would it be better to pay off your entire mortgage or invest in a retirement account (403b)?
2006-07-22 14:53:14 · 5 answers · asked by stevenpdk2000 1 in Business & Finance ➔ Personal Finance
You could do both, escalate the mortgage payments and make some investments, especially if the mortgage is at a good rate !
Keep some reserve cash handy.
2006-07-22 15:03:25 · answer #1 · answered by The Advocate 4 · 0⤊ 0⤋
It depends on how old you are. Assuming you are young, you should invest the money and slowly pay off the mortgage (but at an accelerated rate since you can do that.) Remember, your mortgage expense is tax deductible; and since you are young, you can make a lot of money in the long run through the stock market. However, the best situation would be if the mortgage was for a duplex, where you are living in one side and renting out the other! HAHA.
2006-07-23 02:33:43 · answer #2 · answered by Swu20 3 · 0⤊ 0⤋
If you have already paid off your car and your credit cards, you could go either way, depending on your situation. Be sure that you have enough in a savings or money market account for emergencies.
Are you allowed to dump a bunch of money into a 403b?
2006-07-22 21:58:51 · answer #3 · answered by Diane D 5 · 0⤊ 0⤋
Pay off the mortgage
2006-07-22 21:56:38 · answer #4 · answered by darkmoon_reddawn_folkdomination 4 · 0⤊ 0⤋
pay off your entire mortgage and then use what ever mony you make at that done start a rerirement account
2006-07-22 21:57:39 · answer #5 · answered by devoe442004 2 · 0⤊ 0⤋