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/biz/ - Business & Finance

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57256305 No.57256305 [Reply] [Original]

>sell your apple stock to pay off your 2% mortgage

>> No.57256387
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57256387

>>57256305
Dave doesn't say that, retard. 15 year fixed rate mortgages are OK under Dave's plan.

I paid off $16,500 using Dave's plan - out of debt and never going back.

>> No.57257610
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57257610

>>57256305
>peel the bananas before placing them on the scale

>> No.57257873

>>57256305
Ben mallah owns this jew

>> No.57257888

>>57256387
Why would you only get a 15 year mortgage when 30 year mortgages are almost the same rate?

>> No.57257900

>>57256305
>1pbtid
that's good advice for everyone who has bought apple stock going back about three and a half years to july 2020.

>> No.57257948

>>57257888
So you can pay off your mortgage and free up your income. Why would you want to pay a loan for 30 years?

>> No.57258007

>>57256387
How much are you paying for the most boomer financial advice ever? Please tell me it was free

>> No.57258016

>>57257948
why would you ever pay off a sub 3% mortgage?

>> No.57258054

>>57256387
>Dave’s plan
All this says to me is you’re too stupid to understand something as simple as debt. You had to have a talking head give you directions most people inherently understood in their prepubescent years

>> No.57258129

>>57258054
this is the harsh truth.... >>57256387 please tell me you didn't pay that boomer for this "advice"

>> No.57258588

The primary goal to "get out of debt ASAP" can be very nearsighted, especially with the crazy rates over the past few years. With the interest I'm earning monthly on a 5.1% APY HYSA I can pay my entire monthly 2.3% mortgage.

>> No.57259476

>>57258016
So you are paying 0% interest instead of 3%.......is biz really this fucking retarded?

>> No.57259498

>>57259476
Can you not earn >3% elsewhere? lmao

>> No.57259504

>>57258588
Not everything comes down to just the numbers. I prefer to have no debt so I don't owe money to anyone and have a ton of free capital every month to do what I please with it. Is it the absolute best strategy to maximize everything? No, but it does give me peace of mind and not a stress at all in life.

>> No.57259505

>>57256387
Good for you, anon. Dave's financial adviser isn't top tier but it is good for 80% of the population. Paying down debt is never a bad move, especially for someone who doesnt actively manage their investments.

>> No.57259518

>>57259476
Damn, you're dumb as fuck. Keep listening to that boomer then.

>> No.57259520

>>57259498
Uh yeah. I'm mortgage free and getting 5.3% in VMFXX. Love having children who still live with mommy lecture me about money.

>> No.57259531

>>57259476
Debt at a lower interest than both the prime rate and the inflation rate shouldn't be a priority to pay off for an active portfolio manager.

>> No.57259532

>>57259518
Explain how it's dumb?

>> No.57259540

>>57259476
You're dumb as fuck, anyone can make returns with their money that beat 3%.
Even savings accounts would be a better place - just don't spend it all

>> No.57259561

>>57259540
I don't have to worry about it, I already paid of my mortgage while you haven't even gotten one yet. You just watched some YouTubers talk about it.

>> No.57259625
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57259625

>>57259476

Yes, they are Anon. Don't expect anyone to understand the point you're trying to make (I understand it).

>> No.57259635

>>57256387
YEEHAW ME RETARD TOO!

>> No.57259646

>>57259561
>I've rushed to pay off the cheapest loan imsgineable and foregone 1000s in risk-free return
Your bank must be very happy, you've cleared their awful deal for them!

Honestly you seem to be baiting at this point. Even plebbitors understand cheap debt has its uses

>> No.57259658

>>57259532
All that money you paid your house off with could've sat in high interest savings account and you can get 5%. Debt at an interest rate less than inflation isn't worth playing off, in 20 years your monthly payment will be practically nothing and you could've invested the money you saved.

>> No.57259700

>>57259498
>>57259518
>>57259531
>>57259540
I'll bite, where are you going to get the principal which you intend to get >3% on?

>> No.57259709

>>57259646
Sure it can have its uses but I'm not interested in that. I have a good income and could give a fuck less about scalping 1.2% off a mortgage. It's such a miniscule amount that it's not even worth it. I would rather be debt free and use my income for other things instead of paying the bank interest. Why would the bank be happy? They made less money off of me. You must be baiting at this point. That's why banks have prepayment penalties. Go back to your pregnantbutt thread, anon.

>> No.57259748

>>57259658
It was paid off long before interest rates went through the roof. Why would I park hundreds of thousands of dollars to gain .4%? Do you actually think you could get that rate a few years ago?

>> No.57259770

>>57259709
>Why would the bank be happy?
Because now that they have their capital back they can lend it to someone else at 5-7%

>> No.57259775

>>57259748
you are talking to people who are less than 30 years old, they cannot grasp that things were and will be different

>> No.57259794

>>57259709
Because the deals the bank can get are also better now interest rates are higher.
1.2% means dick all to you, maybe, but to a bank on long dated securities that's millions if not billions of margin they're missing out on.
This is the same reason long dated bonds have rugged. You are essentially the person who gave the bank a bond in exchange for money, and now the bond you issued is worth jack shit because the bank can make 4% more risk free.

>> No.57259810

>>57259775
If you're over 30 on 4chan it's time to retire from /biz/ at the very least. This place is a shithole.

Go chill in /diy/ /o/ or /out/

>> No.57259811

>>57259700
Job
Other investments

I have a mid 6 figure portfolio and a 2.74% mortgage. Had I prioritized paying down my mortgage in the last few years I would have several hundred thousand less net worth.

>> No.57259817

>>57259794
Why would I give a flying fuck how much the bank makes? I'm paying exactly 0% interest and that's all I give a shit about.

>> No.57259839

>>57259709
>I would rather be debt free and use my income for other things instead of paying the bank interest
But you have less income to use on those "other things" when you are prioritizing paying down the debt. You're running in circles here.

>> No.57259841

>>57259810
or /smg/, that's why I'm here but randomly I come by other threads that pique my interest

>> No.57259855

>>57259476
I can make 5% interest from a money market account.

>> No.57259857

>>57259839
Anon it's already paid off and has been for 7 years.

>> No.57259876

>>57259855
Yes I'm getting 5.3% but I'm able to put more into it monthly because I don't have to pay a mortgage.

>> No.57259877

>>57257948
You can get a 30 year mortgage and pay it off in 15. This gives you the flexibility of a lower payment if you run into financial difficulty like illness or job loss.

>> No.57259888

>>57259841
I really wish /cmmg/ wasn't all just mining shills looking for a shitmine to 100x

>> No.57259895

>>57259877
I had a 15 year and paid it in 3.

>> No.57259945

>>57259709
>100k in a high interest savings account 5% interest
$5k per year
>100k left on a 3% mortgage
$3k per year

5 - 3 = 2k per year

Compound the interest over 30 years and now realize how much of a retard you are.

>> No.57259955

>>57259748
>.4%
Find a better bank.

>> No.57259979

>>57259895
you should be proud :)

>> No.57259987

>>57259876
>I'm able to put more into it monthly
How much extra did you pay on your mortgage to pay it off faster. What if you took the extra that you intended on putting into your mortgage into your investments. Now Put it on an excel spreadsheet. You lost thousands of dollars and you don't even realize it.

>> No.57259991

>>57259857
Now look at the returns on the s&p 500 starting from 10 years ago.
You would have a higher net worth had you drawn out your mortgage and just bought a total market etf. This is what other anons are saying.

>> No.57260048

The number one reason you pay off your mortgage ASAP is this:

Until you physically take possession of the deed/title, your house can be stolen from you.

https://thegreattaking.com/

tl;dr - if your mortgage company fails all of its assets (your house) will be gobbled up by a primary dealer or the Fed itself, and they will not count any of your previous payments as valid. You'll either be forced to start a new mortgage or turned into a rent cuck depending on how greedy the new bank is.

>> No.57260055

>>57259991
I just did the math and the s&p has returned an equivalent of 10.2% apr over the last decade. Paying down a 3% mortgage forgoes a 7% return on a very low risk strategy.

>> No.57260083

>>57256387
>out of debt and never going back.
ngmi

>> No.57260103

>>57260048
Lmao dude if that ever happens we've got bigger problems than debt and your best investment is probably spam cans of tula .223

>> No.57260115

>>57260103
>this is the mind of a nowner cuck

>> No.57260345

>>57260048
Stop paying your property taxes, you'll see you don't actually own your home then either.

>> No.57260362

>>57256305
Kek, this guy literally says stupid shit like this

>> No.57260410

>>57259658
Had this conversation with a guy whose close to retirement. He paid his house off in 17 years and he was proud of that. So I sat him down and showed him, had he simply bought index funds, he not only would've had the money to pay off the home but he would be retired already.

>> No.57260584

Mia Lee unironically gives better advice. She’s the escort who went viral in the NY Post last month. Her videos on credit and home buying are pretty good. They’re on YouTube.

>> No.57260682
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57260682

>>57260584
>Wall Street bros are paying pic rel 34k a week for sex

I want off this ride.

>> No.57261299

>>57259955
How can you not grasp the concept that interest rates have only recently been this high and the last time was in the 80s. Are you 12?

>> No.57261322

>>57257888
Your brain on American consumerism.

>> No.57261327

>>57259987
Oh no not thousands of dollars over multiple years!! How will I ever make it now!? I'm so fucked with my mortgage free house and tons of extra money I have every month. I can just work some OT for a week and make it up.

>> No.57261718

>>57261327
No anon, you can't do that! You have to aggressively pursue investing opportunities because of OPPORTUNITY COST! You could have invested the extra money in something that paid 5% returns (not guaranteed) but would actually be 2% after tax and tips :)

>> No.57261889

>>57259876
>>57259855
Money market earnings are treated as income you fucking idiots. That 5.3/5 is really 3% returns. Terrible. At best you're barely beating just paying off the mortgage.

>> No.57261914

>>57257610
Dave is an upright Christian business man and he will never say that.

>> No.57261935

>>57259540
3% isn't hard but it's also not guaranteed. You could end in -3% and it'll be a double whammy

>> No.57262204

>>57259476
holy shit the level of arrogance in this take really sums biz up

>> No.57262341

>>57259991
>>57260410

/thread

how is anyone even arguing against this? The fuck happened to biz...

>>57261327
the compounding effect of saving/investing thousands per year actually adds up over time though. I don't understand bragging about a "mortgage-free" house... so what? There's nothing wrong with debt in the right circumstances

>> No.57262483

>>57259700
you willl laugh but pfizer is my masterplan
also hedging against another scamdemic

>> No.57262517
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57262517

>>57256305
>now get back in the cage

>> No.57262723

>>57261889
Its already paid off you halfwit.

>> No.57262742

>>57262341
There is also nothing wrong with paying off a mortgage and living a debt free life.

>> No.57262822

>>57262742
Unless you live in America.
>Accident lawyers run titles on housing in middle class rich areas. >Look for fully owned houses because the owners can get money.
Hire 4 mexicans to pack into a car.
>Wait in front of your house and wait for you to go to work. Drive in front. Slam on the brakes. Sue you into poverty for whiplash and take the house.

Never pay off your house early. Even if paid off, take a $10,000 line of credit on the house so that it still shows bank owned.

>> No.57262861

>>57262822
What are you talking about, dumbass? Stay poor.

>> No.57262938
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57262938

Edeljude

>> No.57263438

>>57261914
You're paying for the banana, not the peel

>> No.57264532

I go back and forth between being happy I bought a house and hating myself

>> No.57264715

>>57256305
Mortgagecucks really convince themselves that enslaving themselves for 30 years and paying banks free money is smart.
>I am like warren buffet lolz I'm just leveraging my debt BROOOO! It's what all the wealthy people and businesses do! >Well... Yeah, I have to wageslave for the next 30 years... But it's TOTALLY financially savvy bro.
>Yeah, after my mortagecuck payment I can only invest $200 a month, but it's really smart. Reddit told me!
>I'm on track to retire at 78 bro!
>At least I'm building equity...

Imagine being so poor you have a mortgage lmao. Dumb mortagecucks

>> No.57265040

>>57264715
Let's be real. You live with mommy and she pays your bills for you.

>> No.57265076

>>57256305
Rentoids are Master Race

>> No.57265108

Is there genuinely any reason to not debtmaxx? Aside from the usual "muh credit score" bullshit, which this clown tells you to avoid debt anyways, what's the problem with just taking out a 500k student loan and a bunch of credit cards and only paying the minimum monthly payments forever?

>> No.57265222

>>57256387
You gonna put on a basedface and hold up a black sign with white letter too?

>> No.57265649

>>57264715
I have 2.25% interest rate on my duplex, that cash flows 25k a year profit. Should I pay off my less than inflation mortgage?

>> No.57265664

>>57265108
eventually you will find you cannot get credit anymore.

>> No.57265667

>>57256305
I destroyed Dave’s plan by just not going into debt and getting higher paying jobs without a college degree.

>> No.57265726

>>57265664
There's always a loan shark willing to take a risk, just look at black people they get nissans at 30% APR

>> No.57265930

>have $43k worth of student loans locked in at 3.9%
>Was going to take $17k to pay it down
Are you saying I should take that $17k and buy index funds instead? An extra $400/mo would be really nice, which is why I want to pay it off
Quickly.

>> No.57266747

>>57256305
Dave Ramsey can't tell you anything your Dad didn't already tell you.

>> No.57266795

>>57259709
>I'm not interested in free money
- /biz/ Business & Finance

>> No.57267544

>>57265930
What would be the interest rate on the 17k loan?

>> No.57267568

>>57265667
This. I have no degree no debt, but do a service based business and make $80-$120 a hour.

>> No.57267724
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57267724

>>57257888
Why would you buy a house when you could live for free?

>> No.57268113

>>57265649
yup, you should
not because you need that little bit of extra money
but because you need to move on to the next thing
you're underperforming mate
you're passing the grade sure, but you're not thriving

that's what I want to tell most people here that get stuck on the min-maxing argument

>> No.57268527

>>57267544
Not a loan, $17k cash I've saved up.