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Rule #3: If you own a home, protect your equity.

I know many of you have seen the value of your home rise a bunch over the past few years, giving you more equity in your home. And many of you have tapped into that equity by taking out a home equity line of credit (HELOC). This is not wise because it converts equity into debt (the HELOC that you must repay). I don't recommend borrowing against the equity in your home unless it's for an absolutely necessary expenditure like repairing the roof.
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