Getting Personal: A refi riddle, financing a vineyard

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Jay is getting 7% earned interest? Share please - where? Jumbo 100k CD's are at 1.0% - 1.5% or so and the stock market is worse.

I don't know what bank Jay has in mind, but most are paying 1% instead of 7%. The rule of 70 isn't a great incentive here, because at that rate Grace will be 84 before her money doubles.

Jay the economist needs to go back to school. While he can recite the Rule of 70 off the top of his head, he apparently can't that calculate a refi to a longer mortgage is a dumb idea. 5 years worth of mortgage interest not paid is money in his pocket. Add in the interest it could earn if saved or invested. Why is it assumed that you have to borrow money to go to college? I have two kids, one went to college, one to trade school. We paid for their school and I was making less than 35K per year. It's called living within your means.
Best regrards, Vern Mastel

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