If you think you can’t pay off your home loan, think again!
Don’t believe what your parents told you. The biggest fallacy our parents taught us is to believe your home loan is a long-term debt. Most of us saw our parents work hard all of their lives to pay off their mortgage, and then struggle to retire comfortably.
Who taught you about money?
It is nurture not nature that keeps most of us imprisoned on the debt mouse wheel. Our grandparents, God bless their little cotton socks, were taught by the banks how to do their banking. They passed this on to their children who passed it on to you. They had a lot to say about money.
Recognise these sayings?
“Money doesn’t grow on trees.” “A penny saved is a penny earned.” “If you count your pennies, the dollars will take care of themselves.” “If you can’t pay for it – don’t buy it.” Most of us believe that we should work hard, save to buy our home, spend the rest of our lives working to pay it off, and hopefully, save a bit to retire on.
Smart money management
It doesn’t have to be that hard. By treating your money right in the first place, learning the benefits of how home loans should work, and setting up the correct finance and money management platforms for both fast debt relief and smart wealth creation, most of us can pay our homes much faster.
It’s just a matter of setting up your home loan properly
Look at your current situation. Have you been paying your loans off for years and seem to be getting nowhere fast? Add up the amount you have paid into your loans to date. Your monthly payment is say $2k x 12 months x 5 years = $120k. Most loans have only reduced by $5k or so in that time. Now we have an OMG moment! Time to do things a bit differently. Change the way you are doing your banking …
Fast debt reduction
If you follow the next six steps you will be well on your way to making a huge difference and will get out of debt fast:
Step 1: Get the right loan
Step 2: Set up your money plan (money mastery)
Step 3: Set your goals
Step 4: Stay organized
Step 5: Get a money coach
Step 6: Review regularly