Buying With Cash Or Getting A Mortgage
If you are one of the fortunate few who can purchase your next home outright with cash rather than taking out a mortgage, well, congratulations! That is something to be proud of.
I do want to challenge you. The thought of not having a mortgage payment can be very appealing. However, it is important to put aside short-term benefits and also plan for your long-term goals. The number 1 question I have all of my clients ask themselves is, "what is the best use of your money". For example, maybe you are able to secure an interest rate below 6% (for example) and that interest is tax deductible. If you and your financial planner expect a return on your investments at a rate of return greater than that given interest rate, you will likely want to keep as much of your money invested in the market for quicker asset accumulation.
Watch the video for further explanation:
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