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Missed Fortune – The $25,000 – $100,000 Mortgage Mistake

Posted on | November 19, 2009

Doug Andrew was once meeting with three finance professors at a university. The professors were teaching all of their students to get 15-year mortgages.

When Doug asked why they recommended that, their simplistic response was that it saves people money on interest. Then, they reasoned, when the home is paid off they can put the money that was going toward payments into investment vehicles.

Doug quickly showed them why that was a huge mistake. The Missed Fortune formula would actually pay off a home quicker, while saving homeowners anywhere from $25,000 to $100,000 over the long-term depending on the size of their mortgage.

Watch the video below to learn more about this formula and how to avoid the $25,000 mistake.

*If you are getting this feed in RSS or email and cannot see the video, please click on the header to view it on the blog.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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Comments

One Response to “Missed Fortune – The $25,000 – $100,000 Mortgage Mistake”

  1. Jake Witmer
    November 19th, 2009 @ 3:58 pm

    Hi Doug!

    Interesting, useful advice. I’d like to know what kind of advice you would give to someone without a mortgage who travels continuously, for the most rapid accumulation of savings possible.

    Do you think gold and silver are good investments? (non-numismatic…)

    Keep up the great work!

    -Jake
    PS: I can only disagree with one thing I’ve read in your book, “Missed Fortune 101″ and that’s the value allegedly provided by taxation. I don’t agree that goods and services should be provided at the barrel of a gun, and I don’t view coercively-financed services as a value (for too many reasons to list, the most obvious of which is that theft –in this case, the use of initiated force to achieve political ends– is morally wrong). Other than that minor disagreement about the nature of reality, I like and agree with your investment advice. :D

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