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Response to FBaggins (Reply #5)

Sun Sep 9, 2018, 07:22 AM

7. You are right to a degree

But I know plenty of people who are cashing equity. In fact, with vehicle prices increasing, I know a guy cashing equity out of his truck.

If you are 70 and no heirs or don't wish to leave anything behind, this is a good strategy. If you are 45, it's stupid. One of the guys I know doing this is a financial advisor.

I was talking to him the other day noting that I had the oldest cars and cheapest mower in the neighborhood, while all the young couples had EVERYTHING. I noted my job is high paying and I have a pension, but that I save %15 in my 401K.

This financial advisor said, a better strategy is to just spend it while you are young and then save everything bthe last five years before you retire.

I kid you not..

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