Why I Would Pay Off My Mortgage over Investing in the Market Every Time Modest Money2 Comments

This post has been written by Derek Sall, the owner and head writer of Life And My Finances.

I am completely debt free. I have no credit card payments, no car payments, no student loans, and as of December 11th, 2014, I have no mortgage payments. That’s right, I own my house free and clear.

After paying off a large debt in record time back in 2013, I decided that it was time to set the huge, audacious goal of paying off the remainder of my $54,500 mortgage in 2014. With an income of less than $70,000 a year, I definitely needed to get creative. I started out by reducing every bill I could think of by:

Calling Verizon and getting my plan reduced from $85/month to $60/month Shopping around on my insurance and saving over $400 a year by combining my auto and house insurance with a different company Shopping at a discount grocery store and spending less than $150 a month on food Riding my bicycle everywhere I could to save on gas Cancelling my escrow to stop overpaying into the bank’s account

After I reduced my spending to a minimum, I knew…

This entry was posted in Investing, Real Estate, and tagged , , , Modest Money2 Comments
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