monthly expense. When you retire, you will have to get by on a fixed income. Eliminating your home loan payments before you stop working can make it easier to make ends meet after you retire. Before you decide to put extra money toward your mortgage, however, take a careful look at your entire financial picture to figure out if that's the best option.
    Reasons to Pay off Your Mortgage Early
    The average homeowner spends tens of thousands of dollars in interest over the life of a mortgage. Paying off the loan early can dramatically reduce the total...
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  • Why You Should Start Investing for Retirement as Early as Possible

    7 days ago - By RIS Media

    People who are starting their careers often have low salaries and little money left over after paying bills. Many individuals and families put off saving for retirement to focus on other goals, such as paying off student loans and credit cards, or saving for a down payment on a house.
    Starting when you're relatively young can pay off in the long run and can help you enjoy financial security when you get older.
    How Compound Interest Works
    If you invest money in a retirement account, your contributions will earn interest. That interest will be added to the principal that you contributed. The...
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  • Should You Pay off Your Mortgage Early or Use Extra Funds to Save for Retirement?

    7 days ago - By RIS Media

    If you want to pay off your mortgage before you retire or reduce the amount you will have to pay in interest over the life of the loan, you may be thinking about making extra payments. That may be a wise move under some circumstances, but in many cases, you will be better off putting that money toward your retirement.
    How Investing Early Can Help When Saving for Retirement
    Retirement accounts benefit from compound interest. The funds that you invest will earn interest, and that interest, in addition to the principal you invest, will be reinvested. The more years your investments have to...
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