I was going through my YouTube channel today, and saw this video from 2013 about paying your mortgage off early.
The crazy part is at the 4 minute mark I talked about “never knowing what will happen, like something crazy happening in your government or country.”
You would still have “Peace of mind” if your mortgage and debts were paid.
Well I would say something definitely crazy happened in 2020 (6 years later). So the ones who listened to the advice in this video WON big time…
Here's the video if you didn't see it yet:
Learn more about the home business Paul and I created to help you pay off your mortgage and debts way faster by clicking here!
Hey, this is Mike Hobbs. And I'd want an answer. The question. Should you pay off your mortgage early? Now, this is a very good question because all the financial experts out there will tell you, no, that's a financial disaster. If you pay off your mortgage early, you are wasting money because it's you can take that money and you can invest it in something that will actually have a better return.
On your money. Now that advice is great in the beginning, in my opinion. So maybe in the beginning you use other people's money, you get that mortgage, you use that money to invest and build some kind of cashflow or you use that money into a home-based business. That's what I actually chose. Okay. I chose a home-based business to build pipeline money and money that will just come in for the rest of my life.
Okay. So you can use debt and you can use the money. Saved by instead of putting it into the mortgage, you can use that money now to, invest into a home-based business or to build some type of investment income that for sure. But keep in mind, you're going to have to go through a lot of education.
If you go the investment route, because I'm by no means an expert financial advisor. That's not what I'm claiming to be, but here is. The answer to, should you pay off your mortgage early? I personally believe the answer is yes, 100% of the time. Here's why now some of the financial experts are probably looking at me like what the heck?
Mike that's bad advice. No, it's not. Let me explain. I was on a call this morning. I met a guy and I've known him for two years and he paid off his mortgage in six months. Okay. He built enough pipeline income from the home-based business. That we're actually a part of as well. And he built it and he paid off his mortgage in six months with a five acre land and everything.
Okay. So he has his dream home and he paid it off in six months. Now some people financial experts would say that is completely dumb, but here's the cool thing he had. Peace of mind. Now what's peace of mind worth to you think about this imagine if he just took all that money and he stayed in debt and he just started investing and he's getting a little bit of return.
He's already making a lot of money from his home-based business, but he's starting to also get returned. Now in the back of your mind, you still have this mortgage. You still have this debt that is not peace of mind. In my opinion, peace of mind is worth way more than maybe a 10% return a year on the money that you would have invested that into then paying off your mortgage because here's the cool thing.
You can still build an income from a home-based business. You can still build an income from investments, but why not pay it off as well? And maybe in the beginning, don't pay. Okay. You use that money to, to build your pipeline income, use that money to do marketing, use that money to build some investments, but then once you are in cashflow positive, I 100% recommend you pay off that mortgage as fast as you can and pay off that debt as fast as you can, because peace of mind is way more important to me than just getting a little bit of a return.
On my investment. So it's a very, very awesome lesson. Obviously, these are my opinions. I truly believe that's what I'm teaching. That's what I'm going to be doing in my own life is I'm focused on paying off the debt, getting rid of all of that. That anything that's holding me back from, success. And the cool thing is when you pay it off, everything from there is 100% profit.
You are not slave to your home or your debt. If something dramatic does happen, who knows, you never know what will happen with the government or whatever the country that you're living in. You never know what's going to happen. I don't dwell on the negative, but what is. Something happened, you would have peace of mind and you would be fine.
Okay. I remember back in the day when I was going through a bankruptcy and having a lot of hardship, if I would have had no debt at that point, and something happened to my income, I would have not been even in financial trouble at all. I would have been able to make it through it, but because I had debts.
Because I had that, that holding me back, I wasn't able to make it through it at that time in my life. So I'm just going to encourage you. Should you pay off your mortgage early? I say yes. When you have the financial means to definitely do it early, especially if you have that off. Definitely do it early.
So anyway, if you got some value from this, be sure to share the video with other people all over Facebook or share it with your list put it on your blog. However you want to share this video. I believe a lot of people need to hear this information, so make it a wonderful day and I'll see you guys in the next.
Make it a great day!
PS: What are your thoughts on paying off your mortgage? let me know below!