Everyone says you should pay off your debt as soon as possible but is it the best thing that you could do. Today I’ll show you what you could use that money for and start making you financially free!
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
The above summary disclosure is provided as an overview, and is not intended to be comprehensive. Additional details are reflected below. See full disclosures here:
NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
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Mr. Krohn has a financial interest in EPIC Insurance Services, LLC (EPIC), a licensed insurance brokerage agency incorporated in New Jersey, and is compensated by EPIC. See full disclosures here:
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Why You Should Never Pay Off Your House
For most people, paying off the mortgage on their home is a significant financial goal. There is a sense of satisfaction and relief when you make that last payment and officially own your house outright. However, there is a growing belief among financial experts that paying off your mortgage might not be the best use of your money. In fact, they argue that you should never pay off your house. Let’s explore why.
1. Inflation Hedge
One of the main reasons to consider not paying off your house is inflation. Over time, inflation decreases the value of money. By keeping a low-interest mortgage, you are essentially borrowing money for the long term at a fixed interest rate. As inflation rises, the value of your mortgage debt decreases, making it cheaper to repay. In essence, you are benefiting from the decreasing value of money while holding onto cash that you could use for other investments.
2. Opportunity Cost
When you use your funds to pay off your mortgage, you are tying up a significant amount of money in an illiquid asset, namely, your home. While it is true that owning a home provides shelter and security, it does not generate income or appreciate at the same rate as other investments. By investing your money elsewhere, such as in stocks, bonds, or real estate, you have the potential to earn a higher return on your investment and build wealth more rapidly.
3. Tax Deductions
Homeowners also enjoy certain tax deductions related to their mortgage interest payments. By consistently deducting mortgage interest, you can reduce your taxable income and, subsequently, the amount of income tax you owe. It’s worth consulting with a tax professional to determine the best strategy based on your individual circumstances, but often keeping a mortgage can be beneficial from a tax perspective.
4. Liquidity and Financial Flexibility
By not paying off your house, you maintain liquidity, which means you have access to cash when you need it. This flexibility can be vital in the event of an emergency, unexpected expenses, or investment opportunities. Rather than tying up your funds in your home, you can keep them accessible and ready for use when necessary.
5. Diversification
Lastly, by not paying off your house, you diversify your investment portfolio. While real estate is generally considered a safe and stable investment, it is not entirely risk-free. By allocating your money in different areas—such as stocks, bonds, and real estate—you spread the risk and increase your overall chances of achieving financial success.
Of course, this does not mean that paying off your mortgage is always a bad idea. For some individuals, the peace of mind and emotional satisfaction of owning a home outright might outweigh the financial benefits of retaining a mortgage. Additionally, personal financial circumstances and goals vary greatly, so it is crucial to weigh all options and consult with a financial advisor before making any decisions.
In conclusion, there are valid reasons to consider never paying off your house. From inflation hedges to opportunity costs, tax deductions, liquidity, and diversification, retaining a mortgage can provide financial benefits and flexibility. However, it is crucial to carefully evaluate your personal situation, priorities, and risk tolerance before determining the best course of action for your specific needs.
Can you do this in Australia?
Be aware of the Wolf in sheep clothing
Most banks now will not give a HELOC loan.
Snake oil salesman!
I do not agree bad advice lots of variables here
After seeing this I'm getting a second mortgage and investing in hair gel.
I put mute on the volume and this guy is still yelling !
Thank you very much. That's just what I needed to see. My wife and I own a couple properties and have other sources of income in addition to our own business. I am about 52 years old, and we have begun to save in order to retire comfortably and potentially live on rental income. I would greatly appreciate it if you could go LIVE and discuss how to get passive income online and retire happily.
You know who likes making house payments don't you? People with mortgages.
Wow, this guy gives horrific advice. He even looks like the human embodiment of bad advice.
People like this are what are ruining the housing market, owe debt on houses and rent it out to cover your costs. This is sick.
All these high leveraged multifamily owners are in so much pain right now. 25% roi? No, 15% and that's not including repairs while I flat ion has cost of building materials and labor record highs.
Fuzzy math at its best
Can we apply that method on the car loan?
You sound like a T Harv Eker student.
Pay off mortgage if you can always better! Don't let low brain cells tell you different! Probably don't own anything!!
Unbelievable how uneducated these comments are
Are you using the equity in the house to pay off the heloc? How are you paying off the HELOC?
In which universe you can invest in buying a rental property with ROI of 25%?!!!!
But what if you do both? payoff your home, and then get a heloc of 80% of your home value.
This math is to simple. It doesn’t take into account inflation.
I agree with Dave..
Kris, What would you be doing in an economy with 17% inflation with bank interest rates over 15%. This has happened in the past, and can happen again..
gamba
Owning several houses makes you a landlord, meaning you still have a full time job maintaining the properties.
Dave Ramsey surveyed thousands of millionaires and has hard data to back up his plan. The ground was littered with people who were overleveraged like Kris who were wiped out by 40-50% value declines during the great recession of '08. Just an FYI. I'm sure it will never happen again!
which banks give credit cards attached to a HELOC?
Mathematically it makes sense.
What happens when the rate on the HELOC explodes due to Fed fighting inflation? Hint, lose everything. Isn't this advice precisely what caused the housing bubble and following financial crisis?
While you’re at it you should keep rolling you’re credit card balances on a new card , that way you never have to pay it off
All you’re doing is deceiving people and getting likes. Next…