Getting Good Debt Gone | Series 9.8

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Welcome to the Enjoy More 30s Family Finance

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podcast. The only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out, and distract our focus

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from simply enjoying life.

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Hello, and welcome to the Enjoy More 30s Family

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Finance podcast. For all those people out there trying their

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best to avoid being financially secure, we have our series 10

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Ways To Not Be a Millionaire. Now if you actually do want to

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be a millionaire not to worry, this series isn't just for those

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people who may be looking for financial ruin. If you avoid

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doing these 10 things and you could be well on your way to

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millionaire-hood as well. Each week I'll share a quick step in

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this how to not be a millionaire process so you know what to do

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or hopefully what to avoid. As always, before I begin, please

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share and like, please leave reviews. I'd love to reach and

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help as many young families out there just like you.

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Today's great tip on how to not be a millionaire is Getting Good

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Debt Gone. Certain debts are regarded as good and so getting

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rid of something good would have to then generally be regarded as

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a bad thing to do. And as you know, doing something bad for

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your finances is a great way to not be a millionaire. If you had

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the option to save 4% or make 7%, the best answer for those

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who do not want to be a millionaire would be to save 4%.

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Saving 4% is obviously much less than making 7. So paying off a

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4% mortgage for example, early with extra payments, instead of

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taking that same exact money and putting it into a well

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diversified investment that may make 7% for example long term is

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a great strategy to not be a millionaire. This can apply to

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things such as lower interest student loans, or even just

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switching to a 15 year mortgage instead of a 30 year, forcing

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you to commit to paying back more money more quickly into a

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perhaps very low or even potentially tax deductible, good

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debt like a mortgage. Furthermore, you lock more funds

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into your home in that example, creating less liquidity and

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potentially forcing yourself to have to sell your home if you

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were to wind up in financial distress. If you do want to be a

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millionaire, then you may want to consider doing the exact

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opposite of this. If for example, you took those same

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funds and invested them in our example, you could potentially

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be making 7% vs saving that 4%. Additionally, if you had a

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financial distress situation, you may not have to be

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immediately going to selling your house because you would

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have more money available to you outside of your home to

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potentially hold you over. Overall I think it is more than

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clear, getting good debt gone is a fantastic way to not be a millionaire.

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Thanks for tuning in today and join us for next week's episode

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on how to not be a millionaire, Saving For School Over

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Retirement. As always, please remember to review and share for

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others. And if you need any help, don't hesitate in reaching

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out. I probably have helped someone just like you. Until

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next week. Thanks for joining me today, and I look forward to

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connecting with you again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal, tax, or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer, or other professional before acting upon

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any content or information found here first. Joe is affiliated

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with New Horizons Wealth Management LLC, a branch office

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of TFS Securities, Inc., and TFS Advisory Services an SEC

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Registered Investment Advisor, Member FINRA/SIPC.