""We don't know that he's going to definitely lose his job. You can always pay off the mortgage [with savings], but why not let the savings grow and make a nice interest rate...""
In light of rising economic uncertainty, personal finance expert Suze Orman advises individuals against hastily using savings to pay off mortgages after job loss fears arise. On her podcast, she addressed a listener whose spouse, a federal worker, faces potential layoffs. She counseled to keep savings intact for now, emphasizing that preemptively paying off a mortgage might hinder future financial flexibility. Orman argues that although paying off a mortgage provides peace of mind, preserving savings maximizes potential growth and ensures a financial safety net in case of emergencies.
Read at SFGATE
Unable to calculate read time
Collection
[
|
...
]