Good Financial Reads: Life After Debt, Should I Pay Off My Mortgage Early, and More

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Catch up on some of the latest posts with this week's roundup:

Life After Debt: When You Stop Paying Down Balances and Start Building Wealth

by Eric Roberge, Beyond Your Hammock

When you can gain control over your cash flow and start aggressively paying down loans, you know it’s only a matter of time before you’ll reach debt freedom.

It’s thrilling to know that once your debt is gone, you can put all that money toward building wealth rather than just repaying what you owe. You’re more empowered with your money and in control of what you can accomplish in your life.

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Should I Pay Off My Mortgage Early

by Brandon Grundy, Ridgeview Financial Planning

As of this writing, pre-election anxiety is on the rise with the main event only a week away. That being the case, let's focus on something else and review a question I often hear: "Should I pay off my mortgage early"?

This can be an intensely personal decision. Often considered "good debt", a mortgage represents a large chunk of one's monthly bills. For many, retiring debt free is a sort of Holy Grail. Many won't even consider retiring before their housing debt is paid in full. But is that necessary? What makes the best financial sense?

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Focus on Affording Autonomy Not Retirement Wealth

by Cady North, North Financial Advisors

How long did you spend planning your last vacation? Maybe 10-15 hours? Compare that with financial planning — when was the last time you took that much time to review your retirement strategy and options in your 401k?

Probably never.

You’re not alone. The average American spends more time planning a family vacation or buying a car than planning their retirement, according to a 2014 study by Charles Schwab.

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Why Using Your HSA Balance Now Is Not Always Smart

by Daniel Wrenne, Wrenne Financial Planning

Contributions are pre-tax or tax-deductible in the year they’re made. The balance, which is NOT required to be used each year, grows tax-free. And qualified withdrawals are also tax-free.

Most people think of their HSA as a health “spending” account when in reality it can also be a long term wealth building account. HSA’s commonly offer a variety of mutual funds you’re able to select based upon long term goals.

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