If you decide that you want to start saving money, BEWARE! Saving money can be extremely dangerous. The reason: if you start saving money, you might start having money. And when you start having money, you might start spending money. If you only save money to buy nice things, then you’ll likely need more money for more nice things. It’s a vicious cycle! And it’s a reason why many don’t really have any savings. Here’s a secret: if you want to save a lot of money, pay off your mortgage early.
Wouldn’t it be great to be able to pay off the mortgage? If you were to build a plan to pay off the mortgage early, you would be surprised. That plan is a great strategy for how to save money.
Are you shackled to your home? Your home is likely the biggest investment of your life. It should also be your BEST investment! Did you know that if the typical new homeowner were to pay just $1 extra to their mortgage payment, they would save $5? It’s the best answer to how to save money out there.
The secret is compound interest. The longer you borrow money, the more you will pay in interest fees. But there is very good news. The same compound interest laws that work for the bank also work for you. When you learn how interest works, you will be surprised at how much money you can save.