Posted on: 26-10-08 09:04:39
If you have an option to put money in your pocket or put it some one else's pocket to brood and not sure how it would come up, What would you choose ?
If I do not have any other debts and paying mortgage interest on the one and only property I have, I would go ahead try to pay off (also I need to make sure that I live there for some time) . See at least with the second property, I could find ways to write off the interest to offset the revenue generated from that property.
After all, debt is debt. There could be one that is less evizhl. More over, I don't subscribe the rocket science financials planning for the sole reason that they caught the dust as I thought. At last, there is a "safety factor" on finance too which was bent way too extreme in the past to witness these bleeding debacles we are going through.
Quote:
Originally posted by meetonline
I may be not smart enough as you are but yes I can plug numbers into a spreadsheet and do various scenario calculations my self.
My point was instead of talking about CORE issue Mortgage V/S RRSP , you guys have started whole different topic.
Mind you, not every one is smart like you guys so there should be simple compression,
It’s always helpful to know various options but there should be separate topic.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:You misunderstood me - I was not trying to imply that you are not smart and I am.
Originally posted by meetonline
I may be not smart enough as you are but yes I can plug numbers into a spreadsheet and do various scenario calculations my self.
Mind you, not every one is smart like you guys so there should be simple compression,
It’s always helpful to know various options but there should be separate topic.
I was genuinely trying to help you figure out what works best for you.
Which is why I listed all those factors above.
As the saying goes, "the simplest solution is the best solution".
Instead of doing complex maths trying to figure our rates of return, compare different types of investment securities and then comparing it with paying off debt and projecting everything 5 - 10 years forward, just keep it simple.
Paying off mortgage puts you in a sound financial footing that you can understand easily.
If it helps you in anyway, let me just say that this is what I am doing personally i.e. paying off mortgage instead of chasing after investments.
I apologise if my previous message seemed to imply that you are not smart.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Revisiting the topic to see how the shift in the economy might influence your stand.
Mr. Harper has already commented that the nation might be heading towards the much dreaded a Depression which many predict as it could surface as a much harsher one for this generation to witness.
I still feel it is good to keep your debts low thought the value of the real estate property might continue to depreciate through 2010.
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:Recent events, if anything, further prove that keeping debts low is going to be more important than "investing".
Originally posted by JRF
Revisiting the topic to see how the shift in the economy might influence your stand.
Mr. Harper has already commented that the nation might be heading towards the much dreaded a Depression which many predict as it could surface as a much harsher one for this generation to witness.
I still feel it is good to keep your debts low thought the value of the real estate property might continue to depreciate through 2010.
Right now, it is very hard to get returns more than mortgage rate by investing in the market, at least not without taking significant risks.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
You bet!!!
Quote:
Originally posted by pratickm
Quote:Recent events, if anything, further prove that keeping debts low is going to be more important than "investing".
Originally posted by JRF
Revisiting the topic to see how the shift in the economy might influence your stand.
Mr. Harper has already commented that the nation might be heading towards the much dreaded a Depression which many predict as it could surface as a much harsher one for this generation to witness.
I still feel it is good to keep your debts low thought the value of the real estate property might continue to depreciate through 2010.
Right now, it is very hard to get returns more than mortgage rate by investing in the market, at least not without taking significant risks.
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
