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How to Money
Ask HTM – Best Credit Cards for Honeymooners, Paying Extra on a Mortgage, & Buying a Car from a Rental Agency #778
Jan 22, 2024
Topics discussed in this episode include tackling HELOC after getting laid off, best credit cards for honeymoons, paying extra on a mortgage, saving for kids with 529 accounts, and whether it's frugal or cheap to buy a used Tesla from a car rental agency.
51:28
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Quick takeaways
- Making extra mortgage payments can result in larger profits at the time of sale, but consider other financial priorities.
- 529 plans offer flexibility in using funds for education or retirement and can be directly funded into a child's Roth IRA.
Deep dives
The Benefits of a Biweekly Mortgage Payment
Scott's question about the benefits of a biweekly mortgage payment is addressed. The hosts discuss how making biweekly payments can lead to significant savings on interest over the life of the loan. While the average American doesn't stay in their home for the full 30 years, making extra payments still reduces the amount owed and can result in a larger check at the time of sale. However, they also caution Scott to consider other financial priorities, such as retirement savings, before solely focusing on paying off the mortgage.
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