Most people, if not all, would be ecstatic about paying off their home loans quickly and living debt-free. Unfortunately, a lot of us tend to think of that as nothing but a pipe dream, or something reserved for those who earn more than they need. If you have a second home that you inherited and would rather have the cash, we would like to make you a fair cash offer.
However, this is not the case at all. It’s possible to clear off your mortgage quickly, but you must be willing to sacrifice – delayed gratification anyone?
Here’s an inspirational story from Canada about a guy who chose to do whatever was needed to live debt-free:
Pay off your mortgage, live debt free: how one guy did it in 3 years
“Ding dong, the mortgage is dead,” a jubilant Sean Cooper announces as he sets fire to his mortgage in front of cheering friends outside a Toronto restaurant.
“I feel like the weight of the world has been lifted off my shoulders,” he declares.
Cooper has just achieved what many Canadians aspire to do: pay off our home and celebrate with a mortgage-burning party. He just did it decades faster than most of us.
In 2012 Cooper bought a house in Toronto for $425,000. He then embarked on a painstaking financial plan — including working three jobs and living like a pauper — to pay off his $255,000 mortgage as soon as possible.
He achieved his goal in just three years and two months — at the age of 30. See full article at CBC…
Living frugally is one of the sacrifices you’ll probably need to make if you are to pay off your mortgage quickly. The good thing is that there is now a lot of helpful information out there about how to be successful at frugal living.Image Courtesy of YouTube
Unfortunately, most people miss the point entirely when it comes to making the most of their money by being frugal. As Alex from Team EOD argues, you’re not really gaining much from being frugal if you’re not also working toward paying off your mortgage quickly.
Why Being Frugal Is Pointless Unless You Crush Your Mortgage
I’m sure I’m not the only one around here that gets a lot of benefit reading the great tips and insightful behavioral issues that we all have with money here on Enemy Of Debt, however over the course of many years I’ve talked to a number of friends and family in confidence as well as read a lot about how people handle their finances and there is one HUGE pitfall that I’ve noticed almost everyone has.
They all have tunnel vision.
Most people are so busy, so concerned, so consumed with the immediate things in front of their eyes that they completely ignore everything else. For example stop and think about what money related issues you dealt with today. Read full post at Enemy Of Debt…
Image Courtesy of Pixabay
On the other hand, depending on what you do, you just may be one of the lucky few that happen upon a windfall and pay off all their debts. It might just happen, especially if you’re a close friend to a famous artist like Ed Sheeran and you get to co-write a hit:
Ed Sheeran Pays Off Woman’s Mortgage So She Never Needs To Worry About Money Again
It isn’t common knowledge, but one of Ed’s most famous songs, “Thinking Out Loud” was co written by a close friend of his called Amy Wadge. He recently told the story of how she came round to his house for a songwriting session whilst being strapped for cash. The end result was one of Ed’s most famous tracks.
Ed, 24, revealed:
“She drove to my house – my album was nearly done – and she asked if I could put a song from when I was 17 on the deluxe album, so she could get a little bit of money and pay the mortgage and bills and stuff. While she was there, we wrote Thinking Out Loud. Now she never has to worry about money again. She was going through financial troubles about a year ago.” Read full post at Aunty Acid…
But even Amy’s ‘windfall’ was really from her work, and keep in mind she was previously facing financial problems too. The message here is that paying off your mortgage quickly is something you can do. Why not start working on it now?
At Mason Buys Houses, we’re rooting for your financial success. However, things may have already gone horribly wrong and you may not have any way to pay off your mortgage. If you’re looking to sell off your house for cash, we can offer you a fair price that will give you the financial boost you need. Contact us for more information.
Featured Image: Image Credit