Stop The Bleeding
Now that it’s clear that a mortgage is like an open wound that won’t stop bleeding your wallet, here’s how to take control of it once and for all. Let’s not sugar coat this…if you borrow hundreds of thousands of dollars, and you only earn tens of thousands per year, then it is going to take a certain number of years to pay the principle back right? To be very clear here, the bank will gladly let you take the rest of your life to pay it back since you are an investment for them that pays a fabulous and consistent, predictable return every month!
So, the question is, do you know how fast you are capable of getting to zero on your mortgage? For most people, it’s possible to pay their mortgage off in less than 12 years without changing their current lifestyle and doing so would literally save them tens of thousands of after tax dollars in interest! Once you establish what you are capable of, then and only then can you begin to move in the direction of that goal.
Knowing what’s possible is like taking a towel and applying pressure to the injury in an effort to stop the bleeding so you can begin to mend the wound.
