Whether or not to accelerate mortgage payoff is a question that crosses most homeowner’s mind at some point. It’s especially top of mind this time of year as you gather the documents to file your taxes and see how much you paid in interest last year on your mortgage. As I discussed this with a client recently, I thought it might be interesting to share my thoughts with you as well.
Would you rather have $1,000,000 or the sum of a penny doubled every day for 30 days? If you did the math, you know that the magical penny is the correct answer and by a long shot. By the end of a month, you’d have $10,737,418.24.
Whether you make $40,000 or $400,000/year, prudently managing your cashflow is the single most important financial thing you can do. You know you should live within your means, but why is it so difficult? Learn how we help our clients finally gain control of their income/spending, while saving them time and stress along the way.