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Shazam · 07-13-2023, 01:33 PM

Sigh. Absolutely goddamned terrible advice. You know it's terrible when Sliver gives the best advice.

No, just because GICs are paying out @ 6% doesn't mean "you're throwing money away!" if you're paying down the mortgage.

Yeah, hey, so you're going to buy a GIC? What, $5k? $10k? $25k? How much mortgage do you have left? $400k? Yeah, paying down the mortgage is BY FAR the best thing to do, because the ** absolute ** amount of interest is way, way, way more.

The calculus only works if the amount of interest you're going to get on the GIC is more than the amount of the interest you're paying on the mortgage.

07-13-2023, 01:33 PM	#1550
Shazam Franchise Player Join Date: Aug 2005 Location: Memento Mori Exp:	Sigh. Absolutely goddamned terrible advice. You know it's terrible when Sliver gives the best advice. No, just because GICs are paying out @ 6% doesn't mean "you're throwing money away!" if you're paying down the mortgage. Yeah, hey, so you're going to buy a GIC? What, $5k? $10k? $25k? How much mortgage do you have left? $400k? Yeah, paying down the mortgage is BY FAR the best thing to do, because the absolute amount of interest is way, way, way more. The calculus only works if the amount of interest you're going to get on the GIC is more than the amount of the interest you're paying on the mortgage. __________________ If you don't pass this sig to ten of your friends, you will become an Oilers fan.