Principles in Practice: Live Within Your Means
What would life be like without a mortgage?
One of our clients recently paid off their mortgage before they reached the age of 40 and we were blessed to celebrate with them! Just under 3 years ago, they came to us with a 30-year mortgage at 5.1% with a balance of $275,000. They were experiencing positive cash flow, were debt free other than the mortgage, and were trying to “cap their lifestyle” as the husband’s compensation continued to climb.
Their highest priority for financial goals was to be debt free and be able to make an impact on their family as well as others around them. So, they took the bold step of refinancing into a 5-year mortgage at 2.5% and enjoyed watching how quickly the balance was dwindling each month. As extra income or company stock proceeds arrived they threw it at the mortgage and cleaned it up in short order. Now they are completely free to enjoy life with their children and model a reasonable lifestyle as they live well within their means. Congratulations on an important achievement!
Have you set a goal to pay off your mortgage early? Imagine the cash flow that would be freed up to accomplish other goals if you no longer had a monthly mortgage payment! We can help you identify your capacity to make this happen, according to your abilities and desire to live debt free and within or below your means. Click here to see more about the Purposeful Living Process we can walk you through.< Back to Updates