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Re: Aldeer Financial Advice
[Re: Remington270]
#3884438
03/25/23 07:21 PM
03/25/23 07:21 PM
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Joined: Nov 2020
Posts: 1,349
North Alabama
Hammertime7v2
8 point
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8 point
Joined: Nov 2020
Posts: 1,349
North Alabama
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Mortgage interest is deductible. Auto loan interest is not. The home appreciates (most of the time) but vehicles historically do not. I would pay the vehicle off fitst That’s not true anymore for basically everyone (now). Even if you don’t have a cent of deductions, the standard deduction is $25k for a couple. Over 90% of people now do not itemize, which means you take the $25k standard. This means all deductions below that amount help you exactly zero. Mortgage deduction is effectively no longer an argument unless you’re pretty wealthy or someone who makes $100k and gives away $30k to the church. If that’s you, good work! And if not, you won’t get any mortgage benefit. This is what I was talking about. The other qualitative benefit of paying off truck first is that it's a quicker win that eliminates a higher interest rate. Quick wins help psychologically when folks set a goal to be debt free. Either way, OP is in good shape.
Professional Smart Alec
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