What would you do to become debt free?

[purple5ive]

With the current interest rates, you should be able to narrow that margin down even more..
Halving the mortgage is a great start already..

[rb85]

It’s a nice feeling having no debt and Purple is right at rates they are now it’s a great opportunity to chip away even more.

BUT it’s only one part of the puzzle making sure there’s enough for the future and working towards early retirement or allowing more time to pursue your passions is the next step for me anyway.

[Kimtown]

Having a home loan debt isn't necessarily a bad thing nor is having multiple mortgages for investment properties isn't bad either if your savvy with negative gearing and the such.

Of course owning everything outright is the dream but that isn't feasible in like 99% of scenarios

[rb85]

No it's not easy at all Kimtown os feasible for all. Still the less interest someone has to pay over 30 years on their home the more they will have for themselves. Believe me once repayments are gone you have the ability to save rapidly. One shoe doesn't fit all though and the work doesn't stop once things are paid for.

[purple5ive]

The way I see it.
You only live once. So enjoy what you like to a reasonable extent while also making sure the family is not on the streets..

[Boonanza]

Having a home loan debt isn't necessarily a bad thing nor is having multiple mortgages for investment properties isn't bad either if your savvy with negative gearing and the such.

Of course owning everything outright is the dream but that isn't feasible in like 99% of scenarios

There is good debt and bad debt. Everyone needs somewhere to live so if your paying off your own home then it's good debt, bad debt is getting a car loan or even worse a boat. I can't understand the logic of many people who are not on high incomes yet invest in property and negative gear!!!
There are plenty of properties which even in this time of low interest rates where positive geared is still an option and also much safer in the long run.
You just have to do your research but it is not for everybody especially if you are looking to reduce tax.

[rb85]

The way I see it.
You only live once. So enjoy what you like to a reasonable extent while also making sure the family is not on the streets..

Balance P5 and your right you only live once. But does the YOLO mindset applies consistently for some yet they are treading water or even worse going under.

Having a home loan debt isn't necessarily a bad thing nor is having multiple mortgages for investment properties isn't bad either if your savvy with negative gearing and the such.

Of course owning everything outright is the dream but that isn't feasible in like 99% of scenarios

There is good debt and bad debt. Everyone needs somewhere to live so if your paying off your own home then it's good debt, bad debt is getting a car loan or even worse a boat. I can't understand the logic of many people who are not on high incomes yet invest in property and negative gear!!!
There are plenty of properties which even in this time of low interest rates where positive geared is still an option and also much safer in the long run.
You just have to do your research but it is not for everybody especially if you are looking to reduce tax.

Negative compounding vs positive compounding two different mindsets.

[bowl]

With the current interest rates, you should be able to narrow that margin down even more..
Halving the mortgage is a great start already..

Current interest rates suck fo retired people like my dad....
Get f all interest on cash in the bank.

[rb85]

With the current interest rates, you should be able to narrow that margin down even more..
Halving the mortgage is a great start already..

Current interest rates suck fo retired people like my dad....
Get f all interest on cash in the bank.

I know how he feels except i'm not retired.

[Boonanza]

The way I see it.
You only live once. So enjoy what you like to a reasonable extent while also making sure the family is not on the streets..

Balance P5 and your right you only live once. But does the YOLO mindset applies consistently for some yet they are treading water or even worse going under.

Having a home loan debt isn't necessarily a bad thing nor is having multiple mortgages for investment properties isn't bad either if your savvy with negative gearing and the such.

Of course owning everything outright is the dream but that isn't feasible in like 99% of scenarios

There is good debt and bad debt. Everyone needs somewhere to live so if your paying off your own home then it's good debt, bad debt is getting a car loan or even worse a boat. I can't understand the logic of many people who are not on high incomes yet invest in property and negative gear!!!
There are plenty of properties which even in this time of low interest rates where positive geared is still an option and also much safer in the long run.
You just have to do your research but it is not for everybody especially if you are looking to reduce tax.

Negative compounding vs positive compounding two different mindsets.

Absolutely they are completely different it is like choose your own adventure