From Anthony Manganiello’s Debt Free Millionaire Free Report FAQ:
“Should I pay off my mortgage and lose the tax deduction?
That’s easy to answer. ABSOLUTELY!
If you’re in the 28% tax bracket, for every dollar you pay towards mortgage interest, Uncle Sam will give you a 28-cent break on your income taxes. Now think about that for a moment. You’re paying a dollar in interest to save 28 cents.
Would you give me $1 for 28 cents in return? Of course not! Either way you’re going to pay. You’ll just have to choose between paying 28 cents in taxes or 72 cents in interest. This is kind of a “no-brainer” wouldn’t you say?”
When you borrow money it’s important to know what the real asset is. It’s not the house, car, truck, or item you finance. The real asset is you! Here’s why….
If you died tomorrow what would your family have to do to handle your financial affairs? Would they be totally in the dark? Would they even know where to start?
My mom was terminally ill in 2004 and she bought Suze Orman’s Protection Portfolio. This is a Will and Trust document creation tool in a box. Powerful, simple, don’t need to be a lawyer type easy.
If you don’t have a will, you need to get one. You owe it to yourself and more importantly you owe it to your family. Don’t leave your loved ones with a huge financial mess when you die.
Get your will taken care of and put it in a place where your spouse and close family member know where to find it. Have a simple piece of paper attached to it that says, “When I die, this is what you do….”
Your loved ones will know where your assets are, who to call to liquidate them, etc. By completing your will you are choosing an executor to your estate. That’s the person who will handle the dispersing of your assets.
You designate who gets what and how much etc. So, protect your tomorrows as Suze Orman encourages us to do. Get a will. Get one today. Don’t put it off.
You never know when your Big Bingo number in the sky is going to be called.
