Non-mortgage debt is essentially cancerous cells in your financial plan. You want to get rid of them as quickly as possible and have a plan that hopefully they will never return.
Consider the individual that is constantly on the hamster wheel of having a car payment of $600. They pay the car off just in time to purchase a brand-new vehicle and start the process all over.
Consider the opportunity cost of having a car payment versus investing.
Over a 20-year period, you will pay $144,000 in car payments. If those same funds had been invested and averaged a 6% rate of return, you would $277,224. That is over a $400,000 difference!
If you have a car note, get it paid off ASAP. Build a plan to never have a car payment again!
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.LPL Tracking #1-05180451