TommyBryson's video: How to Payoff your Mortgage Faster step by step

How do you pay off your mortgage early, something that was so expensive that you needed 30 years to pay off it, how do you cut that time in half or more? That’s what this video is all about. 💲1 on 1 Talk + My Budget + Stock Investments💲 https://www.patreon.com/tommybryson 💰MY M1 FINANCE PORTFOLIO💰 PLUS $10 Link: https://m1.finance/fQsrul1PZcHM 1. Before I give the full plan, here are three examples I want to give you - And they are real people - And I want you to be honest with yourself - On who you prefer to be First is My Mom: - Spend her life-saving money, and paying things for cash - Built a house in her 30s that she fully owns - And have literally 0 debt ( everything is paid for, car, house, and cloths ) Second Is my Best Friend: - Bought a 3 family home, for around 600k in a great location - He put down somewhere around 3.5% ( and his mortgage is 4-5k ) almost half if not little more than half his income - When the place is fully rented things go great because the tenents cover the entire cost - However, vacancies and unemployment are problems - To limit this, he had to save 20k for emergencies - And his notified that two of 3 tenants might be leaving The third is My Grandfather - Wanted the American dream, so bought a house before he could afford it - Got a 30 years mortgage and so far only have around 10-12 years left on it - Doesn’t have enough in the 401k or Roth ira to retire, has to rely on the SS. My answer is this: - To the average person, my mom might seem like the worst choice - But if you're like me, it seems like the best choice - You own your house and have no debt, no one has a say in your income - To me that’s freedom, and you have extra money to travel and do what you want to, that makes you happy However: - If I'm being honest, I use to want to be like my friends - Buy an expense property, put down a small downpayment ( and cross and my fingers and pray that everything goes right ) - Not anymore, it took me a while to see, your job and my job as people that care about money is to steal the best ideas and leave the bad ones - So I’ll be paying for the house as fast as possible, staying out of debt, and investing a ton of money ( and then get into a rental property with the same strategy, only get the next until one is paid off ) 2. How do you Do this ( pay off early ) - There are three things you need to get right - The price of the house, the down payments, and how much extra money you’ll pay towards it ( bonus making sure you have 3-6 months of emergencies to cover all those expenses ) Real-Life example: - We want to buy a house, where the mortgage is no more than 33% of our take-home pay ( that does not mean you push the limit, you can go lower if you have a high income ) - Plus I have to put down 20% ( if you have 20%, you save up until you do, do not be impatient, that’s what gets a lot of people in trouble ) - Now this $284k home, is going to cost around 30% of my income for the first year and the second year 25% What do you do: - This means you should be living on more than 54% of your income - That includes food, utilities, and everything - And you also should have any other debt except the house To pay off early: - You want to take 15% of our income and dumb it as an extra payment every time you get paid - And because of how interest compound on the mortgage this will save you money - You’ll finish in half the time 3. People are impatient - In my financial plan while your paying for this house, your also investing 20% of your income - So in those 16 years you paid off your house - But by investing 20% of 5k for 16 years, you also have $474k in your investments account Video on the Full Guide: Link: https://www.youtube.com/watch?v=iaAAoPIZf4o * PRO TIP* INFORMATION IS EVERYTHING 👕Merch👕 https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ 💰M1 FINANCE $10💰 Link: https://m1.finance/fQsrul1PZcHM 🎁ACORN FREE $5🎁 Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 👨🏽‍💻DISCORD PRIVATE GROUP👨🏽‍💻 https://discord.gg/EcZEHpA My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w 😎All My Social Media😎 Link: https://linktr.ee/tommybryson *Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.