In this Lightning Round, Amy asks the begging question: "If there is bad debt, does that mean there is good debt?" The answer is simple, yes. In the 5 minute clip above, I highlight a common mistake in regards to paying off personal debt. Don't assume all debt is bad.
Homeowners - pay attention, friends!
Sure, we can all agree on the obvious bad debts like credit cards, high-interest personal loans, etc. The majority of people I meet with will agree that there are good debts, too. Do you realize the great debt people often overlook today?
Homeowners are sitting on top of some great debt in this historical season of low-interest rates!
We're living in the lowest home interest rate environment ever - hovering around 4%!
If you have a high mortgage, pay it off. But most of you reading this have a great rate, and I wouldn't advise you to aggressively get rid of it because it is labeled as "debt."
Listen, right now you can probably beat your interest rate with investments over time! It's crazy.
Many of you should wisely investigate paying your mortgage, enjoying your home increase in value, and taking the additional money you would have put toward your home re-direct it toward investments.
Don't forget that while everything else in the world is getting more expensive, your 30-year fixed mortgage is actually net becoming less expensive every year with inflation.
CAUTION: Like most financial products we discuss, these comments on debt aren't always black and white. This must be addressed in the larger context of your personal situation, but please (unless your emotionally fixated on your home debt) consider a different approach.
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