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531: Financial Freedom in 9 Steps: The Money Guy’s Financial Order of Operations
BiggerPockets Money Podcast
Managing Interest Rates and Mortgage Payments
The speaker suggests that even if asset values increase historically, it is crucial to be aware of the risks associated with it, especially in times of economic downturn. They highlight the importance of having a contingency plan in place for mortgage payments, mentioning the accessibility to restate assets in case of interest rate fluctuations. The speaker advises caution in paying down mortgages early, emphasizing that true derisking only occurs after the last payment is made. They share a personal experience of a lender shutting down a home equity line during the Great Recession, underscoring the uncertainty in accessing funds tied to assets. The speaker concludes by stressing the need to ensure that liquid cash is readily available for unforeseen circumstances.
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