If you haven’t checked all four of those boxes, then that’s where you should focus your attention for now. Start putting money aside for your kids’ college (if you have kids).Begin investing 15% of your income for retirement.Build an emergency fund worth 3–6 months of your typical expenses.
Pay off all your consumer debt (think credit cards, car notes and student loans).Before you start paying off your house faster, there are four things I want you to do: Now, let’s take a beat and look at some other financial goals you need to prioritize ahead of getting rid of your mortgage. How to Pay Off Your Mortgage Faster: 5 Tips 1īut even though you’re dead set on ditching your mortgage ahead of schedule, you probably have one major question on your mind: How do I pay off my mortgage faster? That’s why we’re going to walk through exactly how to pay off your mortgage early so you can reach your goal and become a debt-free homeowner. In fact, the average millionaire pays off their house in just 10.2 years. Not only is there huge freedom in being completely debt-free and living in a paid-for house, but it’s also a great way to build wealth-getting rid of your house payment leaves you with a ton of extra money each month to save for retirement. So, you’re eager to pay off your mortgage early? That’s a great financial goal to set for yourself!
