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Better to pay down debt or invest at higher rate?
I have $45K. I can either pay off the boat (a quickly depreciating asset) which is currently mortgaged at 7%, or I can invest the $45K and earn 9% over the same period (5 years). Which option should I choose?
The interest on the boat loan is being deducted as a second home.
It seems obvious to me that it is better to invest the money, take the write off, and keep the difference, but I want to make sure.
Payoff the boat and then take whatever you pay on it every month and put that towards the investment.
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