Jon Dulin

About Jon Dulin

Hi, my name is Jon and I run Compounding Pennies. I've been interested in personal finance since high school and have both my undergraduate and masters degree's in finance. I also have a Certificate in Financial Planning and am licensed by FINRA. I've spent over 15 years in the financial services industry helping people with their finances. You can learn more about me in my About page.


  1. AvatarP Funk and the Parliament says

    You make some very good points! The two that I had not thought of were your final two thoughts. I am not sure how much the savings would be from upping your deductible, but it is definitely worth a phone call. As for the “Umbrella Policy”,I think I will have to look into that. I did want to say one other thing. My father told us that we should pay extra on our mortgage if we could. I nodded and said that we would try but after discussing it with the wife, we came to the realization that if you are not going to stay in the current home you are in for the full 15 or 30 year term, what is the point. On one hand it does pay down the principal which could set you up better when you sell the house in a market that is further down than when you bought. On the other hand though, if you aren’t going to get a lower payment, then you might as well take the extra money and put it into something that is interest bearing.

    • AvatarMoneySmartGuides says

      A phone call to your insurance company only takes 5 minutes. And in most cases, a $1 million dollar umbrella insurance policy will run you around $200/year.

      As for the mortgage pre-payment, there are a lot of factors that you can take into account when making this decision. Without creating a blog post out of this comment, I’ll just say to remember this: whatever you pay extra on your mortgage, is a guaranteed return on your money. So, if your interest rate is 8%, pre-paying is a guaranteed 8% return on your money. If your rate is low (under 5% before taking into account the tax deduction), you are better off investing your money.

  2. Avatar[email protected] says

    Brilliant list – in fact I am going to print it off and tape it my fridge.

    Sometimes we complicate these things in order to give ourselves an “out” an excuse not to just get on and take care of our business.

    This clearly states what needs to be in place – and although some minor details are different if you are out of the US, the basics are sound.

  3. AvatarGeorge says

    Great article. One thing more is that they fail to stick to the plan. If they encounter a hindrance and they were not able to overcome it, they quit. It’s never good to quit too early, better to have determination and persevere. Quitters never win.

  4. AvatarPersonal Finance blog says

    You have touched some very valid points.Also,not planning for your retirement at an early stage is another common mistake that people tend to make.We keep on delaying things which adds to the hurdles in our financial journey.So,with the help of proper planning and budgeting,we can reach our financial goals in an easy way.The most important part being, putting our plans to action as you have rightly highlighted in one of your points.
    Thanks for the nice info.