Should I Loan Money To Friends and Family

Every quarter the Federal Reserve reports on national household debt, and every quarter we’re reminded of the trillions of dollars that Americans owe in credit cards, student loans, mortgages and more. But what about FF debt — aka loans from the Bank of Friends and Family? (source: finder.com) Getting by with a little help from your friends is nothing new, but especially with peer-to-peer lending and digital wallets making lending to people we know easier, we wondered how much do we rely on our loved ones? And how much do these loans contribute to our national debt? (source: finder.com) What Finder found is that we borrow money for much bigger expenses than to cover lunch (despite what your Venmo feed may say) — to the tune of $184 billion annually. That’s a figure that is more than student loan and credit card debt combined and deserves a closer look. (source: finder.com) How did they calculate how much we borrowed from friends and family?  ...

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Should I Pay Off The Mortgage?

One of the more difficult questions that I get from both younger and older people alike is whether or not it is a good idea to pay off their mortgage. If you have locked in a low interest rate recently when they were hovering around all time lows, you are probably happy about not having to shop for a new mortgage. If your rate is in the 3% to 4% range, you may be wondering if you should take your excess monthly discretionary income to pay down your home note faster. Or, would it be a better idea to take that cash and invest it for the long term. This decision has both financial and emotional ramifications, so let’s review the pros and cons of paying off your mortgage. The first part of this analysis is the black and white calculations on whether your money can work harder for you than the interest rate you are paying on your debt. ...

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