Friday Roundup 027R

027R | The Friday Roundup | Debunking the Value of the Mortgage Deduction

In today's podcast we highlight our takeaways from Episode 27 with Jay from Slowly Sipping Coffee, plus we discuss the ‘Mount Rushmore' of FI and help debunk a lot of the misinformation surrounding the value of the mortgage interest deduction.

In Today’s Podcast we cover:

  • The Friday Roundup bringing in many aspects of our audience and community plus our thoughts on the Episode 27 with Jay from Slowly Sipping Coffee
  • How to join the Choose FI Facebook group
  • Looking at the great team of Mr. and Mrs. Slowly Sipping Coffee and how they gained flexibility and freedom
  • How they made a game out of personal finance and that enabled them to save big on their credit card bills
  • Just by being more conscious of their spending allowed them to save over 50% of their discretionary spending
  • How ‘grazing’ by shopping at stores like Target can help fuel lifestyle inflation
  • It’s important how we spend our time. Batch processing with intentionality is a way to fix our inefficient use of time
  • How Jonathan can come up with a system in his life to find a work/life balance between the ChooseFI site and podcast and his ‘real’ life
  • Multitasking is not a real thing
  • What does your life look like post-FI? And when do you start thinking about that life?
  • The Mount Rushmore of Financial Independence: Who do we put on that list?
  • Who would you as the community put on the Mount Rushmore of FI?
  • What do you want to do with your time when you reach FI?
  • Fully Funded Lifestyle Change as an alternative to “retirement for the sake of quitting work”
  • Risk tolerance and cFiresim
  • Article submitted by Luis on CNNMoney on a couple who achieved FI
  • Hot Seat conversation on the Facebook group
  • The power to spread the message beyond of FI beyond this community
  • Message from Austin who is a former student of the Millionaire Educator
  • Voicemail from Ed Mills from the Millionaire Educator on ways to get your children involved in saving money
  • Voicemail from Juan from Finance Clever about the value (or lack thereof) of the mortgage interest deduction and only getting value from it if your itemized deductions are above the standard deduction
  • Brad’s example of the benefit of itemized deductions
  • Feedback from the audience from Grumpus Maximus about retirement calculators and one in particular from Darrow Kirkpatrick at
  • Voicemail from Kris with incredible feedback about the action she took after hearing Noah’s voicemail about removing escrow accounts
  • Voicemail from Steve about the importance of umbrella insurance policies plus feedback from Tiffany about the same
  • More information from Ken about ESPPs and call options
  • Itunes reviews and the winners of the book giveaway

Links from the show:

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7 thoughts on “027R | The Friday Roundup | Debunking the Value of the Mortgage Deduction”

  1. When I think of Mt Rushmore, I’m thinking of folks who predate blogs that were doing this.

    1. Your Money or Your Life – Joe Dominguez and Vicki Robin
    2. Ultimate Cheapskate – Jeff Yeager
    3. Average Family’s Guide to Financial Freedom (90s book) – Bill Toohey and Mary Toohey

  2. I love the article from Finance Clever about the mortgage interest deduction! I think many of these conversations are overlooking the fact that rental cost always has an annual increase. I bought my first house in 2010 and refinanced in 2015 (removing PMI) bringing my total payment (including taxes + insurance) to $1,000/month. Currently, for the same size house and the area, the cost is on average $1,600/month. While I am not getting as much benefit from the tax deduction, rent always goes up while my mortgage payment stays flat which is a great cost savings benefit.

  3. I’ll suggest another metaphor for the deduction. It’s like a 25% sale on ostrich feed. If you run an ostrich farm — awesome, use that discount! You’ll make money with it!

    But if you aren’t making money with that ostrich feed — 25% off isn’t doing you any good!

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