Should You Double Pay Your Mortgage? | Jill on Money
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- Опубликовано: 19 июн 2024
- On this episode of Jill on Money, Jill Schlesinger and Mark Talercio talk with Shannon, who has been double paying her mortgage while solo planning for retirement. If you'd like to submit a question for Jill on Money, visit: www.jillonmoney.com/contact.
Jill is an Emmy and Gracie Award winning Business Analyst for CBS News and host of the Jill on Money podcast. For more, check out: www.jillonmoney.com.
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“Jill on Money” is a publication by Jill Schlesinger, the content creator. Jill Schlesigner is not an employee of Ritholtz Wealth Management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Investing involves the risk of loss. Nothing in this podcast should be construed as a solicitation of an offer to buy or hold, an interest in any investment product.
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lol one kid with 100k saved for their college, they make 200k a year, 350k in 401k, 90k IRA, and 50k in a taxable, 20k in crypto, market fund of 25k, 900k home, no CC debt, social security with a pension?! Cmon ridiculous. These people are fine for retirement. Profile someone with LOWER SALARIES and maybe no pension for once.
For real when I heard the numbers she’s working with I was thinking what the hell is she worried about lol
I do wonder if most folks who are brave enough to call into most shows are pretty well off and just want some reassurance. I would love to offer something like this for late starters and those with incomes which are more toward the median.
I’m not trying to be a complete jerk I love the compound and Jill is a good person I just want some variety in these eps
Let’s be honest. People who are bad with money are not calling in or even watching Jill. They are busy watching TikTok videos on building a real estate empire with only $500 in the bank
@@theprocrastinvestorI’m a bit more cynical. These people are calling to brag and/or get compliments from the hosts.
you gotta be brave to do a show like this, Jill is a youtube hero
I think at her age she should have more in her 401k. Especially since she says she’s maxing it out. She must have started late. Also, I think spending 5k a month herself not including her mortgage sounds really high.
i'm the proud* owner of almost* that exact same flower chair o0
You can also build up richer by not having mortgage payment
This is us - just doesn’t make sense in the Bay Area
@@voicificationnothing in the Bay Area seems to make sense to me. What a monumental decline
@@jluther1755 I mean it’s overblown. This place has a an insane amount of wealth and the most innovative companies but yeah it’s really shutting out lower paid and newer entrants.
spot on with these rules of thumb, they're stupid for the most part. My income has doubled just over the last 5 years without even a career change, my investments obviously keep up with that, even with the additional contributions(we do 30% post tax investing)
Looking at her finances alone instead of 'family' resources seems just silly. Jill & Mark are just getting half the picture. I was also really disappointed to hear Jill say the husband's income of $80k "is not nothing", call him a screw up, and express that maybe in the future he'll get his act together and make more money.
I think that was a joke
I mean even if she wasn’t joking I understand personally. I would not be comfortable knowing my wife is bringing in more than double the amount of money than me yearly. Especially later in my life/career. 80k is much more than nothing, but with no child at home he should be able to make more. Again, I understand that’s still a comfortable middle class salary, but do more. Your wife is overachieving and for me that’s more than enough motivation to need to do better.
@@dominictoretto5717 I don't understand why you' think it's important. I'd bet Jill would not have made the joking comments if the situation was reversed. If the husband was earning 200k and the wife 80k, the differences would have had no comment. There are many great careers a person could excel at and still not make more than 80k a year. Jill should know that and not take cheap shots.
@@rossmacintosh5652 I don’t believe it’s important as these two are far into this relationship. More than half my life lol. I congratulate them on that. I would agree that if roles were reversed she wouldn’t have batted an eye about it. From that perspective you’re absolutely right, there are many great jobs that pay this much. And 80k is about 25% above the national average. Not bad by any means. She was not being professional. My only qualm personally is if my wife is making 200k I feel I need to do better, regardless of the situation. This doesn’t make it true or right, just how I am mentally.
@@rossmacintosh5652 i didn't like it either, but i am not furious about it. they both made a point of picking on it. i believe that the wife said that he wasn't money oriented, and they just pretty much think he must have something wrong with him, just because he doesn't understand how important it is to save basically.
Bitcoin price has morphed into a handle and cup formation which is the opposite Omen of a cup and handle formation 😊
And pay the darn thing off ASAP! Otherwise, it's a ball and chain on your ankle until you pay it off. Mortgage companies are not in the business of losing money.🤔 😎
The customer-facing lending companies mostly aren't in the business of losing money, but that's because they quickly liquidate loans through GSEs like Fannie Mae rather than holding to maturity. That's mostly to keep their business funded, but it also protects them from exposure to interest rate volatility. However, anyone who bought those mortgage notes before interest rates shot up actually *did* get killed on it: they tied up a ton of capital in a junk instrument that currently yields less than treasuries but with higher default risk. They *did* lose money, through both inflation and opportunity cost.
Furthermore, the credit industry isn't zero-sum in the sense of winners and losers. The risk and reward profiles for the institutions are not the same as for individuals. People should not base financial decisions on whether they're "beating" a 200-hundred-year-old corporation with several trillion dollars in assets at some imaginary game, they should base financial decisions on what will benefit their financial aims.
I'll take stock market equities over real estate equity any day of the week.
That test sucks
The cfp
Another classic example of human behavior overriding paying off the mortgage as soon as you can along with making contributions to retirement.
CONTINUE TO ACCELERATE PAYING OFF YOUR MORTGAGE!!!!
since i don't own a home i dont have this problem so I double pay my broker instead 😀
I don’t have a broker either so I double pay my dealer
Anyone with high six figures in retirement/savings should not be asking for free financial advice. Pay an advisor.
This show continually features what most would consider well off individuals, top end earners with plenty of savings, pensions and tons of savings that the average American can’t relate too.
And in this one Jill repeatedly treated the husband's $80k income as something to joke about.
so..why do you listen if you can't relate?
@@L.A.-zi1wc Because you listen prior to coming to a realization, I know it's a hard concept to comprehend.
It takes forever to even get to the topic
It sounds like she just wanted to call in and brag about how good she is doing.