The following staff post is by Greg Johnson.
Paying off the mortgage is crucial for growing your wealth!
Pssst?.Hey you!?Yeah you!?Come closer?I?ve got a secret to tell you. It?s a secret that can change your financial life forever. I?ve unlocked one of the biggest secrets to building personal wealth, but we?ve got to keep it down. We don?t want ?them? to hear us.
Shhhhh? If you are a middle class person like me, you?ve been bombarded with images and stories about what ?means? to be rich. From countless advertisements to watching Robin Leach, the middle class has been enticed to want more than they can afford.
We have been told to ?BUY, BUY, BUY!? They?ve even made it through the use of easily available credit.?We?ve decided that we would rather?look wealthy?than actually?be wealthy. Unfortunately, for most people it isn?t working.
What would you say if I told you that you could become wealthy by changing a few simple things? Well, you can. All it takes is a shift in attitude and to make one simple?commitment?to yourself.
Are you ready to hear what that commitment is? OK, here is the secret:?become and stay debt free. I know, I know. The reaction you are experiencing is normal. That angry, churning feeling in your gut is the Debt Demon struggling to stay relevant. He?s trying to convince you that I?m lying. He wants you to think that everybody is in debt. He wants you to believe that only debt can help you build wealth. He wants you to stay in debt because it makes HIM wealthy, not you. The Debt Demon is wrong. Not everybody is in debt. You don?t need debt to become wealthy. You can build wealth simply by using the most powerful wealth building tool at your disposal: your income. These are things that the rich already know. Still don?t believe me? Let?s explore what being debt free can mean to you.
Build Wealth More Quickly
If you are living like most people in North America, chances are that you have used debt to purchase things that you have wanted or needed. You probably have a car payment, maybe even two. If you have purchased a house, it is likely that you have a mortgage payment. You?re living a normal, middle class, debt-filled life. Imagine for a minute that you were debt free. Imagine that you did not have to shell out $800 a month in car payments. Better yet, why not?pay off your mortgage early?and get rid of that $2,000/month mortgage bill? If that was the case, your income could be used as a wealth building tool instead of a bill paying tool. Think about how quickly the money would pile up if you didn?t have to use it to pay back the bank! What could you possibly do with all that money? Well, maybe you could?
Have More Money to Invest
If there is something I love more than getting paid, it is making money that I don?t have to work for. That is why I love investing! By investing, I don?t just mean putting money into the markets. While that is a great option, you may also consider investing money in real estate or start your own business. The great thing about being debt free is that you have more money to invest in whatever way you choose. Furthermore, even if your investments fail, you still have the security of knowing that you aren?t going to lose your home because it is already paid for! So, now that being debt free has helped make your money work for you, what are you going to do with all of that extra cash? How about this?
Retire Early
HOLLA! Now that your investments are creating constant returns for you, why not kick that day job to the curb. Do you dream of traveling the world? You don?t have any debt, so get moving. Enjoy spending time at the lake? Now that you don?t need a day job to pay down your debt, feel free to spend as much time there as you like. Does sitting on the couch watching Oprah reruns really turn your crank? Have at it! The whole point of building wealth is to create more personal freedom, so why not take advantage of it? ? The secret seems so simple, doesn?t it? All it takes to build wealth is owing others less money.
While the debt free concept is simple, we all know that putting it into practice may take a little more work. However, I?ve broken it down into an?easy to follow plan to debt freedom?that will have you sipping cocktails in Aruba in no time. So, now you know the secret to building wealth. What you do with that information is up to you! ? #### Greg Johnson is a proud husband, father, and debt crusader who is in the process of becoming debt free. Along with his wife, Greg co-founded the personal finance blog?Club Thrifty, where they encourage readers to ?Stop Spending. Start Living.?
About Greg Johnson
Greg Johnson is a proud husband, father, and debt crusader who is in the process of becoming debt free. Along with his wife, Greg co-founded the personal finance blog Club Thrifty, where they encourage readers to "Stop Spending. Start Living."
Source: http://www.investitwisely.com/unraveling-the-secret-to-building-wealth/
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