Do You Want to Be Rich? Then Start Taking Your Home Mortgage Seriously
Did you know that you can get rich while paying your mortgage? How's that for a show stopper.
But you really have to know what a mortgage is and what to do with it. It is a bit hard if all you see a mortgage as big financial burden that choking your lifestyle paying it off.
The key to getting rich is finding something simple to do, that makes money. Do it over and over. Here is how you can be rich in the most unlikely place, your Home Mortgage. Read on and find out how.
Here is the first step
You have to start seeing your mortgage as a bank account in your local bank,nothing smart in that, we have all have one of those.
#.1) You deposit money in and store it.
#.2) You redraw the money out when you have a need.
#.3) If you leave the money in for a while it compounds.
#.4) You earn interest in the interest. (very smart thing to do)
#.5) In a short time it seem to grow faster,
#.6) And you can do more things with the money.
That is the effect of compound interest
Just as there are many types of bank account there are many types of mortgages. The basic principle is very simple. A Mortgage should be treated the same way as you would a bank account. A mortgage takes 30 years to pay off if you make the minimum payments. That is what the banks want you to do. Nice easy profit over thirty years.
Here is what you should be doing if you want to get rich
Every month put some extra in to the mortgage over and above the minimum payment.
Does not matter if it is a dollar or 10,000. Put as much as you can afford into the do it every month. Never miss a month and an extra payment into you mortgage.
An average person can pay the mortgage out in half the time or a third of the time just by a little stretching and putting extra payments into the mortgage every month. It is really silly to think that something that small can have such an amazing impact in your life.
One way of finding an extra surplus is to debt consolidate your credit cards, loans, store cards. The difference between the old debt payments and the new debt payment, put into the mortgage as a debt consolidation payment.
Get a pay rise. Try putting your extra pay into the mortgage. Put it in your mortgage! It can have a massive impact on your life.
Contact a Mortgage Broker and ask about how this works. The Mortgage Broker has a range of software and mortgage calculator options that will allow you to see for your self, how you can get rich
The number one question a Mortgage Broker want to hear is how fast you want to get the mortgage down and what can you do with it. They love to show you these things if you are interested.
Once you have that information draw up a plan to get rich. If you want multiple properties.
#.1) Work out how much you need to get a deposit, to buy a positive cash flow property.
#.2) Now when get the mortgage balance down by paying extra payments.
#.3) Re draw of take out the money out of your mortgage.
#.4) Then you buy positive cash flow property.
#.5) Put 20% of the rental back into the mortgage
#.6) Plus Keep your original mortgage payments going
Now start again
#.1) When you hit the goal faster this time take the money out of the mortgage.
#.2) Buy another positive can flow property.
#.3) Put the 20% of the rent back into the mortgage
#.4) And keep all the other payments going into the mortgage. .
#.5) Now you are heading toward being rich.
The Mortgage Broker will be happy to show you how a mortgage works and what you can do with it.
If you have the desire then the plan is relatively simple to work out. Discover the Mortgage is the Ultimate Wealth creation tool.
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