Yes it is possible to be debt-free. Let us help you see the light at the end of the tunnel. Also be sure to check out our complete guide to getting out of debt.
I have covered buying vs. renting…twice actually.
Then I moved on to answering the question: Is it dumb to pay off your mortgage early?
After that, I wrote about everything you need to know before you pay off your mortgage early.
Today I am giving you strategies for doing exactly that. Paying off your mortgage early.
As promised, here are 3 quick strategies to pay off you mortgage faster than you ever thought possible…
Today is the 2nd and final part in this series.
If you missed part 1, you can read it here.
One of the discussions that came up in part 1 was about investing instead of paying off your home early.
It’s a common perspective that you shouldn’t pay off your mortgage early, but you should invest the money instead.
It makes sense, because mortgage rates are low right now and you can probably earn more by investing than you can save by paying off your home early, but there is actually a way to take advantage of both!
It’s not always about having the highest return, sometimes it’s simply about being totally 100% debt-free…which is an amazing feeling.
Soon I’ll be publishing an article on how to get the best of both worlds, but for today, here is part 2 of what you should know before you start paying off your mortgage…
“I’m in debt. I am a true American.” -Balki Bartokomous
It’s true. Just about every person in American (and much of the world) is in debt.
We are so used to it that we even consider ourselves to be debt-free when we still have a mortgage.
You know how it goes…
“Yeah, I’m debt-free…well, except for my house.”
If you have a mortgage you are not debt-free.
But you can be…
There is a lot to know before you start paying off your home early…
Last week, we compared renting to buying.
I wrote about powerful strategies for paying off your mortgage early.
That’s for those of you who decided to buy.
But, before you decide to pay off your mortgage early, you need to ask yourself a very important question:
Should you pay your mortgage off early?
Some people believe paying off your mortgage early is dumb. Let’s see why they think that…
You know the books that are hard to put down.
I mean…you know you should probably be working on a project or doing some household chores, but…the book is just so good.
And you will just read one more page…okay, maybe one more.
Before you know it, you’ve finished the book…in one sitting.
It’s happened to me. Actually, it happens all the time.
With other books, you will find that once you put it down, it’s hard to pick it back up again.
What makes the difference? What makes a great book…great?
Setting realistic financial goals is what separates the successful from the unsuccessful. Goals are good for every area of life, but setting financial goals specifically is important. The process of setting goals is just as important as having them, so let’s look at what it takes to set realistic and effective financial goals.
Determine Your Goals
Just like with any goal, a realistic financial goal needs to be specific, attainable and written. It will only hurt you to set a goal for an amount or a time period that isn’t realistic. It is very important that you write a specific goal, including all of the numbers involved.
All goals should be written.
You’ve probably heard the popular statistic: only 3% of people write their goals down and that says something about the small amount of people that stick with goals and achieve them. Putting goals in writing holds you accountable to the goal.
This is a quick guide on dumping your debt.
Debt comes in many forms, such as mortgages, credit cards, loans and ways you’ve never imagined.
Nowadays, people find new, innovative ways to get themselves buried in it everyday.
It’s an art really. This brings me to my first point:
Debt is not our friend. In fact, it’s the enemy.
Racking up debt by taking out loans and making minimum payments on credit card bills can ruin your life. Fortunately there are solutions to this problem.
Here’s a little secret…
Car payments are a beautiful thing, aren’t they?
Of course they are…when you are the one receiving them.
When it comes to car payments, you have 2 options.
You can take out a loan, put yourself in debt and pay interest on your monthly payment to a financial institution or you can opt for the better option…