Comments on: The Total Money Makeover by Dave Ramsey – Baby Step Seven Building Wealth http://ownthedollar.com/2010/05/total-money-makeover-dave-ramsey-baby-step-building-wealth/ Own the dollar....don't let the dollar own you. Tue, 01 May 2012 14:22:12 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Steaming Pilehttp://ownthedollar.com/2010/05/total-money-makeover-dave-ramsey-baby-step-building-wealth/#comment-20807 Steaming Pile Mon, 10 May 2010 14:08:23 +0000 http://ownthedollar.com/?p=3692#comment-20807 In the aftermath of last year's financial crisis, and the ongoing jobs problem, I would approach paying off the mortgage in a slightly different way. Unless you can get within striking distance of paying the mortgage in full, don't do it incrementally. If something should happen, such as you getting fired in this really crappy jobs market, you become at risk of losing your home, including all those additional payments you made over the years. That would piss you off, to say the least. So I would do this step by establishing a fund into which I can put whatever it was I was going to devote to early payoff of the mortgage. If stuff happens, you can use this fund to keep paying the mortgage on time, so either way, you protect yourself. In the aftermath of last year’s financial crisis, and the ongoing jobs problem, I would approach paying off the mortgage in a slightly different way. Unless you can get within striking distance of paying the mortgage in full, don’t do it incrementally. If something should happen, such as you getting fired in this really crappy jobs market, you become at risk of losing your home, including all those additional payments you made over the years. That would piss you off, to say the least.

So I would do this step by establishing a fund into which I can put whatever it was I was going to devote to early payoff of the mortgage. If stuff happens, you can use this fund to keep paying the mortgage on time, so either way, you protect yourself.

]]> By: Tweets that mention New blog post: The Total Money Makeover by Dave Ramsey - Baby Step Seven Building Wealth -- Topsy.comhttp://ownthedollar.com/2010/05/total-money-makeover-dave-ramsey-baby-step-building-wealth/#comment-20797 Tweets that mention New blog post: The Total Money Makeover by Dave Ramsey - Baby Step Seven Building Wealth -- Topsy.com Mon, 10 May 2010 12:09:38 +0000 http://ownthedollar.com/?p=3692#comment-20797 [...] This post was mentioned on Twitter by Own The Dollar. Own The Dollar said: New blog post: The Total Money Makeover by Dave Ramsey - Baby Step Seven Building Wealth http://bit.ly/btsZNL [...] [...] This post was mentioned on Twitter by Own The Dollar. Own The Dollar said: New blog post: The Total Money Makeover by Dave Ramsey – Baby Step Seven Building Wealth http://bit.ly/btsZNL [...]

]]>