Marbles 101

Discussion in 'The Howard Stern Show' started by WillyBest, Jan 16, 2014.

  1. WillyBest

    WillyBest Achiever Gold

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    [​IMG]

    Since I get all my valuable life advice off this site (you guys taught me about not paying child support, starting my own twat cream business, and how to make rice on toast (and all that was just from Lever!)) so how about some financial advice? Some of you media moguls must be independently wealthy and wisely invested since you have time to post on this site all day every day!

    Here's my quitchen (Jackie voice): why does everyone advise against paying off your home? Seems like a good move to me, because, on average, you pay double the amount on your loan over 30 years? Is it better to invest in a 401k? The stock market seems like such a scam, it could all crash again before I get a chance to retire... I'm a long ways off...

    I have my own house (1 chimney, not 14), my own business (not twat cream), about a year's salary in my savings, a 401k and a defined benefit plan, whatever the fuck that is. I think it's profit-sharing from my company, I dunno...

    So pay off my house? Or invest in more stocks? Sirius XM? Is it one company or two? Somebody in America, please help me!

    Thank you, I'll crack a Steel Reserve, hang up and take my answer off-air...
     
  2. WillyBest

    WillyBest Achiever Gold

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    Please don't make a mockery of this.
     
  3. Wesmantooth

    Wesmantooth VIP Extreme Gold

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    its not funny stop fucking around
     
  4. WillyBest

    WillyBest Achiever Gold

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    "I told you not to be stupid, you moron! Please answer in a serious mannah..."
     
  5. pontius pilot

    pontius pilot #TeahmGandhiStarver VIP

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    we don't want the japs anymore haa-haa-haa-haa!!!!
     
  6. j shmuck

    j shmuck Well-Known Member

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    The only reason to put off paying off your house is because you can deduct the interest from your taxes.

    Better off paying your other debts (like a car) off first.

    Other than that it's always good to paying off your home as quick as possible.

    For example, I have a 30 year mortgage. If I make an extra payment each year I can knock 8 years off the back end of my mortgage and save a shitload of money.
     
  7. illini fan

    illini fan New Member VIP

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    It all depends on the interest rate of your mortgage...If the interest rate is less than 5% year, you probably could do better investing those funds elsewhere...
     
  8. Wesmantooth

    Wesmantooth VIP Extreme Gold

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    we pay 13 months a year. end up cutting out like 5-6 years on our 30
     
  9. WillyBest

    WillyBest Achiever Gold

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    I've had the house for about 5 years now, so is the interest still deductible? I'll ask my accountant...
     
  10. WillyBest

    WillyBest Achiever Gold

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    Okay, that makes sense... I think I'm at 3.75, definitely under 4%.
     
  11. chuk

    chuk Well-Known Member

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    My advice

    With rates these low, do NOT pay off your home. I would do ONLY 1 of two things:

    1) Get a penfed 5/5 ARM at 3% with zero closing costs. Invest the savings from the first 5 years to make a lump payment in year 6.

    https://www.penfed.org/55-Adjustable-Rate-Mortgage/?WT.ac=1021

    2) Switch to a 15 year mortgage at about 3.25%

    At 3% (tax deductible, so more like 2%), your money can do more for you elsewhere.
    Before anyone tells me not to do an ARM, I will tell you in advance that you are a moron. An ARM is good for 90% of the people out there.
     
  12. koclem

    koclem .|..O..|. VIP Banned User

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  13. chuk

    chuk Well-Known Member

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    Yes, interest is always deductible.
     
  14. WillyBest

    WillyBest Achiever Gold

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    That's a good move, maybe I'll see if I can pay it off in 15. Then again, why do I care? I'll be dead in 30-40 years and it'll be the wife's problem!:dontknow:
     
  15. chuk

    chuk Well-Known Member

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    How long do you think you'll be in this house? The life of the loan? (assuming wife doesn't kick you out before)
     
  16. datchguy

    datchguy New Member Banned User

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    I'm over here working for starvation nigga wages. :bigcry:
     
  17. WillyBest

    WillyBest Achiever Gold

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    Yeah, I was always advised against ARMs too. I can see why an ARM is good if you're selling in 5-10 years. Good if you plan on keeping your home?
     
  18. WillyBest

    WillyBest Achiever Gold

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    Yeah, probably here for the duration.
     
  19. WillyBest

    WillyBest Achiever Gold

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    Riley voice: "I'm on probation, muthafucka!"
     
  20. chuk

    chuk Well-Known Member

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    No. However, the real question is: "Good if you plan on keeping your mortgage?". You may be in the home 30 years, but you might refi 5 times over the course of that time. Having said that, if you think there is a good chance this is your final resting place, then go with a 15 year fixed.