Should I Refi My Home So I Can Do a Mega Backdoor Roth IRA?
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"Should I set my hair on fire to save money on haircuts?"
I remember in 1986 getting a fully assumable FHA loan at 8.5%. I thought wow that’s gonna be a great selling tool, rates will never be this low again. Nope, they’ve never been that high again.
Taking out a 15 year morgage at that age is a huge win for future financial stability (as long as it is not impacting ability to invest/save). Imagine how stress free life will be in your mid-30's with no house payment. That will give you the freedom to take on risks with your career that maybe you wouldn't go for with a monthly mortgage payment. Want to take a year off of work to travel? Having kids and want one parent to stay at home and not work? It's so much easier to achieve life goals when your living completly free of the shackles of debt. I'm 4 years away and can almost taste the freedom it will bring.
What if instead of a mortgage, it’s student loans? I have 120k in student loans between my wife and I, and over 10 years the payment is 1150/month. I can refinance to 15 years at 850/month. In this situation does it make sense to refinance and invest the $300/ difference? We are both 22 and currently save 15% of our income, but this would go up to 20% if we refinance over 15 years.
Bo is on that drive to survive grind! Can’t go wrong with F1
idk… driving 120mph to the grocery store sounds pretty reasonable
Should I pull from my 401k to put money down on a rental investment? (Duplix in SoCal)
Brian and Bo are the investing kings! I am inspired by their channel. Brian and Bo inspire me to continue my own YouTube channel on Finance and Investing.