Hard Truth Week in Review – Uncertain Recovery Edition

October 4, 2009 by  
Filed under Blog

Chicago’s rejection by the U.S. Olympic Committee may be a metaphor for what’s happening with our economy: our belief that we were in the early stages of recovery was actually wishful thinking.  The terrible news about unemployment continues unabated by the effects of stimulus spending.  As the Penny Jobs blog wrote this week, a jobless recovery is no recovery at all.  Now for some more reading suggestions: Read more


Mortgage Payoff – We Pulled the Trigger

February 11, 2009 by  
Filed under Debt and Credit

The mortgage is dead.  We killed it.

If you have been reading Mr. ToughMoneyLove for a while (thank-you BTW), you know that we have been planning on paying off one of our mortgages.  (We own two homes, one of which we use now as a vacation home and later, as a full or part-time retirement residence.)  My original target date for mortgage payoff was December 2008 but that date slipped a bit once we learned of the outcome of the election, plans for the economy were in flux, and things got busy around here.  We had been earnestly accumulating cash over the last 24 months to get this done.  
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Consider this Likely Future Tax Benefit of Early Mortgage Payoff

Mr. ToughMoneyLove has participated in many online debates among readers of personal finance blogs and retirement planning message boards.  A frequent topic of debate is the wisdom of using available free cash flow to invest or instead to make an early payoff of an existing mortgage loan.   I am not a fan of debt generally but I do respect logical arguments supporting overall wealth building in combination with reasonable debt used to purchase an appreciating asset, such as real estate. Read more