Mar 28, 2023
Kim and Spencer discuss why paying off your mortgage early may not be the best strategy for financial prosperity, as emotional attachment to homes can lead to emotional decision-making. The time value of money and opportunity cost must be considered, and the best mortgage loan is a 30-year fixed interest rate mortgage paid over time and refinanced until the borrower dies. Redirecting extra mortgage payments towards paid-up life insurance can be more efficient in building an asset that is not taxed. The goal is to keep refinancing, eventually do a reverse mortgage to free up equity, and educate oneself on the concept of time value of money.
Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!
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