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Customer Review

41 of 57 people found the following review helpful
5.0 out of 5 stars Debt-free life is attainable, Bach shows how., December 28, 2010
This review is from: Debt Free For Life: The Finish Rich Plan for Financial Freedom (Hardcover)
"Debt Free For Life" doesn't have the timely political commentary that other personal finance books like Surviving Socialist America do, but Bach is great at making personal finance accessible and doable for the masses. With his latest effort, Bach goes in depth to show you how to pay off your debt and keep it off. You do it with sound personal finance techniques that will help lower your interest rates on your cards, improving your credit score by 50 points within months, and get yourself into position to retire by age 43.

Bach does recommend something that I would advise my clients against right now and that's paying down your mortgage. At a time like now when interest rates on homes are nearly nothing, mortgage interest is not where you should be doubling down. I would say hold on to that debt as long as possible (as long as you have a long-term, standard fixed loan). I'd even go as far as to say take a second mortgage out to pay off your loans if you can do it because the mortgage rates are so great.

Al and all, this is a fine product full of great techniques designed to get you out of debt. Now if we can only get the federal government want the same thing...
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Showing 1-3 of 3 posts in this discussion
Initial post: Jan 11, 2011 11:05:03 AM PST
Pat Brown says:
Sandy you would advise against paying off your mortgage? Well if you were my financial planner I would have fired you. There are good reasons other than just by the numbers to paying off your mortgage. By paying it off I STOPPED buying big ticket items on credit. It makes you think twice about buying a new 30k car as most do. I'm with Dave Ramsey."A paid off mortgage is the status symbol of choice"

Posted on Jan 11, 2011 12:35:16 PM PST
MaroonD says:
I agree with Pat, I would also fire any financial planner that advises me to "hold on to that debt as long as possible".

Let's say you're a 53 years old making well past 100k. You have a very manageable mortgage of 1200 bucks a month. Then you get fired. You think to yourself, "Gosh I wish that financial planner hadn't convinced me to NOT pay off my house, because now I have to work 3 part-time jobs just to keep up to date with my very manageable mortgage."

Now let's say you're the same 53 year old, but instead you fired the financial planner. You think to yourself, "Gosh, I just got fired, I'm glad I paid for this house a few years back. Hmm, I wonder what Hawaii is like this time of year?"

-Cash is King, debt is dumb.

Posted on Jan 22, 2011 12:19:43 PM PST
Low interest rate mortgages are only a SMALL part of the equation. The part of the equation that nobody ever gets right is risk. Yes, we assume an (x)% return, with (x)>(mortgage interest rate), but that's not always the case. Stocks and mutual funds go down in value, sometimes at the worst times. Like right after you put that stash in that would have made you debt free. Remember, there's all kinds of risk. Market risk is only one. With debt, you have default risk if you, say, lose your job. Lose your job right after the market tanked with your dollars now worth pennies. Don't think it could happen? Guess again.

There's NO reason -- absolutely NONE -- that taking the monthly payment you are no longer making by being mortgage free and putting that into the same investments that you would have put your cash in would not yield better results in the long run. No default risk and substantially lower market risk (spread out over time). No-brainer, actually.
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