I’m going to let you in on a secret in the money management world. Most advisors’ income is solely dependent on the dollars inside the investment accounts under their watch, which means they are laser focused on growing their ‘assets under management’
Whether or not to accelerate mortgage payoff is a question that crosses most homeowner’s mind at some point. It’s especially top of mind this time of year as you gather the documents to file your taxes and see how much you paid in interest last year on your mortgage. As I discussed this with a client recently, I thought it might be interesting to share my thoughts with you as well.
Would you rather have $1,000,000 or the sum of a penny doubled every day for 30 days? If you did the math, you know that the magical penny is the correct answer and by a long shot. By the end of a month, you’d have $10,737,418.24.