What IS IT POSSIBLE TO Do With This Newfound Time?On by
When 17hats simplifies and streamlines your business, you recoup the time you’ve been shedding to inefficiency. 17hats enables you to recoup enough time you’ve been losing to inefficiency. What is it possible to do with this newfound time? Undertake new customers. Offer new services. Promote your business. All plain things that enable you to grow and succeed. When you think about it that real way, 17hats more than pays for itself! That newfound time may help you take on new clients or promote your business. All things that let you grow and succeed.
If we had to service debts, it would be a different story. We would not be living here, but in a much less expensive home rather, somewhere else. Debt for the 401(k) generation is simply not an option and it is risky. That is the second aspect of it, as I noted above. Our (former) investment adviser at Fidelity (boo! hiss!) needed us never to pay back our mortgage when we sold our holiday home in NY, but keep our primary mortgage and invest that cash with him rather.
From his perspective it “made sense” on lots of levels. As a guy in his 30’s, he was mired in the debt culture – he previously a home loan, a true home equity loan, two auto loans, student loans, and perhaps even personal credit card debt. He knew no alternative way of living.
He got a elegant car and house, of course. He attempted to use the chance cost argument on me. I used to be giving up the opportunity to make 10% in the stock market in favor of saving 4.5% in home loan interest. A nice argument that works in his favour of course, however the reality is, comparing risky potential earnings of 10% in the market with guaranteed saving of 4.5% in interest is evaluating apples and oranges.
And what if the market falls? That would never happen of course, as everybody knows that profits on the stock market are guaranteed and also the marketplace never falls. Well, except in 2008, and 1995, and 1989, and 1929, etc and so forth. What occurred to individuals who bought in to the “opportunity cost” debate, was that in 2008 their opportunities in the currency markets tanked, while at the same time, the value of their residence declined.
They still owed everything that money on the mortgage though. So over night, they proceeded to go from being millionaires in writing to being utterly insolvent. Worse yet, many cashed in money using their 401(k) to make payments on these underwater houses or cashed in their IRA completely (resulting in horrific tax bills) only to lose the mini-mansion in foreclosure a few years later. Some individuals are making obligations on these underwater homes still, ten years later.
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It’s just an excessive amount of a risk to take retirement. Most logical investment advisers suggest that you use your actual age as a “guideline” to decide how much to put into relatively “safe” assets. Thus, at age 60, I should have 60% of my opportunities in safe harbors – cash, money market accounts, authorities bonds, and so forth.
Paid off personal debt is the safest investment you can make – safer than even federal government bonds. Maybe it is not as sexy as some new dot-com startup IPO, but it is 1000% safer, and in later years, you can’t afford to reduce everything – or even some of it – in risky investments.