"Paying mortgages should be illegal" - a radio ad placed by a "wealth guru/adviser" states. He can "show you how to pay off a 30-yr fixed rate mortgage in only 5 more years!"
Really, all it entails is paying more than your monthly mortgage payment and applying it to principal.
But to pay off a 30-yr mortgage that quickly means you would have to pay at least, if not more, than double the nominal monthly mortgage every month.
Let's say you are a single homeowner, have one source of income, and have a ridiculously overpriced kitchen to pay off. Oh, and you have to pocket away at least another 300-400/month to pay property taxes. It's pretty much elementary that you will not have enough left over from that single source of income to pay off the mortgage that quickly.
So, does one really need to fork over thousands of more dollars to get this "wealth guru" to tell you that? Other
"advice" includes paying off the debt with the highest interest first. Seriously though, is it necessary to spend that much on this kind of "program"? You can find books on topics like these for less than $50.
Well, since "paying mortgages is indeed illegal," I think I've found the solution to my dilemma of not being able to double my mortgage payment:
1)I'll stop buying groceries every month
2)I'll cut out everything I "need." (I'll live in the dark and take water from a freshwater well)
How about, stuff that is more tolerable:
3)Double my income.
I guess it's time to either do jobs on the side or start a business on the side.
I'll start tomorrow!
Sunday, February 21, 2010
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1 comment:
If paying a mortgage should be illegal, shouldn't paying rent be a felony? Paying rent is a much worse deal than paying a mortgage.
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