Should You Get a 15-Year or 30-Year Mortgage?

Money Guy Show

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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 22 March 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Things have certainly been changing in the housing market - so should you get a 15-year or a 30-mortgage these days? 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 - Check out our course, Know Your Number! - 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	Let's move on to the next question from Kevaux 45.
0:11.0	He says, if I have six months saved in a money market as an emergency fund, wouldn't
0:16.2	be prudent to invest a portion of it in a growth and income fund.
0:21.3	These funds are not as volatile and have dividends.
0:26.0	These say growth and income fund growth and income fund.
0:28.4	Well, Kevaux, here's the problem. Nothing sucks until it sucks.
0:32.6	Right, but that's the way that life happens.
0:34.8	So, oh, growth and income funds, they are less aggressive and they're, you know,
0:40.6	they're not going to have all that volatility.
0:42.4	Go back to 2008, right? 2008, we all lived it.
0:45.7	We were experienced this.
0:47.0	Everything got its teeth kicked in.
0:48.8	The safe stuff got its teeth kicked in.
0:50.7	The risky stuff got its teeth kicked in.
0:53.2	The purpose of your emergency fund is therefore an emergency.
0:59.2	That's right. You guys nailed it.
1:00.4	It's supposed to be there when emergencies come.
1:02.6	So, if based on your analysis, based on what you've put together, you and your household need,
1:08.2	six months of living expenses in an emergency fund, then that emergency fund needs to stay
1:13.2	true, liquid cash.
1:15.6	If you start trying to get cute with it, if you start trying to, oh, go out there and
1:19.7	shade you on other places, I'm worried that when that, oh, happens.
	...

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