Live well: Build wealth and bury debt
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If you’re in your mid-thirties to mid-forties, you might be so busy getting through today that it’s hard to give much thought to tomorrow. But life can be more than making ends meet.
Chances are you’re busy with a career and children and juggling demands and debts. Maybe you’re renovating, looking to upgrade the home or investing in quality education for your children. It’s a time full of financial pressures but also opportunity – opportunity to make your money work smarter for you and secure financial peace of mind.
Getting more from your 30s and 40s through debt management
At this stage of your life, responsibilities tend to grow and so can your expenses. Concentrate on reducing or eliminating non-tax-deductible debts like your mortgage, credit cards and personal loans, giving debts with the highest interest rates the highest priority. It might also pay to consolidate your loans under one lower interest rate.
Remember often the after-tax return on many investments can be less than what you’re paying in interest on your mortgage, in which case paying off your mortgage sooner you can make hefty savings in interest payments.