Baby Step 6

Baby Step 6 is to become financially “ultrafit” and 100% debt-free by Paying off your home early.

For the most part, the largest monthly payment for individuals and families is their mortgage payment.  If you can get that payment completely paid off, imagine what you can do with all that extra money!  Take all the excess money you possibly can and put it toward your mortgage payment.

Some may feel that it’s it’s not as important due to the benefits of mortgage-interest tax deductibles.  However, where’s the benefit in continuing to pay maybe $5,000 in interest just so you don’t have to pay $1,500 in taxes?  That’s a large difference.  I’m sure the $1,500 is worth not having to pay all that interest.  Paying off your home early can prove to be a very good financial move.