How Paying Off Our Mortgage Got Us Closer to Financial Independence – with Julien and Kiersten Saunders

On our Mortgage Freedom Series today, we’re going to interview a couple that paid off their mortgage in less than 3 years and is now one step closer to financial independence because of it. Julien and Kiersten Saunders are my guests today and they are the creators of Rich and Regular, a hot new personal finance media brand that is growing in popularity because of its honest, informative and relevant approach to money.

Julien and Kiersten’s story and advice have been featured in big publications like the New York Times, MarketWatch and Forbes. And when they’re not talking about money, they’re traveling the world and raising their son in Atlanta.

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How House Hacking Helped Me Pay Off My Mortgage Early – with Steven Donovan

On our Mortgage Freedom series today we’re going to introduce someone who paid off their mortgage through house hacking. What is house hacking you might ask? Well, we’re going to learn more about that today.

Steven Donovan is our guest today. Steven is a money coach and his financial advice and his inspirational story have been featured in GO Banking Rates, Bigger Pockets, and Rockstar Finance.

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How to Pay Off Your Mortgage Early on Less Than $50,000 Per Year – with Jessi Fearon

On our Mortgage Freedom series today, we’re going to interview someone who eliminated their mortgage on a single middle-class income in less than 8 years.

Jessi Fearon is a wife, mother to three little ones and during their nap time, she’s a financial coach. Her inspiring story of complete debt freedom has been featured in The Huffington Post, Nerd Wallet and BuzzFeed. When Jessi’s not crushing her debt and motivating others to do the same, she’s singing Garth Brooks songs and spending time with her family.

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Why Young Parents Should Pay Off Their Mortgage Early – with Colin Murphy

How would you like to own your home outright?

What would it feel like to never make a mortgage payment ever again?

For our Mortgage Freedom series, we’re interviewing Colin Murphy who eliminated his mortgage in less than five years. Colin is a father, a husband, and a Chicago native. He’s going to let us peek inside and see how he made this monumental feat happen.

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How to Increase Your Net Worth by $800,000 in 8 Years

One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?

One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined six-figure income together so we figured our net worth must be HUGE.

After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!

via GIPHY

We walked upstairs and started to write down all of our numbers on a big white board. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.

We were kinda broke.

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With no mortgage, what do you do with the extra money?

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):

Andy,

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?

From, Nick from Teach My Kids Money

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How Pursuing Financial Independence Put Us Into Marriage Counseling – with Andy & Nicole Hill

When we paid off our mortgage early, it was one of the happiest days of my life. The major reduction in our overall annual expenses and my stress level was immediate. We celebrated with the whole family (check out our epic celebration here).

Little did I know though that one of the best days of my life would lead to one of the largest disagreements I’ve ever had with my wife of 8 years. We were really good at paying off the mortgage together, but we were not prepared for what we’d do with the money afterward.

We both had different ideas of what we should do with the money, but we didn’t communicate them to each other very effectively. (Well, I really didn’t).  

To help remedy the situation, we decided to attend marriage counseling sessions after they were recommended by a good friend. It was one of the best decisions we’ve ever made as a couple.

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$330,000 Mortgage Crushed in 5 Years on a Single Income – with Talaat McNeely

Today, we’re chatting about Mortgage Freedom.

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.

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Should I Pay Off My Mortgage or Invest?

Our question of the month comes in from Luke from Indiana:


Hey Andy,

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?

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Ready to Pay Off Your Mortgage? Remember These Important Steps

So you’re ready to pay off your mortgage?! Congratulations!

There are some important hoops you have to jump through to make this momentous occasion official. After all that hard work in paying your monster loan, let’s make sure you cross all your “T’s” and dot your “I’s”.

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