How I Paid Off My Mortgage in Under 5 Years!Jan 30, 2023
I’m sure you’ve heard stories of people paying off their home mortgage in just a few years, but I wanted to share my own story on how I was able to do it in under five and why I decided to set such a big goal.
A lot of times as home-based solopreneurs, tracking finances and looking at numbers is the last thing we want to do, especially if we don’t have a good system set up. It can make managing our money a huge chore.
We go into business to generate money, but then we often ignore the heck out of it.
I believe every woman solopreneur should know her numbers! It’s a powerful tool and measurement of success! When you know your numbers, you are able to take control over your money and tell it what to do so you can get the desired results you want in your life and for your future.
That’s why we became soloprenuers in the first place, right?! To have time and financial freedom.
So, looking back on paying off my mortgage goal, there were three areas that made the biggest difference:
- The most important part of this process was having a strong “why” behind why I wanted to pay off my mortgage early. Knowing that I would eventually have time freedom and be able to spend more time with my kids or take vacations gave me the motivation to keep going even when things got tough.
- Then came delayed gratification – it meant saying “no” to myself and others and embracing feeling uncomfortable with holding back on spending money on things I wanted now, so that I could reach my goal faster. Instead of spending money on unnecessary items, I put that money toward my mortgage each month.
- I tracked my finances carefully, personally and in my business, so that I could make sure everything was going according to plan. I took on extra work and started making extra principal payments each month. This allowed me to pay off the loan earlier, saving me a ton of money on interest.
After just 5 short years, I am now free from the burden of a mortgage and have the financial freedom and time freedom to do whatever I want!
And you can too! Any goal that you want to conquer, you can do it. You just have to have a strong “why,” be willing to trade instant gratification for delayed gratification and design a specific plan of action.
Remember, efficient systems lead to an empowered life.
Ever wished you had more hours in a day?
We’ve all been there, with our to-do lists stretching longer and longer.
This keeps repeating on loop until you find your family in complete chaos (because of course they can’t function without you), and your business running in circles.
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