If you had the option to either save 4% or make 7%, which would you choose?

• Certain debts are regarded as good and so getting rid of something good would have to then generally be regarded as a bad thing to do. (01:07)
• If you had the option to save 4% or make 7%, the best answer for those who do not want to be a millionaire would be to save 4%. Saving 4% is obviously much less than making 7. (01:24)
• This can apply to things such as lower interest student loans, or even just switching to a 15 year mortgage instead of a 30 year, forcing you to commit to paying back more money more quickly into a perhaps very low or even potentially tax deductible, good debt like a mortgage. (01:57)

Quote for the episode: "So paying off a 4% mortgage for example, early with extra payments, instead of taking that same exact money and putting it into a well diversified investment that may make 7% for example long term is a great strategy to not be a millionaire." (01:39)

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Welcome to the Enjoy More 30s Family Finance

podcast. The only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

that tend to weigh on us, stress us out, and distract our focus

from simply enjoying life.

Hello, and welcome to the Enjoy More 30s Family

Finance podcast. For all those people out there trying their

best to avoid being financially secure, we have our series 10

Ways To Not Be a Millionaire. Now if you actually do want to

be a millionaire not to worry, this series isn't just for those

people who may be looking for financial ruin. If you avoid

doing these 10 things and you could be well on your way to

millionaire-hood as well. Each week I'll share a quick step in

this how to not be a millionaire process so you know what to do

or hopefully what to avoid. As always, before I begin, please

share and like, please leave reviews. I'd love to reach and

help as many young families out there just like you.

Today's great tip on how to not be a millionaire is Getting Good

Debt Gone. Certain debts are regarded as good and so getting

rid of something good would have to then generally be regarded as

a bad thing to do. And as you know, doing something bad for

your finances is a great way to not be a millionaire. If you had

the option to save 4% or make 7%, the best answer for those

who do not want to be a millionaire would be to save 4%.

Saving 4% is obviously much less than making 7. So paying off a

4% mortgage for example, early with extra payments, instead of

taking that same exact money and putting it into a well

diversified investment that may make 7% for example long term is

a great strategy to not be a millionaire. This can apply to

things such as lower interest student loans, or even just

switching to a 15 year mortgage instead of a 30 year, forcing

you to commit to paying back more money more quickly into a

perhaps very low or even potentially tax deductible, good

debt like a mortgage. Furthermore, you lock more funds

into your home in that example, creating less liquidity and

potentially forcing yourself to have to sell your home if you

were to wind up in financial distress. If you do want to be a

millionaire, then you may want to consider doing the exact

opposite of this. If for example, you took those same

funds and invested them in our example, you could potentially

be making 7% vs saving that 4%. Additionally, if you had a

financial distress situation, you may not have to be

immediately going to selling your house because you would

have more money available to you outside of your home to

potentially hold you over. Overall I think it is more than

clear, getting good debt gone is a fantastic way to not be a millionaire.

Thanks for tuning in today and join us for next week's episode

on how to not be a millionaire, Saving For School Over

Retirement. As always, please remember to review and share for

others. And if you need any help, don't hesitate in reaching

out. I probably have helped someone just like you. Until

next week. Thanks for joining me today, and I look forward to

connecting with you again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal, tax, or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer, or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS Securities, Inc., and TFS Advisory Services an SEC

Registered Investment Advisor, Member FINRA/SIPC.