Posted by Buzzman72 on March 08, 2014 at 09:17:50 from (74.133.161.189):
In Reply to: paying off mortgage posted by austin carpenter on March 08, 2014 at 06:18:21:
There's a lot to be said for being mortgage-free. Not having the payment is one thing. Not paying interest is another. After paying off the farm, my grandmother kept a $1000 "mortgage" loan on the farm so she could get the mortgage deduction on her property taxes, and the mortgage interest deduction on her income taxes. But once the standard deduction raised, it no longer paid her to itemize, and the tax "savings" for having a mortgage disappeared...so she paid off the mortgage and never had one again.
If the economy tanks again and jobs disappear, wouldn't it be great to own your property free and clear? My dad always told me to plan for the worst...and then if the worst never happens, you'll always be ahead of the game. I think that's good advice. And if the worst DOES happen, you're also ahead of the game, because you had a plan in place.
Without a mortgage...couldn't you do other things with the money you're now paying? Sometimes I think the folks who advise you to NOT pay off a mortgage are simply jealous because they're not in a position to pay theirs off.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
... [Read Article]
Latest Ad:
1965 International Harvester McCormick Farmall cub tractor 2,500. Two owner tractor. My grandfather bought new in 1966, then we inherited it. Have all the paperwork original manual and all maintenance records. It starts and moves. Comes with underbelly mower, plough, and some other attachments.
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
