Comments on: Extreme Personal Finance: How to Pay Off Your Mortgage in Three Years http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/ personal finance that makes cents Mon, 13 Oct 2008 14:14:41 +0000 http://wordpress.org/?v=2.5.1 By: Mike http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-140561 Mike Thu, 17 Jul 2008 19:54:30 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-140561 @ Peter # 6 post. Peter Says: "August 7th, 2006 at 5:59 am Paying off your mortgage that early is a mistake for most people. A mortgage is probably the cheapest money you can borrow. If you have extra money there are so many better things to do with it; pay off credit cards and car loans, make sure you have proper insurance, set up an emergency fund, save for retirement, and many others. Rushing to pay off a low interest rate mortgage without doing those other things is a big mistake. Plus paying off the mortgage removes a huge tax break for most people. Not that taxes should dictate your financial strategy, but it factors into how cheap borrowing money through a mortgage." You mention that this is a huge tax break for most people. In the article they mention living in Canada. Well, up here in Canada we cannot claim mortgage interest against our income taxes. Mortgage interest is usually much cheaper than say Credit Card interest I'll agree. In the article he states that they took on a 5 year 5.2% mortgage for $220,000 and wanted to pay it off within 10-15 years. 5.2% on $220,000 is alot of money, even if it is 'cheaper' than other interest rates. The point is it's borrowed money, it's still debt. You owe it to someone else. Might as well get rid of it and be free as soon as possible so you're not a slave to the bankers. @ Peter # 6 post.

Peter Says:
“August 7th, 2006 at 5:59 am
Paying off your mortgage that early is a mistake for most people. A mortgage is probably the cheapest money you can borrow. If you have extra money there are so many better things to do with it; pay off credit cards and car loans, make sure you have proper insurance, set up an emergency fund, save for retirement, and many others.
Rushing to pay off a low interest rate mortgage without doing those other things is a big mistake. Plus paying off the mortgage removes a huge tax break for most people. Not that taxes should dictate your financial strategy, but it factors into how cheap borrowing money through a mortgage.”

You mention that this is a huge tax break for most people. In the article they mention living in Canada. Well, up here in Canada we cannot claim mortgage interest against our income taxes.

Mortgage interest is usually much cheaper than say Credit Card interest I’ll agree. In the article he states that they took on a 5 year 5.2% mortgage for $220,000 and wanted to pay it off within 10-15 years.

5.2% on $220,000 is alot of money, even if it is ‘cheaper’ than other interest rates. The point is it’s borrowed money, it’s still debt. You owe it to someone else. Might as well get rid of it and be free as soon as possible so you’re not a slave to the bankers.

]]> By: mike http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-130414 mike Fri, 02 May 2008 19:20:29 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-130414 Mortgage interest is not tax deductible in Canada (where the couple lived) so paying off your mortgage fast is a good idea for them. Mortgage interest is not tax deductible in Canada (where the couple lived) so paying off your mortgage fast is a good idea for them.

]]> By: mope http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116917 mope Tue, 12 Feb 2008 12:16:03 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116917 Thanks. Helped me re-evaluate the way we save and pay off debts. I realize that with a more targeted approach, we can eliminate our major debts without much sacrifice to quality of life. Now to coax/bribe the wife into it. Thanks. Helped me re-evaluate the way we save and pay off debts. I realize that with a more targeted approach, we can eliminate our major debts without much sacrifice to quality of life. Now to coax/bribe the wife into it.

]]> By: Extreme Personal Finance: America on $10 a Day ? Get Rich Slowly http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116856 Extreme Personal Finance: America on $10 a Day ? Get Rich Slowly Tue, 12 Feb 2008 00:11:01 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116856 [...] of extreme personal finance. In the past I’ve written about a guy who was homeless by choice, how to pay off your mortgage in three years, and about the most fuel-efficient driver in the world. Regular readers know of my fondness for [...] [...] of extreme personal finance. In the past I’ve written about a guy who was homeless by choice, how to pay off your mortgage in three years, and about the most fuel-efficient driver in the world. Regular readers know of my fondness for [...]

]]> By: Extreme Personal Finance: America on $10 a Day ? Get Rich Slowly http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116857 Extreme Personal Finance: America on $10 a Day ? Get Rich Slowly Tue, 12 Feb 2008 00:11:01 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116857 [...] of extreme personal finance. In the past I’ve written about a guy who was homeless by choice, how to pay off your mortgage in three years, and about the most fuel-efficient driver in the world. Regular readers know of my fondness for [...] [...] of extreme personal finance. In the past I’ve written about a guy who was homeless by choice, how to pay off your mortgage in three years, and about the most fuel-efficient driver in the world. Regular readers know of my fondness for [...]

]]> By: J.D. Fournier http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116819 J.D. Fournier Mon, 11 Feb 2008 20:29:16 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-116819 Have to agree with a few posters here, it does not make sense to pay the mortgage off early unless it is around 9% or higher, which is ~6.75% after taxes (assumes 25% braacket). The extra payments are much better off in a tax exempt accountwhich would easily return 8% annually over the long term. The house equity is not liquid. You must also account for inflation which will make your future payments cheaper as well. Have to agree with a few posters here, it does not make sense to pay the mortgage off early unless it is around 9% or higher, which is ~6.75% after taxes (assumes 25% braacket). The extra payments are much better off in a tax exempt accountwhich would easily return 8% annually over the long term. The house equity is not liquid. You must also account for inflation which will make your future payments cheaper as well.

]]> By: Sandra & Jake Le Baron http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-103374 Sandra & Jake Le Baron Thu, 01 Nov 2007 18:32:36 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-103374 Mike stated that: "If you have a $300,000 mortgage as well as $300,000 in liquid funds, wouldn’t you consider your mortgage as “paid”?" I really can't say that I would see it that way for the reason that if I had $300,000.00 in liquid funds and a $300,000.00 mortgage, I would be losing money because of the interest that I am paying on my mortgage. (and lets not forget that the tax man will most likely tax the interest I would be earning on my $300,000. taking me further into the loss column) Let's say, for example, I were to receive a GUARANTEED interest rate of 5% on my three hundred thousand, that gives me a return of about $15000.00 per year. However, on my three hundred thousand dollar mortgage, at today's rate (TD) on a 5 year term fixed interest rate of 7.440%, at the end of year one of my five year term, I would have made payments of $26200.44, with $4636.94 going to principal and $21387.00, to interest.Therefore: $21387.00.(Mortgage Interest paid in 1st year) -15000.00 (Interest earned on my $300,000) =$6387.00(minus) Which means that the $15000.in interest I earn is being completely eaten up by mortgage interest along with an additional $6387.00! My $300,000 is not growing. Now, if the same scenario applied with my having $300,000 in liquid assets except that my mortgage is fully paid, then my $15000.00 return on my investment is exactly that, $15000.00,(except for income taxes.)Plus, I will have the additional $26200.44 annually that I don't have to make as mortgage payments. This is a scenario that I am far more comfortable with than knowing that if I keep my three hundred thousand dollar home for 25 years, with the same interest rate, I could pay the mortgage lender $355011.64 in interest alone, on top of the $300,000 mortgage which I will also be paying back. But, if I pay off my mortgage early, much of that $355011.64 is mine, on top of my $300,000 in liquid assets, along with the principal part of my monthly mortgage payment. This leaves me to comfortably invest, pay taxes on my investments, have a home maintenance fund, and have some peace of mind. Mike stated that:
“If you have a $300,000 mortgage as well as $300,000 in liquid funds, wouldn’t you consider your mortgage as “paid”?”

I really can’t say that I would see it that way for the reason that if I had $300,000.00 in liquid funds and a $300,000.00 mortgage, I would be losing money because of the interest that I am paying on my mortgage. (and lets not forget that the tax man will most likely tax the interest I would be earning on my $300,000. taking me further into the loss column)
Let’s say, for example, I were to receive a GUARANTEED interest rate of 5% on my three hundred thousand, that gives me a return of about $15000.00 per year. However, on my three hundred thousand dollar mortgage, at today’s rate (TD) on a 5 year term fixed interest rate of 7.440%, at the end of year one of my five year term, I would have made payments of $26200.44, with $4636.94 going to principal and $21387.00, to interest.Therefore:

$21387.00.(Mortgage Interest paid in 1st year)
-15000.00 (Interest earned on my $300,000)
=$6387.00(minus) Which means that the $15000.in interest I earn is being completely eaten up by mortgage interest along with an additional $6387.00! My $300,000 is not growing.
Now, if the same scenario applied with my having $300,000 in liquid assets except that my mortgage is fully paid, then my $15000.00 return on my investment is exactly that, $15000.00,(except for income taxes.)Plus, I will have the additional $26200.44 annually that I don’t have to make as mortgage payments. This is a scenario that I am far more comfortable with than knowing that if I keep my three hundred thousand dollar home for 25 years, with the same interest rate, I could pay the mortgage lender $355011.64 in interest alone, on top of the $300,000 mortgage which I will also be paying back. But, if I pay off my mortgage early, much of that $355011.64 is mine, on top of my $300,000 in liquid assets, along with the principal part of my monthly mortgage payment. This leaves me to comfortably invest, pay taxes on my investments, have a home maintenance fund, and have some peace of mind.

]]> By: Mike http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-91244 Mike Fri, 29 Jun 2007 23:37:42 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-91244 I don't advocate paying off your mortgage. I understand that it brings "peace of mind" to some people but I think there are better strategies to consider. If you are trying to accelerate your pay off, obviously, you're paying more per month to do so. You can take the "extra" and invest it and over time with proper management, your assets will exceed your liabilities. If you have a $300,000 mortgage as well as $300,000 in liquid funds, wouldn't you consider your mortgage as "paid"? In this scenario, you keep your largest tax deduction (tax planning is important) along with a nice nest egg. Another point to consider is that home equity isn't as liquid as most people think it is. If you worked hard paying off your mortgage and suddenly lost your job, or became disabled, you would look at accessing home equity for money (unless you've done a good job of saving). The only way to access home equity is through a cash-out refi, Home Equity Loan, Home Equity Line of Credit, or sell. Three out of four requires you to qualify with a bank. No job or not enough income may not get you approved. Before you think about paying down your mortgage, pay off your credit cards, student loans, car loans, ect. first. I don’t advocate paying off your mortgage. I understand that it brings “peace of mind” to some people but I think there are better strategies to consider. If you are trying to accelerate your pay off, obviously, you’re paying more per month to do so. You can take the “extra” and invest it and over time with proper management, your assets will exceed your liabilities. If you have a $300,000 mortgage as well as $300,000 in liquid funds, wouldn’t you consider your mortgage as “paid”? In this scenario, you keep your largest tax deduction (tax planning is important) along with a nice nest egg.

Another point to consider is that home equity isn’t as liquid as most people think it is. If you worked hard paying off your mortgage and suddenly lost your job, or became disabled, you would look at accessing home equity for money (unless you’ve done a good job of saving). The only way to access home equity is through a cash-out refi, Home Equity Loan, Home Equity Line of Credit, or sell. Three out of four requires you to qualify with a bank. No job or not enough income may not get you approved.

Before you think about paying down your mortgage, pay off your credit cards, student loans, car loans, ect. first.

]]> By: Amber Yount http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-91220 Amber Yount Fri, 29 Jun 2007 17:28:32 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-91220 I wish I knew how to get my husband to do something like this..i dont mind sacrificing a few years for a good rest of my life, but he sees a few years as "forever" and he doesnt want to be "old" and not be able to do "things" that he can do now...cause you know...after 30 years old you can only sit in your rocker apparently :P I wish I knew how to get my husband to do something like this..i dont mind sacrificing a few years for a good rest of my life, but he sees a few years as “forever” and he doesnt want to be “old” and not be able to do “things” that he can do now…cause you know…after 30 years old you can only sit in your rocker apparently :P

]]> By: Extreme Personal Finance: Living on $12,000 a Year ? Get Rich Slowly http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-91183 Extreme Personal Finance: Living on $12,000 a Year ? Get Rich Slowly Fri, 29 Jun 2007 12:00:56 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-91183 [...] How to pay off your mortgage in three years [...] [...] How to pay off your mortgage in three years [...]

]]> By: Buzz http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-39742 Buzz Sat, 06 Jan 2007 09:46:06 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-39742 I did pretty much the same thing when my wife started a new business. I was on the hook for her business loan as she had no credit so if her business failed I was going to have to make the payments out of my own pocket. I got a second job(that I actually like more than my main job and pays almost as well). Lived like I was flat busted broke because I didn't want to go bankrupt if my wife's business failed. So I saved pretty much every penny from that part time job and saved some from my regular job as well. Because I could tell my wife I needed to save the money so I could pay her loan if she went under, it was easy to get her on board to go without some of the finer things. This was 4 years ago. I still have the part timer but I don't take much work from it in the summer months. My wifes business is a huge success equity wise (she has taken a page from my book and postponed profits to build up equity) and it has been growing every year and she has built it up to the point where this year she will take dividends from that business that will be more than I make with my 2 jobs combined. I have no credit card debt. My mortgage will be paid off in 3 years or less as I am contemplating prepaying a sizable chunk of it (20%)which is how I stumbled across this website(I have had this mortgage since 98). I have a defined benefit pension plan as I work for the Federal government(main job). Have a modest retirement savings besides the pension. And have a sizable lump of cash in a savings account. Biggest sacrifices: No new cars. I have driven 2 cars in the last 10 years, one was 8 years old when I bought it back in 97 and my newer model is a 95 which I picked up this year. This will likely never change. I get no pleasure or feeling of status from having nice cars. I would rather be there in a beater than stay home because I can't afford to go because I'm paying for a nice car. While some people argue about reliability of older cars, get them maintained regularly and you will come out miles ahead(pardon the pun)than if you buy new and take a depreciation bath. I went on only a few big trips. Postponed buying a computer until I could pay cash. Same with the 95 car. I pay cash for everything now, no credit. Never eat out (once every couple of months we go for chinese) Never rent movies, computer came with PVR so we make the most of our cable bill. Get a second job and use it to save and pay down debt and you will be greatful you did in the future. I am 31 years old. I did pretty much the same thing when my wife started a new business. I was on the hook for her business loan as she had no credit so if her business failed I was going to have to make the payments out of my own pocket.

I got a second job(that I actually like more than my main job and pays almost as well).

Lived like I was flat busted broke because I didn’t want to go bankrupt if my wife’s business failed. So I saved pretty much every penny from that part time job and saved some from my regular job as well.

Because I could tell my wife I needed to save the money so I could pay her loan if she went under, it was easy to get her on board to go without some of the finer things.

This was 4 years ago. I still have the part timer but I don’t take much work from it in the summer months.
My wifes business is a huge success equity wise (she has taken a page from my book and postponed profits to build up equity) and it has been growing every year and she has built it up to the point where this year she will take dividends from that business that will be more than I make with my 2 jobs combined.

I have no credit card debt. My mortgage will be paid off in 3 years or less as I am contemplating prepaying a sizable chunk of it (20%)which is how I stumbled across this website(I have had this mortgage since 98). I have a defined benefit pension plan as I work for the Federal government(main job).

Have a modest retirement savings besides the pension. And have a sizable lump of cash in a savings account.

Biggest sacrifices:

No new cars. I have driven 2 cars in the last 10 years, one was 8 years old when I bought it back in 97 and my newer model is a 95 which I picked up this year. This will likely never change. I get no pleasure or feeling of status from having nice cars. I would rather be there in a beater than stay home because I can’t afford to go because I’m paying for a nice car. While some people argue about reliability of older cars, get them maintained regularly and you will come out miles ahead(pardon the pun)than if you buy new and take a depreciation bath.

I went on only a few big trips.

Postponed buying a computer until I could pay cash. Same with the 95 car. I pay cash for everything now, no credit.

Never eat out (once every couple of months we go for chinese)

Never rent movies, computer came with PVR so we make the most of our cable bill.

Get a second job and use it to save and pay down debt and you will be greatful you did in the future.

I am 31 years old.

]]> By: Wanda http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-23233 Wanda Thu, 30 Nov 2006 20:50:19 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-23233 That's an amazing story! If only I can kick my habit for expensive lotions and frequent meals... with a healthy salary, no family to support, and the willingness to work 90 hour weeks, right now should be the best time for me to save a large amount of money. That’s an amazing story! If only I can kick my habit for expensive lotions and frequent meals… with a healthy salary, no family to support, and the willingness to work 90 hour weeks, right now should be the best time for me to save a large amount of money.

]]> By: Peter http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-5060 Peter Mon, 07 Aug 2006 12:59:28 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-5060 Paying off your mortgage that early is a mistake for most people. A mortgage is probably the cheapest money you can borrow. If you have extra money there are so many better things to do with it; pay off credit cards and car loans, make sure you have proper insurance, set up an emergency fund, save for retirement, and many others. Rushing to pay off a low interest rate mortgage without doing those other things is a big mistake. Plus paying off the mortgage removes a huge tax break for most people. Not that taxes should dictate your financial strategy, but it factors into how cheap borrowing money through a mortgage. Paying off your mortgage that early is a mistake for most people. A mortgage is probably the cheapest money you can borrow. If you have extra money there are so many better things to do with it; pay off credit cards and car loans, make sure you have proper insurance, set up an emergency fund, save for retirement, and many others.
Rushing to pay off a low interest rate mortgage without doing those other things is a big mistake. Plus paying off the mortgage removes a huge tax break for most people. Not that taxes should dictate your financial strategy, but it factors into how cheap borrowing money through a mortgage.

]]> By: jordan http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4822 jordan Fri, 04 Aug 2006 14:45:21 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4822 I really have a problem with anyone advocating this sort of lifestyle, even if only for a few years. While it may have worked for this couple, how many relationships would utterly break down when one spouse was at work for 100 hours a week? That basically leaves enough time for them to come home, go to bed, and get back up and go back to work. For 3 years? I'll take a few years longer to pay off my mortgage, rather than alienate my spouse and lose a marriage (which, I'm sure most would agree, is more imporatant than getting out of debt a little early.) I really have a problem with anyone advocating this sort of lifestyle, even if only for a few years. While it may have worked for this couple, how many relationships would utterly break down when one spouse was at work for 100 hours a week? That basically leaves enough time for them to come home, go to bed, and get back up and go back to work. For 3 years? I’ll take a few years longer to pay off my mortgage, rather than alienate my spouse and lose a marriage (which, I’m sure most would agree, is more imporatant than getting out of debt a little early.)

]]> By: Melsky http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4820 Melsky Fri, 04 Aug 2006 10:30:24 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4820 My husband and I are living under our means, are out of debt and have savings but we are nowhere near that extreme! I don't think I'd like to do something like that, I like more pleasure in my life and that kind of overwork seems very bad healthwise. It would suck to work that hard and then drop dead from a stroke or something before you have the chance to enjoy your money. I'm glad it worked out for them though. My husband and I are living under our means, are out of debt and have savings but we are nowhere near that extreme! I don’t think I’d like to do something like that, I like more pleasure in my life and that kind of overwork seems very bad healthwise. It would suck to work that hard and then drop dead from a stroke or something before you have the chance to enjoy your money. I’m glad it worked out for them though.

]]> By: Andrew http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4814 Andrew Thu, 03 Aug 2006 22:22:49 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4814 That is an inspiring story for people who claim they will never be debt free. They exchanged three years of their life with no extras, long hours and a strict budget for a debt free life for the next 50 years. Most people will not be willing to forego their fun and the ability to spend money on frivolous things. But a few are willing. A positive example to inspire many other people. That is an inspiring story for people who claim they will never be debt free. They exchanged three years of their life with no extras, long hours and a strict budget for a debt free life for the next 50 years. Most people will not be willing to forego their fun and the ability to spend money on frivolous things. But a few are willing. A positive example to inspire many other people.

]]> By: Steve Corona http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4811 Steve Corona Thu, 03 Aug 2006 21:18:23 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4811 Wow, wow and wow. That is amazing. I don't think I'd ever be able to do that but it is indeed shocking and inspiring to read such stories. Wow, wow and wow. That is amazing. I don’t think I’d ever be able to do that but it is indeed shocking and inspiring to read such stories.

]]> By: Bryan E http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4810 Bryan E Thu, 03 Aug 2006 20:58:43 +0000 http://www.getrichslowly.org/blog/2006/08/03/extreme-personal-finance-how-to-pay-off-your-mortgage-in-three-years/#comment-4810 This is pretty much what Dave Ramsey advocates, though more for debt removal than for mortgage elimination. There are quite a few encouraging stories of how people got out of debt by selling too-expensive cars (etc), and/or by getting second (and third) jobs. Very encouraging stuff, and several awe-inspiring stories. See http://www.daveramsey.com [no compensation; just a happy web surfer] This is pretty much what Dave Ramsey advocates, though more for debt removal than for mortgage elimination. There are quite a few encouraging stories of how people got out of debt by selling too-expensive cars (etc), and/or by getting second (and third) jobs.

Very encouraging stuff, and several awe-inspiring stories. See
http://www.daveramsey.com

[no compensation; just a happy web surfer]

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