The thought of being debt free sounds like a dream come true for most of us. Many folks are wrapped up in credit card debt, car payments, mortgage payments, etc. However, there’s one debt freeing yourself from could do more harm than good, from a mathematical standpoint. That is your mortgage debt. Honestly, it’s often not a good idea to pay it off or even pay extra on it before age 50.
Debt is one of my biggest pet peeves. Just to give you an idea of how much debt Americans are in here’s a few statistics from NerdWallet, $764 billion in credit card debt, $8.63 in mortgages, $1.17 trillion in auto loans, $1.34 trillion in student loans, and 12.73 trillion in other kinds of debt. The average credit card debt balance is $6,184.16. Households with new auto loans pay an average of $503 a month for 68 months. So you can see, we’re in a whole lotta debt! If you don’t know much about me, I HATE DEBT! I mean I REALLY HATE DEBT! It’s a burden like no other, keeping you from living the financially simple life you desire and deserve. Most people have heard, “the borrower is a slave to the lender” from the book of Proverbs in the Bible. Not only have most heard it, they’are clearly living it too according to those statistics. I’m not going to say all debt is bad, however, for the most part staying out of debt as much as possible is the only way to a financially secure future. There are plenty of get-of-debt strategies for you to employ if you’re serious about debt-free […]
Planning for retirement means trying to figure out exactly how much you’ll need and coming up with that magical number can be perplexing. According to a survey by the Employee Benefit Research Institute, 42% of workers guess an amount. With so many tools at their fingertips, it’s may seem hard to understand why. While an online retirement calculator may be an indispensable tool, they may be aiding in the confusion. There are several out there and that gives you a good idea of the number to aim for when it comes to your retirement. Let’s look at some of the most popular free retirement calculators out there and see how user-friendly they are or aren’t. While great tools, online retirement calculators can be somewhat confusing. Some aren’t user-friendly. Others want information you can only provide if you’re an actuary or economist, which would still be just you giving your best guess. The biggest problem with online retirement calculators—the amounts calculated for you to retire on vary greatly. As you near retirement the calculator become more and more complex as well. Simply doing a Google search of “retirement calculator” will give you over 22 million results to choose from. We looked […]