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If you became an owner of 1KG of gold. How rich does that make you compared to the rest of the world?

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Cat@ponder.cat
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asklemmy@lemmy.ml
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Banana@sh.itjust.works
14 points

Paying that large of a chunk of a mortgage would absolutely reduce your future interest costs though.

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deegeese@sopuli.xyz
3 points
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Prepaying a mortgage is almost always a worse investment than anything else because mortgage interest is tax deductible.

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Banana@sh.itjust.works
5 points

Not always, but often, yes. It depends on what your alternative potential uses for the money are.

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deegeese@sopuli.xyz
3 points
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Not always but often. You could even say almost always. 😉

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yo_scottie_oh@lemmy.ml
4 points

Isn’t mortgage interest deductible only if you itemize your deductions?

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hedgehog@ttrpg.network
3 points

Sure, but mortgage interest can easily be enough to make that worth it without any other deductions. With $300K principal and a 5% loan, that’s $15K - about the same as a single taxpayer’s standard deduction and roughly half of a married couple’s standard deduction.

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wewbull@feddit.uk
5 points

…but wouldn’t change your life.

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Banana@sh.itjust.works
1 point

That’s completely relative. Literally anything will change your life, or nothing, it depends on your perspective.

Saying “it wouldn’t change my life” means literally fuck all to the people whose lives it would change.

Like good for you, I guess?

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