It is established as a norm that when a person buys a home with a mortgage that it will take 30 years to pay it off. It is simply the status quo for people to get into debt in order to be aided with one of the basic human needs–shelter. However, should it really take that long before you can claim a house to be truly your own? And with such a huge amount of debt that generally comes with a mortgage, is it really possible to pay it off in a shorter amount of time?
Today, we present two ways to think about debt: There’s an overwhelming size of the debt that could impose fear, or there’s attacking fear head-on that results in defeating that overwhelming size of the debt. In this episode of The His & Her Money Show, we have Andrew Daniels to talk about how he paid off a $320,000 mortgage in just 6 years!
Andrew realized that following the status quo would result in him probably being a grandfather, or his son getting to Andrew’s age before the time his mortgage was paid off. Analyzing how long it would to pay off his debt, and how much money it takes to fulfill such a plan, he found his situation unacceptable and started planning and executing a battle plan–Operation: Financial Freedom.
We did this to get financial peace of mind. And we definitely have that now.
Andrew attacked his financial position from various angles. In addition to other strategies, he and his wife reconciled to many sacrifices; which could be discouraging. But with open communication, support from each other, and constantly reminding themselves of their goal, Andrew and his wife were able to diligently gather even the smallest of their money, and finally succeeded in paying off their mortgage in an astoundingly short span of time.
As life continues, expenses and other financial challenges are bound to come up from time to time. At the present, though, Operation: Financial Freedom has provided Andrew and his family a peaceful and more harmonious relationship, and discovered new attitude in life that they learned throughout their journey towards a mortgage-free life.
Andrew shares his garnered knowledge and strategies to people via his website: Family Money Plan. And for our audience, Andrew is offering a free eBook by visiting his site here.
What You Will Learn
- Andrew’s three big costs in living and how he managed to minimize them.
- Some good options for paying off a mortgage.
- The biggest life lessons Andrew learned through his journey to debt-freedom.
- Andrew’s advice for people to combat their fears and doubts about paying off their debt.
- Andrew and his family’s life after the victorious battle against their mortgage.
Resources Mentioned
- 28 Things We Gave Up To Be Mortgage Free – by Andrew Daniels
- The Automatic Millionaire — by David Bach
- Smart Couples Finish Rich — David Bach
- Think and Grow Rich — by Napoleon Hill and Toks K. Oyegunle
- Secrets of the Millionaire Mind — by T. Harv Eker
Thanks For Listening!
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