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Anonymous
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From: Anonymous
Hi everyone,
I'm currently paying off the mortgage on my first home. I know it's vital to pay off your first home as fast as you can since it's a "bad" non-tax-deductible debt.
last weekend I read an article in the sydney weekend paper written by Noel Whittaker. In the article he advised one family, who were paying off their mortgage, that they should pay it off at the rate of $12 for every $1000 owed. He said if they had spare savings above this amount, then this should go to investments elsewhere. It was stated in the article that to pay the mortgage back at a rate higher than this was a waste of precious resources.
Can anyone tell me how Mr Whittaker might have arrived at this value of $12 for every $1000 owed on the mortgage? I'm stumped.
Anon
Hi everyone,
I'm currently paying off the mortgage on my first home. I know it's vital to pay off your first home as fast as you can since it's a "bad" non-tax-deductible debt.
last weekend I read an article in the sydney weekend paper written by Noel Whittaker. In the article he advised one family, who were paying off their mortgage, that they should pay it off at the rate of $12 for every $1000 owed. He said if they had spare savings above this amount, then this should go to investments elsewhere. It was stated in the article that to pay the mortgage back at a rate higher than this was a waste of precious resources.
Can anyone tell me how Mr Whittaker might have arrived at this value of $12 for every $1000 owed on the mortgage? I'm stumped.
Anon
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