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The Financially-Dumb Answer to Pay Off the Mortgage or Invest

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The Financially-Dumb Answer to Pay Off the Mortgage or Invest

Date: 2019-09-30 14:45:00


Should you pay off the mortgage or invest, should you pay off debt before investing? It’s the most common question I get and the common answer is totally wrong! You heard right. The answer you get from ‘financial experts’ will leave you in financial ruin!

In this video, I’ll explain why the conventional wisdom on paying off debt versus investing is a one-way ticket to the poorhouse. I’ll show you all the numbers, which costs more between student loans, mortgage debt, credit cards and different investments. Then I’ll reveal two reasons why you should ignore the numbers and make a financially-dumb decision.

I’m doing this video as a collab with Sarah Wilson, The Budget Girl, who is sharing her perspective in another video. She makes some good points and maybe has the right answer for you so click over to watch her video after you hear my perspective.

Everyone says to pay off debt before investing. This means paying off student loans, the mortgage, all your credit card debt before putting a penny in an investment account. It makes sense if you look at the numbers, i.e. the interest rates versus the returns.

But that ‘makes sense’ answer is the WRONG one! It means most people will never start investing and will always be living paycheck-to-paycheck. It means never having the opportunity to get out ahead.

I’m not saying you should borrow debt to invest. That’s a completely different question. I’ll give you two reasons though to start investing now, even if you owe high-interest debt. Don’t stop investing to pay off debt!

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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.

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