Posted on: 28-11-14 12:54:48
Quote:
Originally posted by Full House
There are a few who are claiming their Mortgage payments as investment expenses. That is what triggered this topic. fh
I read about it, but found too convoluted. Last week, there was this guy at the Radio that tried to explain it, but I lost him after 5 minutes.
As you said, good for those that do it. For others, just try to upgrade skills and/or change jobs every 3-4 years for a good amount of monetary raise (better than the inflation). Nothing else and much to do.
We need all the help we can get to survive in this world. We all are very very intelligent, otherwise we would not have ended up here amidst these Goonie Goo Goos.
Here is my take on this..: Say you won a home which is worth $500,000 and your equity is $125,000., If there be a banker who will let you take this money out at say Prime plus 1, then you will be ending up paying $5,000 each year, as it stands today.(For Calculating purposes.) If it is covered by the equity in the property, then you can just pay ONLY the Interest and get away with it. Don't forget that you should have a job to go with it also. You invest it in a Fixed deposit of say 10% return and get 12,500 ( plus or minus a few bucks,) then you come up free and clear out of the mortgage and the Principle and interest that you pay each and every month is free and yours to keep.
How do we do this? There are a few who can help us in this and they are hiding in the wood works. You will end up paying a few thousand dollars in taxes on this extra income. We will deal with it at a later date, after we get to the FIRST BASE.
Just my thought.
FH.
hmmm. That's a good info FH - short and sweet. Now, only if I had any equity 
