A Quote by Barbara Corcoran
Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.
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If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.
The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.
Pay off your mortgage before retirement, and that's one less bill you'll have to worry about when you're on a fixed income.
First, pay off your high-interest-rate debt. If you have student loan debt - that's low interest rate; that has a tax benefit - you can leave that out. A mortgage can be an OK one. Credit card debt is poison. That needs to be paid off right away.
Never take a loan against your retirement! When you pay interest against your retirement, you cost yourself interest.
If you're going to live in the house make it your goal to just pay off your mortgage.
After you marry, every asset either of you acquires is jointly held. That's why you both need to be in sync on your long-term financial goals, from paying off the mortgage to putting away for retirement. Ideally, you should talk about all this before you wed. If you don't, you can end up deeply frustrated and financially spent.
I live in a Spanish-style hillside home in Los Angeles, California. I paid $900,000 in 1995. It's perhaps worth about $3m now. Thankfully, I paid off my mortgage before the crash because I could see it coming. I worried that I would be caught having to pay off a very high mortgage for a house I couldn't sell.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
I'm here to tell you, though, ladies that the term "gold digger" is one of the traps we men set to keep you off our money trail; we created that term for you so that we can have all our money and still get everything we want from you without you asking for or expecting this very basic, instincual responsibility that men all over the world are obligated to assume and embrace. ... KNOW THIS: It is your right to expect that a man will pay for your dinner, your movie ticket, your club entry fee, or whatever else he has to pay for in exhange for your time.
Sequestration will make it extremely challenging - and in many cases impossible - for employees to meet their mortgage payments, pay their healthcare expenses, plan for retirement, or help their children attend college. To be blunt, these families are at risk.
People think that athletes have it great, and we do in a lot of regard, but universities make a hell of a lot of money off of players. You don't get a free education: you work full-time year round for five years for an education you could pay for three times over if you just got your market value.
I hope that basketball gains momentum and kids understand that you can actually make a living from it. Not just the N.B.A. You can get a scholarship, a free degree - like, no student loan you have to pay off. That's huge in life. Once they realize that in New Zealand, I hope they get inspired.
If you wanted to create jobs in a way that has minimal effect on the deficit but has government action, the two best things you could do are the infrastructure bank and a simple SBA-like loan guarantee for all building retrofits, where the contractor or the energy-service company guarantees the savings. So that allows the bank to loan money to let a school or a college or a hospital or a museum or a commercial building unencumbered by debt to loan it on terms that are longer, so you can pay it back only from your utility savings. You could create a million jobs doing that.
As a minority, no sooner do you learn to polish and cherish one chip on your shoulder than it's taken off you and swapped for another. The jewellery of your struggles is forever on loan, like the Koh-i-Noor diamond in the crown jewels.
With 6 kids, I still pay off my student loans. I still pay my mortgage. I drive a used minivan. If you think I'm living high off the hog, I've got one paycheck.
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