Baby Step #6 - Paid off Mortgage
Finally! We're getting to the step where I can pay off my last debt. Let's go!
Can you imagine it? No credit card, student loan, car payment debts. 3-6 months of living expenses in the bank. You're saving 15% of your income to your retirement. You've started saving for the day when your baby heads off to college. And now? Now you are sitting on the front porch, drinking a glass of tea, reading the newspaper at your paid for house. What you don't want to do at this point in your journey is to slow down. It may be easy to think, 'Heck it's only one bill. We've been at it this long, why not just take a break?' You don't want to do that!! If you were running a marathon would you stop 5 feet before the finish line and say, 'Well, I've ran this far, I think I did pretty good. There's no need to finish.' Heck no! You would give it your all to finish the race in the best time possible!
That's what you need to do now. Focus on the end of the race. Focus on having NO debt. Not even the mortgage. Every last penny that you aren't putting towards your retirement or your kids college fund should be thrown at the mortgage payment. Just watch that balance drop from the sky. You would also be amazed at how much money in interest you are saving just by paying it off early!
If you have made it this far with me, my hat's off to you. I know that this was a very long read. I have just one more step for you. Keep reading!
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I can see the finish! Take me to Step #7
Can you imagine it? No credit card, student loan, car payment debts. 3-6 months of living expenses in the bank. You're saving 15% of your income to your retirement. You've started saving for the day when your baby heads off to college. And now? Now you are sitting on the front porch, drinking a glass of tea, reading the newspaper at your paid for house. What you don't want to do at this point in your journey is to slow down. It may be easy to think, 'Heck it's only one bill. We've been at it this long, why not just take a break?' You don't want to do that!! If you were running a marathon would you stop 5 feet before the finish line and say, 'Well, I've ran this far, I think I did pretty good. There's no need to finish.' Heck no! You would give it your all to finish the race in the best time possible!
That's what you need to do now. Focus on the end of the race. Focus on having NO debt. Not even the mortgage. Every last penny that you aren't putting towards your retirement or your kids college fund should be thrown at the mortgage payment. Just watch that balance drop from the sky. You would also be amazed at how much money in interest you are saving just by paying it off early!
If you have made it this far with me, my hat's off to you. I know that this was a very long read. I have just one more step for you. Keep reading!
Back to Main Page
I can see the finish! Take me to Step #7
Dave Ramsey on Amazon
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The Financial Peace Planner: A Step-by-Step Guide to Restoring Your Family's Financial Health
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by StephB
Hello world. This is my bio.
I am currently a stay at home mom...sorta. I do babysit a few kids during the day out of my home. I am married to one... (more)
I am currently a stay at home mom...sorta. I do babysit a few kids during the day out of my home. I am married to one... (more)
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