Comments on: Home Pay-Off Spectacular: A Cool Twist http://www.josephsangl.com/2008/05/09/home-pay-off-spectacular-a-cool-twist/?utm_source=rss&utm_medium=rss&utm_campaign=home-pay-off-spectacular-a-cool-twist Personal Finances Blog Personal Finance Tools Dave Ramsey David Bach Robert Kiyosaki Debt Relief Investing Compound Interest Saving Fri, 10 Feb 2012 14:34:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Derek Schwab http://www.josephsangl.com/2008/05/09/home-pay-off-spectacular-a-cool-twist/comment-page-1/#comment-134480 Derek Schwab Fri, 09 May 2008 15:42:10 +0000 http://www.josephsangl.com/?p=702#comment-134480 Jon, the savings is in a combination of money accounts and CD's. The money market accounts are with Emmigrant Direct and AMtrust Direct(they usually seem to have a higher interest rate than ING Direct, although no always). The CD's are with Emmigrant Direct and State Farm Bank. As far as the interest rates go, a few months ago, it was really close. Now, with the economy slowdown, the money market interest rates are a good bit lower than the mortgage interest. Now, the reason I haven't already dumped the savings into the mortgage is I feel it's important to have enough savings to live on for 6 months to a year should I be without a job or whatever (I have an AWESOME job at a church, but still need to plan). But, once the mortage is paid, I have virtually no expenses except utilities and insurance, etc., so I'll be able to quickly rebuild that savings and seriously plan for retirement. Jon, the savings is in a combination of money accounts and CD’s. The money market accounts are with Emmigrant Direct and AMtrust Direct(they usually seem to have a higher interest rate than ING Direct, although no always). The CD’s are with Emmigrant Direct and State Farm Bank.

As far as the interest rates go, a few months ago, it was really close. Now, with the economy slowdown, the money market interest rates are a good bit lower than the mortgage interest.

Now, the reason I haven’t already dumped the savings into the mortgage is I feel it’s important to have enough savings to live on for 6 months to a year should I be without a job or whatever (I have an AWESOME job at a church, but still need to plan). But, once the mortage is paid, I have virtually no expenses except utilities and insurance, etc., so I’ll be able to quickly rebuild that savings and seriously plan for retirement.

]]> By: Jon Smock http://www.josephsangl.com/2008/05/09/home-pay-off-spectacular-a-cool-twist/comment-page-1/#comment-134471 Jon Smock Fri, 09 May 2008 14:10:05 +0000 http://www.josephsangl.com/?p=702#comment-134471 That's a neat idea! Where is the savings? ING? Mutual Fund? I guess what I'm curious about is, if it's earning more or less interest than it's costing you on the house. That’s a neat idea! Where is the savings? ING? Mutual Fund? I guess what I’m curious about is, if it’s earning more or less interest than it’s costing you on the house.

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