😮😮When I had other debt, I paid it off first. Once I got out of credit card debt and car debt, I started paying extra on my house. Now that I am retired, all of my pension is mine. If I had not paid extra on my house, I would still be working at 68.
Sorry. But making extra payments makes sense to me instead of saving it. For example you may have a 3% 30yr Mortgage but when you check to see how much of your payment goes to interest the first few years especially that 3% might look like 75%. What better investment is there if you have $1,000 dollars lying around and not knowing what to do with it? And if in the future you sell your property you will be glad you made those payments because your equity from the sale will be substantially more. I think my way is the most surest, easiest and safest.
I know an older gentleman that was going to pay his mortgage off out of his 401k after losing his job. Decided not to. Lost his money on market crash and now regrets it!
I beg to differ. I had a 15 year mortgage. My first payment was in May 2015. My payments were $750.00. As of Nov 2022, my house is paid for. Done. Along the way, I made 4 lump sum payments. Paying lump sum on the principal works.
Paid $225,000.00 for my house. I will pay my house off in 7 yrs and will save $250,000.00 in interest. $225,000.00 and $250,000.00 equals $475,000.00. Not bad for a 7 yr investment. The number one reason for having my house paid prior to retirement is for is “piece of mind.” House will be paid when I am 61, and will work another 4 yrs with no debt. I will in turn take what I was contributing towards my house and invest for 4 yrs. With my social security, pension (started collecting in 2019), no debt and investments, to include my current 401k, I will be just fine. Plus, I’m moving out of the country where the cost of living is much cheaper.
@@RO-rr3tx and I know that some people say that you can retire with millions in the bank if you invest instead of paying off your mortgage, but like I previously said, it’s “piece of mind.” I will be fine financially, and I hope the same for you. Also, I can’t take the millions with me when I die.
This video is assuming everyone with a mortgage is a wall street stocks guru.....most smart people that want to pay their mortgage down fast are not throwing thousands of dollars at the stock/bond/investing market.....it is smart to pay down your mortgage as fast as you can, and put the max amount in your 401k as possible. I make double and triple principal payments every month and I am 10 years ahead on my mortgage, but I haven't even been in the house for 9 years....I will turn my 30 year mortgage into a 14 year mortgage or less and slash the interest amount in half or more....I have already saved $37k in interest.......no regrets.
You know I got a 30-year mortgage and if you start from beginning of your mortgage an extra 50 month towards the principal at beginning this is an example turn it 30 year mortgage into a turn into a shorter-term mortgage right off the top so you'll have a extra money to put on the principal each payment for 30 years you can turn your 30 year mortgage into a 20 year mortgage if you have the extra cash to pay on principal. So I chose the long-term mortgage because I buy always to an extra money towards the principal changes the time frame of the loan so you still have a low house payment give extra towards the principal it pays it off faster. Sorry Mom not clear that's what I had or have 30 year mortgage when I had extra money is sent to the principal next one's interest will be less whatever I want for 30-year mortgage I don't two properties one of those paid off but my home is not paid off the government's going to give as many people as they can to help so they can get their job back as a politician to each her own I believe I'll be done with Mortgage in the next 6 years I get a 30 year mortgage do you want to turn in a 15-year by paying extra principal at the beginning if you can afford it but if you're going to invest at hundred dollars and make I make money off of it well that's what it's about whatever works for you best I chose a 30-year if I throw my extra money towards the principal I'll knock a few years off their 30 years that's why I got a 30-year mortgage payment and you can turn it into a 20 or 15 if you have the extra money to pay down the principal on your 30 year mortgage
Banks credit unions etc, what does that have, to do with paying down my mortgage, is reducing principal, with extra money paid monthly, will that reduce my interest, by me reducing my balance, therefore interest is calculated on my balance am I reducing years from my mortgage, over thirty years loan, with this method, True or false, as opposed to investing in tax liens, and getting a return that's if you have that extra money
Let's see... who is wealthier? Doug Andrew or Dave Ramsey? You say Dave Ramsey? Yes, wealthier by far! So... don't listen to this guy, listen to Dave Ramsey! What does Ramsey say? Create an emergency fund, pay off all your debts smallest to largest, fund the kids' college/401K, and then PAY OFF THE HOUSE. Listen to Dave, he has rock-solid, low-risk advice. Don't listen to this risky, 3-card Monte guy.
Thanks! Wow...I literally just paid my very first over payment on my new home. I understand the difference totally, just never looked at it from this angle....wow!!
The problem here is there is NO place one can put their money risk free and be guaranteed to make more than the interest rate on the mortgage. My mortgage is 7%. Tell me where can I go right now and get guaranteed 7+% on the money I am using to pay down more principal. Please tell me where is this "magical" guaranteed rate of return???? The way I see things is this: if I send in xtra money towards principal, I am getting a 7% guaranteed rate of return on my money bc that is what my mortgage rate is. Somebody please tell where I can go and get say 9% guaranteed rate of return for the next 15 years? Maybe I am lost and turned around here. I welcome insights!
I like what you're saying oh I have a monthly mortgage I'm it was 1600 and something dollars almost 1700 so I'm only putting like an extra $36 a month towards principal only. are you saying i should not do this ? i am paying PMI
Would you like some good advice? make your regular payment plus an extra principal payment with the regular payment. I make 2 extra principal payments plus my regular payment, which adds up to 3 principal payments every month.....don't listen to the guy in the video.
The borrower is ALWAYS slave to the lender, I challenge you to look at every example where, when you owe the $$ you actually have the power over the person or entity who lent it to you 😮 Plse share examples anyone, I’m open to learning
Great Question! The general answer on when interest rates are high for borrowing - they are high for earning. My recommendation is to refer to one of our IUL Specialists on your particular circumstances. 3dimensionalwealth.com/getstarted
Quick question Doug, if my client has an old 401k and wants to roll money out to and IUL. The money that’s left in the old 401k is still subject to negative volatility, Right? What do you suggest I do?
Precisely! My 300-page book can transform your life. I pay for the book, it’s free for those who are willing to “put some skin in the game” and contribute toward the shipping and handling. I implore you to study it and see what insights you gain.
Truth be known-I print my books in lots of 12,000 to get the printed price down to $3. To send one out priority mail averages $9. To pay someone to package and ship runs about $3 per book. Let’s see, my cost to send out a book is $15. I ask for those interested in a copy to contribute $10 toward the shipping, (to have some skin in the game). So, I lose $5 per book that I send out. I send out between 1,000-2,000 books per month. So, how do you figure I make money selling books?
I agree with you!! Money actually grow on trees but only on trees that was planted by you!! These tress are referred to as investments. How you diversify your investment portfolio matters
Instead of paying extra payments to go toward your mortgage, put that extra money into a LASER fund (Max Funded IUL) and it should grow and be able to pay off the mortgage even quicker.
it's all theory all you got are theories this is a problem with people who write books including Dave Ramsey mj Demarco et al don't ever take advice from people who write books for a living
😮😮When I had other debt, I paid it off first. Once I got out of credit card debt and car debt, I started paying extra on my house. Now that I am retired, all of my pension is mine. If I had not paid extra on my house, I would still be working at 68.
Yep. No debt is the way. All of your income is YOURS.
What if the stock market crashes and you lose your job. You will have wished you payed off your mortgage.
Never rely on just one single job to survive
Sorry. But making extra payments makes sense to me instead of saving it. For example you may have a 3% 30yr Mortgage but when you check to see how much of your payment goes to interest the first few years especially that 3% might look like 75%. What better investment is there if you have $1,000 dollars lying around and not knowing what to do with it? And if in the future you sell your property you will be glad you made those payments because your equity from the sale will be substantially more. I think my way is the most surest, easiest and safest.
Nah! What if something happens to my health? Better to payoff fast and not be worried
I know an older gentleman that was going to pay his mortgage off out of his 401k after losing his job. Decided not to. Lost his money on market crash and now regrets it!
I beg to differ. I had a 15 year mortgage. My first payment was in May 2015. My payments were $750.00. As of Nov 2022, my house is paid for. Done. Along the way, I made 4 lump sum payments. Paying lump sum on the principal works.
But now you have all of that equity tied up in your home. With little to no control
@@The_Walking_Asset and the price of his house ? ?
his house is not just sitting , it is appreciating in value every year
Paid $225,000.00 for my house. I will pay my house off in 7 yrs and will save $250,000.00 in interest. $225,000.00 and $250,000.00 equals $475,000.00. Not bad for a 7 yr investment.
The number one reason for having my house paid prior to retirement is for is “piece of mind.”
House will be paid when I am 61, and will work another 4 yrs with no debt. I will in turn take what I was contributing towards my house and invest for 4 yrs. With my social security, pension (started collecting in 2019), no debt and investments, to include my current 401k, I will be just fine. Plus, I’m moving out of the country where the cost of living is much cheaper.
@@dustinquinton You are a prime example that if you plan your finances and stay with your plan it can be retire with no debt
@@RO-rr3tx and I know that some people say that you can retire with millions in the bank if you invest instead of paying off your mortgage, but like I previously said, it’s “piece of mind.” I will be fine financially, and I hope the same for you. Also, I can’t take the millions with me when I die.
This video is assuming everyone with a mortgage is a wall street stocks guru.....most smart people that want to pay their mortgage down fast are not throwing thousands of dollars at the stock/bond/investing market.....it is smart to pay down your mortgage as fast as you can, and put the max amount in your 401k as possible. I make double and triple principal payments every month and I am 10 years ahead on my mortgage, but I haven't even been in the house for 9 years....I will turn my 30 year mortgage into a 14 year mortgage or less and slash the interest amount in half or more....I have already saved $37k in interest.......no regrets.
Exactly
What a scam LOL don’t pay off your debt, BUY MY FUND!
And my book 📖 😆 🤣
You know I got a 30-year mortgage and if you start from beginning of your mortgage an extra 50 month towards the principal at beginning this is an example turn it 30 year mortgage into a turn into a shorter-term mortgage right off the top so you'll have a extra money to put on the principal each payment for 30 years you can turn your 30 year mortgage into a 20 year mortgage if you have the extra cash to pay on principal. So I chose the long-term mortgage because I buy always to an extra money towards the principal changes the time frame of the loan so you still have a low house payment give extra towards the principal it pays it off faster. Sorry Mom not clear that's what I had or have 30 year mortgage when I had extra money is sent to the principal next one's interest will be less whatever I want for 30-year mortgage I don't two properties one of those paid off but my home is not paid off the government's going to give as many people as they can to help so they can get their job back as a politician to each her own I believe I'll be done with Mortgage in the next 6 years I get a 30 year mortgage do you want to turn in a 15-year by paying extra principal at the beginning if you can afford it but if you're going to invest at hundred dollars and make I make money off of it well that's what it's about whatever works for you best I chose a 30-year if I throw my extra money towards the principal I'll knock a few years off their 30 years that's why I got a 30-year mortgage payment and you can turn it into a 20 or 15 if you have the extra money to pay down the principal on your 30 year mortgage
Some people earn “by teaching” not doing
I never heard of "Laser fund". I rather pay off my house.
Peace of mind is more for me... still paying off my 3% mortgage off early. I will then invest the mortgage payment in the market.
Banks credit unions etc, what does that have, to do with paying down my mortgage, is reducing principal, with extra money paid monthly, will that reduce my interest, by me reducing my balance, therefore interest is calculated on my balance am I reducing years from my mortgage, over thirty years loan, with this method, True or false, as opposed to investing in tax liens, and getting a return that's if you have that extra money
Everyone this guy is wrong. Get on the Dave’s Ramsey plan and follow his steps and listen to his advice.
He is not wrong. Factual he is correct if The laser fund concept will guarantee you 7-8% but I agree with Dave Ramsey method
@@scorpiondavid87but there are no guarantees in the stock market though. So Dave is right.
Let's see... who is wealthier? Doug Andrew or Dave Ramsey? You say Dave Ramsey? Yes, wealthier by far! So... don't listen to this guy, listen to Dave Ramsey! What does Ramsey say? Create an emergency fund, pay off all your debts smallest to largest, fund the kids' college/401K, and then PAY OFF THE HOUSE. Listen to Dave, he has rock-solid, low-risk advice. Don't listen to this risky, 3-card Monte guy.
This guy defaults on his Loans, Not a Honorable guy.
I couldn't have said it any better!
Thanks! Wow...I literally just paid my very first over payment on my new home. I understand the difference totally, just never looked at it from this angle....wow!!
Fantastic!
Girl he’s wrong. I had 30 years on my hands but paid it off in 14 years. Get on the Dave Ramsey bandwagon plan.
@@keithrichardson9127 ramsay plan is efficient people just dont like the man
I believe in making extra payments. Notice the comment above. This man is trying to sell something to you that benefits him.@@keithrichardson9127
The problem here is there is NO place one can put their money risk free and be guaranteed to make more than the interest rate on the mortgage. My mortgage is 7%. Tell me where can I go right now and get guaranteed 7+% on the money I am using to pay down more principal. Please tell me where is this "magical" guaranteed rate of return????
The way I see things is this: if I send in xtra money towards principal, I am getting a 7% guaranteed rate of return on my money bc that is what my mortgage rate is. Somebody please tell where I can go and get say 9% guaranteed rate of return for the next 15 years? Maybe I am lost and turned around here. I welcome insights!
Real 100K mistake is 30 year mortgage vs 15 year.
_"Mr Andrews this is definitely one of my favorite videos!"_
_(you are a superhero of IUL & how money works)_
*~CSD*
Thank you
I like what you're saying oh I have a monthly mortgage I'm it was 1600 and something dollars almost 1700 so I'm only putting like an extra $36 a month towards principal only. are you saying i should not do this ? i am paying PMI
Would you like some good advice? make your regular payment plus an extra principal payment with the regular payment. I make 2 extra principal payments plus my regular payment, which adds up to 3 principal payments every month.....don't listen to the guy in the video.
@@formula112967 correct pay extra monthly on your principal and keep doing it it will cut the time down with every payment
The borrower is ALWAYS slave to the lender, I challenge you to look at every example where,
when you owe the $$ you actually have the power over the person or entity who lent it to you 😮
Plse share examples anyone, I’m open to learning
So how do I start a laser fund or iul the absolute cheapest way
I can help you
What sorcery is this!
What about if your mortgage rate is too high?
Great Question! The general answer on when interest rates are high for borrowing - they are high for earning. My recommendation is to refer to one of our IUL Specialists on your particular circumstances. 3dimensionalwealth.com/getstarted
Same bank they do not allowed every two weeks
payout your mortgage. Use the new equity to acquire an income producing asset. Buy term insurance.
I do get his point, but still don’t agree
Quick question Doug, if my client has an old 401k and wants to roll money out to and IUL. The money that’s left in the old 401k is still subject to negative volatility, Right? What do you suggest I do?
I was told to roll the old 401k into a tax free Annuity. Hope that helps.
@@cubbymombudgeting8027 what’s a Tax free annuity?
You cant roll it over to IUL.
@@cubbymombudgeting8027 annuity cant be tax free its tax deferred
How much would you charge me to open a policy the right way?
Hey there, you can setup a time to speak directly to an IUL Professional we work with here: www.3dimensionalwealth.com/getstarted
Lets just agree to disagree.
its not the fastest way - its the only way!
Good luck with that in 2023 when mortgage is 8% and stock market growth is in negative numbers.
shyster
So that’s what you mean by buy term invest the difference on steroids huh??
This person is focused on putting your money in his account not paying down your mortgage.. scam
Sounds to me like your just trying to push your book 😁👍
Precisely! My 300-page book can transform your life. I pay for the book, it’s free for those who are willing to “put some skin in the game” and contribute toward the shipping and handling. I implore you to study it and see what insights you gain.
When you make money selling books 😂
Truth be known-I print my books in lots of 12,000 to get the printed price down to $3. To send one out priority mail averages $9. To pay someone to package and ship runs about $3 per book. Let’s see, my cost to send out a book is $15. I ask for those interested in a copy to contribute $10 toward the shipping, (to have some skin in the game). So, I lose $5 per book that I send out. I send out between 1,000-2,000 books per month. So, how do you figure I make money selling books?
Dude never gets to the point
His advices is good only for the rich people
No, not true. Check out this video: th-cam.com/video/2X7so-hkIlc/w-d-xo.html
The BIGGEST LIE You've Been Told About Money is that it doesn't grow on TREES!! 😆
I agree with you!! Money actually grow on trees but only on trees that was planted by you!! These tress are referred to as investments. How you diversify your investment portfolio matters
I'm the furthest thing from a "math person" can you tell me this in a simpler way? I kind of get it..
Instead of paying extra payments to go toward your mortgage, put that extra money into a LASER fund (Max Funded IUL) and it should grow and be able to pay off the mortgage even quicker.
You’ve lost your mind dude
😂
first
I new he was selling something
it's all theory all you got are theories
this is a problem with people who write books including Dave Ramsey mj Demarco et al
don't ever take advice from people who write books for a living