Buying a home or investment property can be a beautiful thing.
But, that doesn’t eliminate the fact that the bank has tied you up for the next 20-30 years or so, with a mortgage.
And, the longer you’re in debt, the more money you’ll give to the bank.
Paying interest stings because it can cost $100,000’s in interest repayments over the course of a long term loan.
Do you really want to spend a quarter of your life throwing money away?
So what can you do to prevent yourself from being a slave to the bank? Let’s go over some tips:
Tip #1 – Buy a Cheaper House
The mistake many people make is buying a house that’s at the upper limits of what they can afford.
Nobody says that you need to buy a brand new house – or the most expensive house you can afford.
Sure, you may have to invest a bit over time to make your ‘fixer-upper’ look the way you want.
However, the amount of money you’ll end up paying is far lower than the interest over the life of a huge loan.
Plus, you’ll be under less financial stress too – which will make you happier.
Tip #2 – Smart money management
If you’ve ever heard of the compound effect, you can understand why this is a good idea.
Minor lifestyle changes can result in a lot of money.
Some examples include packing your lunch to take to work.
Or, having a list of things to buy when you go grocery shopping – and only buying those things!
This might seem like a small thing – but it will save a lot of money over time which you can put towards being debt-free!
Tip #3 –Pay more than the minimum repayments each month
If, you can, pay more than the minimum loan repayments each month.
You’ll be amazed at how much interest you can save over the lifetime of the loan just by doing this one simple thing.
Now, all these things are helpful – but let’s be real.
They are unlikely to help you pay off your mortgage in 5 years – or anything like that.
But, here’s how one mum of 2 young kids paid off her home loan in full in less than 5 years.
‘Fast-Track’ Way to Pay off Your Home Loan Faster
Sophie Howard hates having debt.
So her mission was to pay off her home loan as fast as possible.
Here’s what she did.
She built up her Amazon business to a healthy level of profit each month.
Then she sold it for 3x her yearly profit – which gave her a $1 Million + USD pay day!
She then paid off her mortgage in one move!
Then she went ahead and built another Amazon business – and sold it for 6 figures USD.
And, now she’s in the process of building her 3rd one – to ‘rinse and repeat’ this almost magical result.
This is what’s possible when you know how to build and sell an “Amazon Cash-Machine Businesses”.
Do you want to build an Amazon business to help you potentially pay off your mortgage…give you extra cashflow…and live a great life?
Join Sophie on her FREE Webinar, showing you how to get started selling on Amazon for fun and profit – even if you have no idea what to sell yet.