Most-Common Money Mistakes: Getting a 15-Year Mortgage
You don't need to be told that managing your personal finances can be tough. Virtually anyone reading this will be able to say truthfully that money is tight in their household. Too many things need to be done, and there's not quite enough income to cover everything. So we all make choices. We prioritize. We postpone.
And, with embarrassing frequency, we also blunder.
In this Motley Fool Answers podcast, co-hosts Robert Brokamp and Alison Southwick have invited certified financial planner Josh Strange, the founder of Good Life Financial Advisors of Northern Virginia, to talk about the five most common money mistakes he sees his clients make, and how we can avoid them.
In this segment, he weighs in on this fairly common piece of advice: Instead of getting a 30-year mortgage, get a 15-year mortgage and pay off your house faster. Sounds reasonable, but in fact, there are a number of reasons why that's a bad move for many people. (They also digress into a discussion of something that would be a smart move for millions of people right now: refinancing.)
Source Fool.com
