| Issue Date: May 11, 2008
Pay mortgage early?
My husband and I are 49 and 48 and are paying extra on our mortgage to have it paid off by the time we're 56. My friend says that will hurt us on our taxes; my husband says it's better to save the money in interest now than to worry about a mortgage tax deduction later. What's your take?
Sabrina Reif, Sheboygan, Wis.
A: You married a smart man. Paying off your mortgage early will save thousands of dollars, and you'll get a reliable rate of return on your investment (you save the interest you would have paid on your mortgage). Yes, you'll lose the mortgage interest tax deduction when that happens. But if you're in the 25% tax bracket, for example, you'd only get back a quarter for each $1 in interest you pay -- not such a big break. If you're debt-free and maxing out your 401(k) and IRAs, which offer tax breaks, paying up early isn't a bad idea.
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6 myths that won't die
Science now says the following examples of familiar food lore are more myth than fact.
#1. All tea is the same. Bottled and instant teas are very low in antioxidants, reports the U.S. Department of Agriculture. In order to get disease-fighting amounts of tea's potent antioxidant, EGCG, you must drink brewed green tea or take an EGCG supplement.
#2. Bagels are health food. Just the opposite. Most bagels are made from processed white flour, are low in fiber and have a high glycemic index, causing them to spike blood sugar and tying them to weight gain and problems such as type 2 diabetes and heart disease. Better bread: whole grain or sourdough.
#3. Raw is more nutritious. In fact, cooking vegetables often releases nutrients, such as beta carotene. And flash-freezing fruits and vegetables quickly after harvest retains nutrients, while shipping and storing fresh produce drains nutrients. Surprisingly, canned tomato sauce and paste have more lycopene, a powerful antioxidant, than fresh tomatoes.
#4. Coffee and caffeine are harmful. Moderate amounts are safe and often beneficial, Harvard research says. Coffee may cut the risk of type 2 diabetes, gallstones, colon cancer, liver damage and Parkinson's disease; it also may boost cognitive function. But, in some, coffee can increase headaches, anxiety and heart problems, so follow your doctor's advice.
#5. Use No-fat salad dressing. Without fat, your body can't absorb needed nutrients in toppings such as tomatoes and carrots. Douse salad with a little extra-virgin olive oil or add cheese, nuts or avocado.MoneySmart Sharon epperson
#6. Eggs are dangerous. Studies show that egg yolks do not significantly raise blood cholesterol, and they're packed with choline, which is vital for brain development.
Contact Contributing Editor Jean Carper at jeancarper.com.
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Save on Broadway
Tickets for Broadway shows routinely top $100, but smart theatergoers can find them for 20% to 50% less. Here's how:
Join one or all of a trio of discount ticket clubs -- Playbill On-Line, HitShowClub.com and TheaterMania.com -- which offer free membership and discounts for shows. At press time, TheaterMania.com has "Sunday in the Park With George" up to 30% off; tickets to Chicago are up to 40% off. For each ticket, expect to pay a service fee of about $7.
If you wait to buy tickets until you get to New York, go to the TKTS booth in Times Square or at the South Street Seaport. Tickets are available for same-day performances (note that matinees are sold a day in advance at the Seaport location), generally at 25% to 50% off the full price. TKTS accepts only cash, traveler's checks or gift certificates; there's a $3 service charge per ticket, and the available shows can change while you wait. But even if you spend an hour in line, your effort can pay off handsomely.
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