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Money Guy Show

How Should You Pay Off Your Mortgage?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 5 August 2022

⏱️ 26 minutes

🧾️ Download transcript

Summary

With interest rates on the rise, what's the best strategy to pay off your mortgage? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxing.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:16.1

Travis on Facebook, he has a question.

0:18.4

He says he just listened to our average 401k balance by age show, which is great.

0:23.7

That's one of our favorites to do.

0:25.8

He said, I am a state government employee with a pension plan.

0:29.0

I'm frustrated that my 401k balance is not as high as I would like it to be.

0:34.6

This is because the state takes 10% of my income for the pension plan.

0:38.6

Therefore, I only put 10% of my income into my 401k.

0:43.7

How can I determine if my 401k balance is up to par considering I have a pension to

0:49.8

supplement it?

0:51.8

Yeah, I love this type of question too.

0:54.7

This is a very nuanced, very individualized.

0:57.8

Unfortunately, Travis, we don't know all your things.

1:01.3

You gave us a lot to work with.

1:02.7

I went talking to generalities here.

1:04.9

It is one of those unique things where I worked in local government for a while where I

1:10.7

know how pensions, it's not uncommon where you might have to give 8% and then your employer

1:16.0

is putting 12%.

1:17.0

You're actually getting 20% of your income, the total amount put in there because of the

...

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