Paying off mortgage won’t grow your wealth.
Ploughing more money into your home loan gives you more bang for your dollar each mortgage repayment, but this doesn’t mean it’s the best way to make the most of lower interest rates.
We have been conditioned to believe paying off our mortgage as quickly as we can is the key to financial success, but paying off your dept faster that you need to will only save you interest, it won,t grow your wealth in any practical sense.
You can’t live off your home because you do not realise its value until you sell it, which may be never. This is why investing some of the spare value of your home into another property may just surprise you cost effective investing for the future can be through investing in property and at the same time save in the tax that you pay.Read More »