Do you have an answer to that question? I don’t think any of us do. I know I don’t.
I watch my investments in the stock market every day and hope that the market doesn’t crash. But that could happen at any time.
What I do know is that all of the spending that the government is doing is not a good thing. In my estimation the Fed is just propping the economy up until the day it crashes.
Our money, which is just paper, is getting more and more worthless every day. It used to be backed by gold until they got rid of the gold standard in August of 1971. Now nothing is backing it. It is just becoming worthless paper.
In the past couple of decades they have been printing more and more money. The U.S. has so much debt that I think they can’t stop printing money or everything will collapse.
You know that debt is not a good thing. You know that if you keep adding to your debt and don’t pay it off every month that eventually you will be bankrupt. Well, that is what will eventually happen with with our government too.
Someone asked me this recently? “What would you do if you had a lot of mortgage debt, car loans, and credit card debt?”
That is a hard one for me because we have no debt at all. But if I did the first thing I would pay off would be the car loan and your home. The car can be repossessed and you may need it to get to work and make your income. If you don’t need it, I would pay off your home first.
You need a place to live and if you want to stay in your home, pay it off as quickly as possible. Thousands and thousands of people lost their homes during the Great Depression because they could not make their loan or mortgage payments. They ended up on the streets or moving in with family if that family could afford to feed them. You don’t want that to happen to you.
If you own your home and can afford to pay the property taxes, you have a place to live. If you don’t, the banks will foreclose and take it if you miss a few payments.
You are feeling the effects of prices going up. Prices on groceries and many other items are increasing and they will continue to increase as long as the government keeps printing money. And they don’t seem to want to stop. Instead they want to spend more and more money. When they do that, we have inflation and eventually hyperinflation.
So if you still have income coming in, I suggest you pay off your mortgage as quickly as possible. Did you ever wonder why the 2020 census asked you if you own your home? I know I did.
If you have an opinion about this topic, I would love to hear it.