Mortgage…To Pay Off or Not To Pay Off?

I am currently reading the book Trump University: Wealth Building 101 supposedly edited by “The Donald” himself. I feel like such a sucker reading this book. When I picked it up from the library I got the exact same feeling that I get when I get sucked into visiting tourist traps while on vacation…like I’ve once again fallen for cheesy marketing and commercialism. Oh well.

However ashamed I feel for reading this, I must say it has some excellent tips from many experts in various fields. This is the book that inspired me to start my Financial Roadmap and to really take a look at my current Income, Expenses, Assets, and Liabilities.

One of the strategies this book recommends is to put 10% of Gross Income toward debt including your personal home mortgage. It says to get rid of debt as fast as possible. I am in a position to do this but it goes against everything else I have come across.

Example:

Gross Income - $100,000
30yr Fixed @ 5.5%
Mortgage Debt - $112,000
Suggested extra payment toward principal $833/m ($10,000/12)

Pays off house in about 12 years.

Doesn’t it make more sense to put that money into an investment yielding 10% ???

I know I could use some online calculator to figure this out but remember this is SlugMoney and I am lazy.

Any thoughts?