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Today, I wanted to talk to you about when to aggressively start paying off your mortgage. There are a few things you'll need to take care of first:
- Pay off all your cards with high interest rates. Your mortgage interest rate is probably substantially lower than your credit card interest rate, so this is an important step.
- Build up an emergency fund. There are a few different rules of thumb for the emergency fund, but generally, you'll want six months in reserve.
- Build up for retirement. It's never too soon to start planning for retirement. We are a great resource for you if you need a financial advisor.
- Start a college fund. Whether you have kids already, or if you plan on having kids, this is a big one. College is expensive, so you'll want to put some money away for that.
- Put money away for long-term health care. Again, planning ahead for this is extremely important.
Once these five things have been taken care of, you can take a look at your mortgage and make a plan for paying it down.
If you have any questions on today's video, give me a call or send me an email. I look forward to hearing from you!
