Image via WikipediaFinancial IQ Philippines Quick Hit(s):
If your are paying your mortgage for several years already, it may not make sense to follow Rule 1.
Why? Well, majority of the interest are paid during the initial years of the mortgage. The latter years, majority of the mortgage goes to your "true" debt, not "interest".
There are many money "truisms" that can keep you in the poorhouse.
Check out these five rules you might want to start breaking:
Rule 1: Pay off your mortgage as soon as you can.
Rule 2: Don't charge if you can pay cash.
Rule 3: College kids need to build credit to get a job.
Rule 4: There's a set percentage you should spend on items, such as home, car, food, or entertainment.
Rule 5: To build credit, you have to carry a balance.
http://finance.yahoo.com/news/5-money-rules-meant-broken-creditcards-2778398742.html?x=0
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