Should You Pay Off Your Mortgage Early or Invest More?

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

🗓️ 21 September 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We get this question all the time - should you put more money toward your mortgage, or invest that money into retirement accounts? 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.
0:16.0	Caitlin has a question.
0:17.1	She says, we are in our early 30s and we are debt free besides our mortgage.
0:22.0	We are looking at investing our extra mortgage payment instead of paying it towards our principal.
0:27.9	Is this the best plan?
0:31.9	I don't know if I caught all that.
0:35.6	Debt free except for the mortgage.
0:37.5	All that has is a mortgage.
0:38.5	They're making an extra mortgage payment.
0:40.0	You hear about this trick.
0:41.0	You make one extra mortgage payment or you pay biweekly, you get extra mortgage payment
0:44.3	in there and she said, hey, I'm in my early 30s.
0:46.4	Is that the best thing to do or instead of paying extra on the mortgage, should we be
0:50.4	investing?
0:51.4	I'll let you go first because maybe she can also drop in and we can get this up to
0:55.9	what interest rate.
0:56.9	They share the interest rate because interest rates are getting a little more complicated
0:59.5	these days.
1:00.5	Investing next question.
	...

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