Make Interest Interesting
I’m sure you don’t need me to tell you to prioritise paying off your mortgage. You’re already likely to be doing it.
After all, your debt is holding you back and keeping you captive. In fact, the interest you’ll pay on a five hundred-thousand-dollar mortgage that runs the full twenty-five years will be two-thirds the original loan amount.
At four and half percent interest, that’s three hundred and thirty-four thousand dollars in wasted money. Your money. But, every extra dollar you repay is a dollar on which you’ll never again be charged interest.
So, could you pack your lunch instead of spending, say ten dollars a day on it?
Or, cut out a couple of bought coffees at four dollars each?
Or simply try limit your downloads each month?
It’s definitely worth it in the long run - If you can manage to find an extra five-hundred dollars a month to throw at your mortgage, you’ll save more than ninety-thousand-dollars and get debt-free six years earlier… giving you a bonus two thousand eight hundred dollars more each month to build on your financial freedom.
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