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Old 12-30-2019, 10:32 AM
  #6  
loganeich
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Joined APC: Mar 2017
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Posts: 86
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I paid my house off around 5 years ago, and incredible how much freedom you have to save with no payments. My retirement and daughters college fund are growing very quickly.

Pay your car off as soon as possible, but keep existing emergency fund. Maintain the same lifestyle and roll the savings from your car payment into your mortgage payment as extra. Let’s say your car payment was $400, then that would be an extra $4,800 a year in principal reduction on your mortgage. You can look at an amortization schedule to see how far this shortens you’re mortgage just by doing one year. The reason he says to pay smallest debt first is to snowball those payments towards the larger debt. “Debt snowball.”

I’m not a great source for flying knowledge, but know a good bit about money, taxes, and business. I regret at 42 is that I was not more aggressive in my 20’s. A little more effort back then compounded over 20 years would have been great.
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