You can’t put a price tag on freedom, or maybe you can. Because, if you know what you’re paying your bank every month to live in the house they own, you know exactly the price.
Yesterday, I received an email from a married couple. They’re clients. And it just so happens they celebrated their 25th wedding anniversary the day before and have decided to pay off their mortgage.
Do you remember when you paid off yours? I do. It felt great. And the only reason it happened was because Becky and I were motivated to get it done. Why? Because we never forgot the arrogance of the mortgage lender sitting across from us newlyweds, saying he wouldn’t mind if his bank owned our home—a home that we miss to this day because it was our first.
As an aside, Becky and I celebrate our 23rd in November, and what makes working in this business with you so enjoyable, especially at 49 years young, is that I have a front-row seat to your life’s milestones.
When my young clients told me they want to pay off their mortgage, it was music to my ears, even if they might be able to “save” money if inflation’s a big issue and the stock market goes up. But those are some big ifs, and as you know, I’m Your Survival Guy, not your “hope that works out the way you want it to,” guy.
What I hope happens is you get out of debt. Because regardless of inflation or markets, you’ll feel like a million bucks when you do. And that’s worth every quarter stuck in your penny loafers trying to beat inflation (Thank you JB).
Action Line: You don’t own your home if you have a mortgage. Your bank does. And we all know where it will be when you need it most. Be prepared.
E.J. Smith - Your Survival Guy
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