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A lot of this was said already, but I think it is great idea. Own if you can and do not rent. The tax savings you get from the interest on the mortgage is amazing! Credit cards / student loans if you can pay them off with the mortgage do (unless there is a great rate). For instance my wife student loans are 1.75%, she can keep that forever as far as I care.
You should hopefully get 3% in a savings account, use ING, or emigrant-direct (which is 3.25%). But the best investment I have ever made was real estate. If done right I would recommend investing there.
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