It is time to take some massive action to improve our financial situations before the year is up. That way we’ll kick things off in January with confidence and more money in our pockets.
If you made a list of goals or new years resolutions earlier this year, now is the time to look at that list and assess how you’re doing. Think about what action you can take to accomplish those big goals you set for yourself earlier this year.
Now if you didn’t make any goals or can’t find that list, that’s okay! I have 5 goals for you to consider to help you improve your financial situation before the new year.
Our first question of the month comes in from Nick from Tampa who responded to a blog post I wrote about paying off our mortgage (here’s the article):
I love this blog post. As a former Dave Ramsey groupie myself, I’m really excited for y’all! Would love to hear about your perspective one year later. I’m curious where you’re at with this? Have you followed through on your plans to allocate your savings like you say at the end of the post?
Have you invested in other opportunities?
How have the vacations gone?
Do you regret paying the mortgage off or do you still feel it was a smart decision?
Our question of the month comes from Joe from South Dakota:
Like you, I have a young family (wife + 2 young kids), a house, and a blessed life. However, I do have a mountain of student debt (~200,000) that I have accumulated through a doctorate in Chiropractic that creates considerable stress in our little world.
Wouldn’t it be incredible to have a business you can call your own?
A business that allows you to pursue your passions, utilize your creative talents and work wherever you want.
A lot of people crave this location independent lifestyle, but few know how to achieve it while still making an income to support their family. Especially in a high cost of living city …
Well, I found someone who’s doing it all and he’s going to inspire us today.
Eric Rosenberg joins on the show today. Eric is a father of two, entrepreneur and full-time writer. His business has done so well this year that he’s consistently exceeded $10,000 in income each month.
Our first question of the month is from Brian from Michigan:
After reading one of your millionaire interviews, I found your debt freedom story and your path sounds like mine.
My wife and I have gotten serious about paying off our debt after we learned she was pregnant 6 months ago. We are now nearing the debt-free finish line. Only two more months to go and we’ll be student debt free, car debt free and credit card debt free … really all debt free outside of our mortgage.
All in all, we’ll have about $600 extra each month when we’re done. Outside of going on a weekend getaway to celebrate (no drinking because of the baby *snap*), we want to keep building wealth. Any suggestions for the extra cash each month that will keep moving us forward?
Eliminating the largest debt in your life … Owning your home outright.
If you’re reading this and you’re thinking, “Well … you always have a mortgage. That’s just something you need to pay forever. No one pays off their mortgage.”
Well, I have a guest today that completely disagrees with that statement.
Talaat McNeely joins me today on the show to discuss how he and his wife, Tai, paid off their $330,000 mortgage in just 5 years. Not only did they complete this impressive feat incredibly fast, but they did it on a single income.
Our question of the month comes in from Luke from Indiana:
I was reading on your blog that you recently paid off your mortgage early. Congratulations!
I’m a Dave Ramsey guy like you and we’re getting close to baby step 6. I’m considering going heavy into paying off my mortgage like you did, but I’m also thinking it might be smarter for me to invest more for my retirement or just simply invest in the market. I also know market returns are unpredictable and we’re near all-time highs.
I have a 15-year mortgage at around 4% and the principal sits around $200,000. My wife and I are both working – we like what we do and combined we make around $200,000 per year. I feel like we could throw $50k per year at the mortgage and we’d be done in 4 years or less.
That could also be a good amount to throw at our retirement each year too.
What would you suggest for us? Should we pay off our mortgage or invest the money?
When someone has a large amount of debt, finding a way out can feel impossible. The scattered accounts, the interest rates and the stress of keeping up with the day-to-day expenses of life are enough to drive us crazy.
After interviewing around 100 individuals who have conquered their debt and moved onto building wealth, I’ve learned what it takes to say goodbye to debt forever.
Here are 10 life-changing steps that came up Repeatedly throughout my interviews:
When Nicole and I got married, we were young, in love and … in debt.
I had a luxury lease car, a mortgage balance more than the value of my home and nearly $30,000 in student loans.
Nicole only had a $20,000 car loan. Yeah, I married up.
Needless to say, we were prime candidates for Financial Peace University (FPU). This course was developed by Dave Ramsey, the best-selling author of the Total Money Makeover. The goal of FPU is to learn how to “dump debt, budget, build wealth and give like never before.”
Dave’s book, the course and daily radio show encouraged Nicole and I to live on a monthly budget for the last 7 years, pay off all of our debt and even eliminate our mortgage by age 35.
I’m very grateful for everything I learned from Dave and his team. For that reason, I wanted to give back and pay it forward to others by coordinating Financial Peace University classes … even though I didn’t exactly agree with all of Dave’s teachings.