What is your single biggest monthly expense? Some feel that their student loan is it. Others feel they overpaid on their car. Others believe that their credit cards are consuming them. While all of those are reasonable answers, the truth is people’s single expense monthly is their mortgage.
Many homeowners today do not think of their home as their single biggest expense. They see it as a part of life. While that is true, why have your single biggest expense for 30 or 40 or in some cases 50 years!! Let’s break it down:
- Mortgage payment
- Property Taxes
- Home repairs
- HOA Dues
- Maintenance such as pest control, landscaping, etc.
That is to name just a few. While some of the above you will never be able to eliminate, your monthly mortgage is the ONE you can eliminate.
Mortgage interest rates right now are allowing people to take a 30 year mortgage and converting it to 15 years. In many cases, not increasing your monthly payment. This is the question you want to ask yourself;
“Do I want to be making the exact payment monthly when I am 60, 70, or 80 years old?”
You work hard, trying to pay off debt. Save for retirement. However, every two weeks you are pledging 20+% of your after tax dollars in preparation for your mortgage, insurance, and tax payment. 40% of your income MONTHLY is going towards owning your home, it doesn’t have to be that way.
Today, connect with a mortgage professional and let them put together a financial plan for 15 years from today. What your mortgage has done for you. What does your payment look like? What your retirement plan would be if you can then put 40% of your income towards that.
Imagine being 30 years old today and owning your home free and clear by 45? Maybe you’re 45 and now you can own your home free and clear at 60? What would that mean to you? We can help you get there!