How do you save over $30,000 and, at the same time, save over 8 years of your life?
You discover the $100 a month difference, that’s how.
By pre-paying a 30 year, $100,000 mortgage by just $100 a month you get out of debt 8 years faster and save $30k to boot!
Where am I gonna find $100 a month to pre-pay my mortgage you say? Let’s take a look at where some money might be leaking out of your budget each month.
We only need to find $100/mo. or $25/week or $5/day. Hmmm…….how much is a coffee at your favorite espresso stop? How much is a burger and fries at your beloved fast food destination?
I’m not asking you to never indulge. I’m just asking you to pay attention to where you’re spending your money and ask how you could put it to better use.
Total wealth impact is what it’s about. When you borrow money ask yourself:
“How much is this going to cost me OVER THE LIFE OF THE LOAN?”
“How much time is this going to cost me?”
I’m not saying never borrow money. What I’m saying is you don’t have to make interest payments for the rest of your life.
If you like the $100/month difference, you’ll love this. By applying just 10% of your net income to your debts you can be totally debt free, including your mortgage, in just 5 to 7 years on average!
To Your Financial Freedom,
Greg Whitaker
