5 Signs You're A Toxic Spender

September 16, 2014 12:53 PM

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5 Signs You're A Toxic Spender

Here's what I've been taught about money: It's not good to be in debt, and therefore it is good to pay off debts as quickly as possible, including a mortgage. Turns out, this conventional wisdom is a holdover from a different time. Carmen Wong Ulrich, the president and co-founder of ALTA Wealth Management, told me: "People think that it's a good idea to pre-pay a mortgage and/or pay a mortgage off ASAP." What's wrong with that? "This advice comes from a previous couple of generations who had horrible interest rates on their mortgages," says Ulrich. "In the 1980s, the average mortgage interest rate was in the teens. Imagine: My dad, who had great credit, was paying 17 percent on his mortgage. That's expensive. Today, mortgage rates are at incredible lows -- you should be in no rush."

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