Mortgage Free 5 Years Later - Was it Worth It?

We became mortgage free on our $500,000 home 5 years ago.
Now I'm reflecting on that decision ... was it worth it to pay off our mortgage early in our 30s?
CHAPTERS
0:00 Intro - Mortgage Free 5 Years Later
1:47 Decreased Financial Anxiety
2:52 Hit Coast FIRE Faster
3:55 Maximized Family Experiences
4:54 Updated Home
6:14 Work Part-Time
7:24 Final - Mortgage Free - Was it Worth It?
#mortgagefree #familyfinance #debtfreecommunity #FamilyFinance #personalfinance
RESOURCES
Want to build generational wealth for your kids? Check out my course: www.marriagekidsandmoney.com/...
OTHER VIDEOS TO WATCH
How We Became a Millionaire Family in North Dakota: • Boring Investing Made ...
10 Benefits of a Paid Off House - • 10 Incredible Benefits...
How We Paid Off Our House in 5 Years - • How We Paid Off Our Mo...
MARRIAGE KIDS AND MONEY:
This award-winning blog, podcast and KZbin channel are dedicated to helping families build wealth and thrive. Each week, Andy Hill shares actionable advice and tips for family financial independence. Also, he interviews personal finance experts, families who've achieved financial independence and debt-free parents to inspire you to do the same.
BIO - ANDY HILL:
Andy Hill is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.
Andy's advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger’s Personal Finance and NBC News. With millions of downloads and views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world.
When he's not ""talking money"", Andy enjoys being a Soccer Dad, singing karaoke with his wife and watching Marvel movies.
✅ CONNECT WITH US
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Twitter: / andyhillmkm
Subscribe to my KZbin channel today to strengthen your family tree and live financially free!
DISCLAIMER
This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. Information shared on this channel is for entertainment purposes only and should not be considered as professional advice.
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CREDITS
Research & Writing: Andy Hill
Video Editing: EditVideo.io
Thumbnail: Ardi, The Thumbnail Wiz

[@MarriageKidsandMoney]

What do you think about becoming mortgage free?

[@deehope6186]

Love it

[@saurabhbagai5982]

Can’t wait to experience it too

[@MarriageKidsandMoney]

@@saurabhbagai5982 Nice! What is your goal timeline for being mortgage free?

[@ep1929]

I became mortgage free March this year. I made massive monthly overpayments since the start of the COVID pandemic. The timing couldn't have been better, here in the UK our country is going through a major period of financial turmoil - inflation, government debt & interest rates are all extremely high. Obviously, being debt free the turmoil isn't really noticeable. I have slept well since March. Great idea with the frame - might frame my letter too!

[@MarriageKidsandMoney]

@@ep1929 Congratulations on taking this huge step in your financial life! You can't put a price on quality sleep :)

[@jeremycleary2002]

Just paid off my mortgage yesterday on 289,000 loan 22 years early. I’m 42, my wife is 40. Today is the first day of the rest of our lives!!!

[@MarriageKidsandMoney]

That is INCREDIBLE! How will life be different for you now? Please share with us

[@RamonRodriguez-hq7vn]

Glad to hear that, and happy for you.

[@turbografx7]

If everything works out, my wife and I will have the mortgage paid off in 4 months. We've been relentless with paying as much as we can. It's been tough living on a tight budget, but the end is so close now!

[@MarriageKidsandMoney]

Congratulations on your dedication! If it feels too tight, be kind to yourself and stretch your timeline a bit more. Although being mortgage free is great, enjoying today is important too. Please come back and share your good news with us!!

[@ep1929]

Did you finally pay it off?

[@Emkato]

Did you do it?

[@turbografx7]

​@ep1929 yes!!! it's been fantastic! worth every bit of the sacrifice

[@turbografx7]

​@@Emkatowe did!! so so worth it! sleeping is better knowing we have options, and aren't left being reactive to what happens in life

[@anniehansen3692]

My husband and I will have our mortgage paid off in May of this year! Been pecking away at it for 5 years now and we are so dang excited! Best decision we ever made in regards to money and how to manage it. Only regret is that we didn’t do it in our 20s.

[@MarriageKidsandMoney]

I'm so glad to hear this! Please come back and celebrate with us in May! If you want to share your story and inspire others on this channel, please contact me.

[@MildTurkey77]

Just paid off my mortgage this month after building 7 years ago. Rate was 2.8% now my rate is 0% and don't regret a thing!

[@MarriageKidsandMoney]

Incredible life victory! Way to go!

[@Sonoragrove4]

We just paid off our 15 year mortgage at 2.87%. Don’t regret it for one minute. We now have a ton of money to add to brokerage accounts and travel. March 1st , no mortgage payment. The money is finally ours 🎉🎉

[@MarriageKidsandMoney]

Woah!! A fresh mortgage free win! Way to go Sonora!

[@jaredfrazier2216]

2.87? I'm gonna have to hard disagree with you laying off your house. I'm at 7 actually feels necessary

[@dusty4208]

Just paid mine off in Nov. 2,750. Per month extra now to rebuild the savings account. Just turned 56, (2 divorces set me back) but now on track to retire comfortable in my early 60’s. 100% debt. Free feels great! Absolutely no regrets.

[@MarriageKidsandMoney]

Incredible journey! Especially after bouncing back financially after divorce. Congratulations!

[@worldofgaming6662]

We just paid all our CC’s off and working on the last car payment that we owe 17k on then we well hit the mortgage 😊

[@MarriageKidsandMoney]

Way to go! How is your retirement savings going?

[@homer6487]

Thank you. I'm 5 years away from paying my mortgage off. Your video was great motivation.

[@MarriageKidsandMoney]

I'm so glad to hear that! We don't regret it for a minute.

[@jsr44444]

I paid off my mortgage on my £250.000 home 3 days and it feels amazing. 10 years earlier than expected too so now I can concentrate building up my pension which I’m far behind on as I’m 54. Thanks for your inspirational video and it’s great to be part of the mortgage free clang!

[@MarriageKidsandMoney]

Congratulations on your BIG WIN! More money for investing ... and now you have a lower cost of living so your investing goal can be lower too!

[@gohstkilla5160]

Just paid my mortgage off £60.000 1 time 20 years earlier. Got on the ladder verry late age 44 years old a 26 years mortgage. Got some inheritance and just waked it off

[@jsr44444]

@@gohstkilla5160 congratulations, it’s an amazing feeling!

[@MarriageKidsandMoney]

@@gohstkilla5160 Congratulations on this decision! I wish you the best with your new mortgage-free life!

[@henrynova7912]

My wife and I just paid off our mortgage (Latin for Death Grip) yesterday! 7 years after buying the house. 😀

[@MarriageKidsandMoney]

Way to go! And yes, when we look where that word came from, it makes us want to get rid of it even faster! What will you do with the extra money each month? Or what will you stop doing?

[@NorthRidgeSolarNZ]

Turning 40 tomorrow. Mortgage Free Family home and 5 rentals with some debt on rentals. Looking for inspirations. Nice work..

[@MarriageKidsandMoney]

What an incredible life you've built!

[@scottyj6023]

Hi there. We paid off mortgage in April 2022 so approaching a full year. I remember in April our pay periods were set up so we would have what I call a free paycheck that we did not have to take money out for Mortage as we paid twice a month. I thought it would be great to have these free paychecks every time so took our savings and paid it off, It is a great feeling that with a good emergency fund and paid off cars if one of us loses our job we will be ok, It does reduce stress.

[@CoachJ-kt2kl]

Paid off our home 2.5 years ago and FIRE at the age of 53. Financial Emancipation is power both psychologically and physically. Retired the wife and only go to my two part time assignments for my passion play to serve others and still max out my 401k and ROTH IRA. Have three guaranteed passive incomes from THE MILITARY AND VA and no rental properties.

[@MarriageKidsandMoney]

A winning recipe right there! Incredible!

[@seansenske2987]

Love owning a paid off house! It's been about 18 months and it is great.

[@MarriageKidsandMoney]

Incredible Sean! Your family wealth story is awesome! What’s your next goal so we can get inspired? Or more relaxing and time outdoors?

[@seansenske2987]

@@MarriageKidsandMoney I’d say it’s still like we talked about on the podcast. Invest into the brokerage account to move our FI timeline much closer, decide when we get there if early retirement is right for us. Look out for the kids a bit, and just enjoy life and get nicer things/trips we would really appreciate some times. The new camper for the truck should be in 2nd qtr of 2023.

[@MD-kv1ch]

We paid off our house December 2023. It was a nice Christmas gift to us! My husband's job is not as secure as we had hoped and his company has been going through rounds of layoffs. So paying off the house definitely gave us more peace of mind should that day come where he finds himself out of work. Eventually, when we start a family, we'll value having more time back as we would both like to transition to more part-time work. We're also hoping to do more traveling in the future as well. Thanks for these videos!

[@mikelee0072]

Love it. You cant measure the peace of mind paying off your mortgage brings.

[@MarriageKidsandMoney]

It's a freeing feeling that you just can't quantify

[@rnt45t1]

Own my house outright. Never had a mortgage. I bought a cheap old house I could afford. Primary residence is not an investment, it is an expense. As soon as I realized that I was free from the societal conformity that demands you go out and finance the most expensive thing possible for 30 years.

[@MarriageKidsandMoney]

Good for you! You bought your time and your financial freedom. Congratulations!

[@skyecarrette6637]

Mortgage Free since September 21, 2021 - I look forward to our 5 year anniversary 'cause you look super happy 😊

[@MarriageKidsandMoney]

That's awesome! How has life changed for you over the last 3 years?

[@allthingsnu4673]

Congratulations on all of your smart decisions. I paid my house off about 3 years ago and love not having to worry about a payment anymore.

[@MarriageKidsandMoney]

Thank you for your kind words! Yes, that mortgage-free feeling lasts.

[@darryltognarelli6769]

It’s always nice to have finances paid off!! I paid off a 30 thousand $ truck in 9 months now I’m looking at buying property and possibly doing the same way!!

[@MarriageKidsandMoney]

Nice pace on that truck payoff! Way to go!

[@user-sm3yu8wg6i]

Simply put, yes you “might make more investing” but everyone seems to ignore the “might” part. A truly smart person goes with the 100% guarantee of saving a ton on interest by paying their house off early. Don’t listen to what they say and don’t follow the masses.

[@MarriageKidsandMoney]

Good point! Creating a retirement income for yourself is very important as well. It's a balancing act and it's unique to every person's situation.

[@williamflinn8606]

I guess this video is interesting for those who have a low mortgage and the comparison on overpay or invest, vs age enabled this to happen. Everyone’s situation is different and it’s great that you managed to achieve this!

[@MarriageKidsandMoney]

I appreciate your kind words!

[@janebaker4912]

Being mortgage free is true freedom. Im back in debt, but for a while when i had a baby i was mortgage free and doing great on one income. We kept that house to rent out and now live in a bigger family home with monster mortgage 😭. Been here 2.5 years. Furst year we needd cash to get new build things...gate, deck, fence, grass, garden, new couch, blinds. But now thats done we can focus on the mortgage. 455k starting balance. 413 now at 6.22% 😭

[@MarriageKidsandMoney]

The costs of homeownership can feel crippling at times. I wish you the best of luck with your journey Jane!

[@khatYT]

❤this! i cannot wait to be mortgage free

[@MarriageKidsandMoney]

Awesome! What’s your goal? (Sharing motivates others :)

[@pls5201]

Everyone’s situation is different. Paid off my mortgage in 2017. Loved being mortgage-free. Then wanted to move to a 1-level condo in 2023. Found one and assumed a VA mortgage at 2.25%. Sold the other multi-level condo. With traditional mortgage rates above 7% and the proceeds of the other condo sale in high yield bonds in an uncertain market, I am happy with the choice and plan to stay until I am ready to sell again. Payments are comfortable. Mortgage-free is the best way to live. Congrats on getting there so young. But this is the right choice for me now.

[@MarriageKidsandMoney]

Absolutely! And change is good too. Who knows? We might get another house in the future with a mortgage. We're not locked into this life.

[@davidewan1145]

Last house payment was two days ago! 20 Years! (but after refinancing twice, it would have ended in 2042... so I will take it as a win)

[@MarriageKidsandMoney]

CONGRATS! What a win! Two questions ... 1. How are you going to celebrate this victory? 2. What are you going to do with the extra money each month to improve your life?

[@henlanda]

Awesome🎉 Love watching your videos, they are very inspirational🤩

[@MarriageKidsandMoney]

So glad to hear this! Thank you for watching!

[@carolannstevens5814]

So proud of you and Nicole! God says don’t owe anyone anything. 😁🙏🏻

[@MarriageKidsandMoney]

Thank you so much!!

[@TheGreatAgnostic]

Not the point of this video, but feel the need to comment. Ephesians 6:5 reads, "Slaves, obey your earthly masters with respect and fear." Romans 13: 1:3 reads, "Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God. Therefore whoever resists the authorities resists what God has appointed, and those who resist will incur judgment." Unless you want to advocate for slavery or that one should never disobey the civil government, it might be worth reconsidering an interpretation approach that takes an isolated verse and says this is what "God says."

[@coremoneycoaching3554]

Freakin love this! We reached Coast FI last yr and hoping to be mortgage free by or before 2026.

[@MarriageKidsandMoney]

YES! What a great example for us all!

[@robertmorris2576]

Can breathe so much better since my mortgage is paid off! Great Video, Andy!!

[@MarriageKidsandMoney]

Absolutely! Such a good way to put it

[@dailytheology1689]

House paid off yesterday.

[@MarriageKidsandMoney]

WAY TO GO! Any plans to celebrate? How will you use the extra money? Or will you work less?

[@dailytheology1689]

We have our own biz and are a bit busier already , we will definitely be sending more door dash to friends from Church to surprise them. @@MarriageKidsandMoney

[@frugalnfine]

We wanted to pay down enough to drop PMI, but realized doing it a little faster wasn’t worth it, that the money could be better spent investing. We still pay an extra $100/mo but no more than that, and will still drop PMI by the end of this year. We have a low interest rate. I agree for now we will focus on beefing up the retirement accounts, also working on trying to go PT and build a business, and then focus on the mortgage bc I do want to pay it off early still.

[@MarriageKidsandMoney]

Your plan sounds awesome!

[@greenwil]

No brainer here, folks! I have been mortgage free since November of 2013, and there is absolutely zero regret! I pay myself back in principal and interest every single month that I don't have to make that payment to Wells-Fargo! As a side bonus, it is now valued at triple what I paid for it in 2013!

[@MarriageKidsandMoney]

The power of real estate over the last decade! That's incredible!

[@nienkepeters4940]

We are 50 and 52 and since one year mortgage-free and since then already own 2 holiday homes and a piece of land to build on next octobre, living frugal is so relaxing om the end

[@MarriageKidsandMoney]

Wow! That’s very inspiring for me. Congratulations on your success!

[@robertneville2022]

Having your house paid for is like living rent free , pretty schweet 😊

[@MarriageKidsandMoney]

YES!

[@thomaschew2191]

Andy, we paid off our mortgage, a 15 year fixed in 12.5 years. Our actual payoff date was a few weeks after yours, ours was Dec 15, 2017 so like you we have been mortgage free for 5 years. The problem for us was we had a lot of other consumer and misc debt that we had to deal with after that. But yeah, we would pay if off sooner again if we had one. We took a break from our debt payment program post mortgage then resumed 3 months later. We pad off a ton of debt and finally hit debt free status on Dec 6, 2022. Today we have 7 months expenses in an emergency fund and now are putting serious money in retirement. I know we did this backwards, we should have left the mortgage for last but when we finally decided to reverse course and get out of debt, our mortgage was down to about $20K because we had always made extra payments, that's what we did, and I think it was a good call for us and got us realizing that hey we can live debt free we just have to set our minds to it and get busy.

[@rjigota1]

About to pay home .. but have a paid off Mach e… absolutely lovely life :)

[@myfobtofabjourney9289]

This is very inspiring what I really want to hear in order for me to keep going for our Mortgage free goal by December 2024 God willing 🙏🏽 so thank you so much, Love and blessings from New Zealand ❤️🙏🏽

[@MarriageKidsandMoney]

You are so close!! I love your dedication!

[@YEG_rents]

Very good feeling. We can focus on our child’s future. Pay for her schooling, buy her a property, etc so she can focus on building her wealth earlier in life without having to worry about financial issues when she becomes an adult.

[@MarriageKidsandMoney]

What a position of financial strength, confidence and family focus! Thank you for sharing 🙏

[@BrianAndrewStephens]

I'm 47 and I feel crushed by my debt. Not to mention a house that is almost literally cracked in half. The foundation is caving in a bit. 3" to be exact. It's unreal the cost to repair a foundation and you almost can't sell it because the problems are so extensive. It feels like a curse Im maxed out on loans and credit cards. It feels impossible. I wish I could start over. How do you guys do it. Not just the guy in the video but everyone below. It's amazing and I'm so happy for all of you. Just wish I could share the happiness too.

[@MarriageKidsandMoney]

I feel for you man. Homeownership can feel like a curse sometimes. Especially when the costs keep compounding. I'd suggest getting in touch with a non-profit credit counselor. You can work your way out of this situation. Life can feel lighter. www.nfcc.org/ is a resource to check out.

[@Brandonjwellman]

Another great video, Andy! I struggle with whether or not to do this but you’re very inspiring.

[@edfig]

Do it. At first it feels impossible but once you start you're going to want to pay it off as soon as possible. You can do it in less than 6 years.

[@MarriageKidsandMoney]

There is no one right answer Brandon! Do what’s best for you and your family.

[@Brandonjwellman]

@Ed F, I have the ability to do it but just struggle with the emotional vs logical side. I’m in my mid 30’s and think about the compound interest in the stock market instead. Right now I’m kind of doing a hybrid approach. Aggressively saving and paying down mortgage but either side could be more aggressive if I only focused on one.

[@edfig]

@@Brandonjwellman Yeah, I had the same concern. It really depends on what your goal is. Whether it's fire, or payoff mortgage , retirement, or do both! I didn't want to sacrifice my retirement so we did the hybrid approach. Saved for retirement, drove my 03 Tacoma till 300k miles and put the rest on the mortgage. Now it feels weird, but in a good way. Still adjusting to the new budget. After payoff we setup several savings buckets. One for taxes, vacation, car, home remodel and a splurge fund for the wife. :)

[@raymondgrose9118]

Yep. Got mine paid off last year. I am much more mentally relaxed & planning more time off work.

[@MarriageKidsandMoney]

Incredible win! Being mortgage free helps you relax more. That's worth it to me!

[@lowermichigan4437]

While I dream of having out home paid off we have a really low rate on a 15 year. Love hearing about how it is to have a paid for house.

[@MarriageKidsandMoney]

I totally understand! There is no one right way to do this family wealth game. Contentment in your decision is a beautiful thing 🙏

[@MrDark21knight]

Mortgage free in two years 3 months is my goal. Mortgage is 1188, 25% of my income.

[@MarriageKidsandMoney]

That's awesome! After you're mortgage free ... How would you rather spend $1,118 per month?

[@jordanj9116]

It’s been 5 days since I paid off house at 42 and everyday I say “I can’t believe it’s paid off !” I can’t tell anyone cause family will use it against me to weasel money out of me Took 11 years and one refinance.

[@tomjohnson5700]

I paid off a 30 mortgage in 11 years in 2007, and the mortgage certificate has been framed as well. The money that was going to the shylocks was put into retirement accounts.

[@MarriageKidsandMoney]

Incredible! Mortgage free for almost 20 years now!

[@transformativelearning2186]

😂😂

[@ashleyreid6356]

Housing is so expensive here in New Zealand, but I am 2 years away from paying off my home. I will be in my mid-50s by the time my rental is paid off too which will leave me 10 years to quadruple down on my retirement fund. I work literally every day to be able to achieve this and I do without, but I have a job that allows me to experience travel around the world so I don't feel like I am missing out on life. I'm also doing this by myself which gives me a sense of satisfaction that makes me happy. Great video and I like your positive energy

[@MarriageKidsandMoney]

Your dedication is impressive! I can only imagine how much your original mortgage must have been in New Zealand. Best wishes on your big goals!

[@devinantonovich1]

For my first home I purchased a property which I knew I could add value to. Over 3 years I added a lot of sweat equity, and resold and netted enough to put down a 90% down payment on another home. Will be mortgage free by years end and Im 38. Feels great. Eliminating personal debt like student loans and mortgage is most definitely a key to wealth.

[@MarriageKidsandMoney]

This is so inspiring! Finding your version of freedom and pursuing it is essential to a fulfilling life. Congratulations to you!

[@devinantonovich1]

@@MarriageKidsandMoney thank you! Great vids btw

[@MarriageKidsandMoney]

@@devinantonovich1 Glad you enjoy them!

[@strangerdanger8462]

Wow! This video just made me realize how one can be "imprisoned" by a mortgage. In the past few weeks, I've been thinking hard about this. When I pay off my mortgage, I'll use the extra money to invest, build generational wealth for my kids, and also enjoy my life. Trips overseas, and finally buy that Porsche that I've been dreaming about since I was 25. Let's do this!

[@MarriageKidsandMoney]

YES! Let’s break free from the “mortgage forever” trap. Life is for living!

[@maybefuture_youtuber2655]

Im still single but hope to pay off my mortgage off by 30. Once I do i plan on investing and saving and if i have a partner/ small family buying and paying off a big house for all of us with my savings and renting mine for passive income (help with monthly payments too if needed). Then saving / investing for generational wealth maybe working remote / part time and focusing on hobbys traveling and family

[@MarriageKidsandMoney]

Sounds like a great plan! Best wishes on bringing it to life!

[@justletmewatchdangit]

We're all about paying it off early! Got a 30 year at the end of 2015 and started paying off aggressively, refinanced into a 15 at the end of 2021 with an even lower rate AND still got a lower monthly payment so that we can dump more into retirement investments. Hoping to pay the blasted thing off within the next 5-7 years so we can focus on making memories with our kids.

[@MarriageKidsandMoney]

Great plan! And I love your focus on making memories with your kids.

[@highlanderc]

This is fine and dandy.... awesome.. hurray... you have to be making a huge amount of $ in order to achieve this. In the end, its not whether you paid off your mortgage or whether you invested it... you had to make it first. the advice is great for it to NOT spend it on cars or other liabilities, but #1. you don't have a spending problem you have a $ making problem.

[@MarriageKidsandMoney]

Making a healthy and sustainable income is key to your mortgage-free journey. Completely agree.

[@AnaViolinViola]

Congratulations, i totally understand what you mean!

[@MarriageKidsandMoney]

Worth it!!!!

[@nicpollifrone8634]

We started our journey by paying off all of our debt first. We have our emergency savings fully funded and I’ve consistently contributed to my 401k. We are now actively working to pay our mortgage off by the end of this year. After that’s done, we will continue to maximize my 401k and go into overdrive with our brokerage account! Feels damn good to be close to the finish line… I can only imagine how it feels 5 years in.

[@MarriageKidsandMoney]

Wow! Your plan is solid! Keep us posted on your journey please

[@nicpollifrone8634]

@@MarriageKidsandMoney I sure will… thank you for your content! I’ve got a terrible case of “short-timers” right now and your channel helps keep me motivated! Lol. We live in a beautiful cabin in the mountains… that’s predominantly off-grid on 4 1/4 acres… that doesn’t hurt either. Take care!

[@Dollar_Dad]

It's a huge peace of mind.

[@MarriageKidsandMoney]

Absolutely!

[@damienocarroll2770]

I have four properties. Inherited all of them. No mortgage ever. The price of food is scandalous.

[@nq6417]

So what are you doing with that blessing or is gloating your only goal. Not jealous, just thought I’d put the mirror in a wise place

[@foxyfoxtrot4233]

It’s cool that you can overpay in the US. In Germany we can only pay 5% of the original principal per year on top (sometimes the banks allow 10%). If you want to get out of your mortgage early, you may incur a contractual penalty to compensate the bank for the interest they miss out on. However, after 10 years, you can get out of every contract even if it was for a longer repayment period.

[@MarriageKidsandMoney]

The nuances for the mortgage free process are so unique across the world! Here's a story of someone who paid off their mortgage in South Africa (or as they say "Bond Free!"): kzbin.info/www/bejne/eoeueY2abMR-rM0si=yUkbGE97BVE3T_BH

[@blessedhomemaker781]

We paid off our mortgage last year. It took us eight years. I thought after we paid off our house I would stop worrying about money. It did help some but not like I was hoping. Now it is harder not to go back into debt. We didn’t up our lifestyle. We did put extra money in grocery due to inflation and put back some money each month for vacations. No vacation for eight years but did celebrate with a cruise when we paid off the house. We almost depleted our EF to go on cruise and pay off the rest of our house so we could be debt free by the first of the year. We are now only a month away from having our six month EF back. The problem is all the extra money is going to saving because we have to save for my husbands eye surgery and remodeling our home. Our entire house needs a remodel. We didn’t do any upgrades while we were getting out of debt. It will be one year of saving for surgery and another year saving for remodeling one room. So that makes two years before our first remodel and one year for each room after that. All raises will go to retirement. How do you stay motivated to wait to save after debt? I want to save half and borrow the other half but afraid to go back into debt because it is wonderful not having a house payment but we don’t have all the extra income like most couples. My husband works full time and I am on disability. I feel so bad feeling this way! Any advice on why we should wait to save and not have one small loan at a time would be appreciated!

[@josephbrown1573]

The remodeling can come later ! Relax , enjoy life and paying off the mortgage. I was in my house for eighteen years before we did all the remodeling that we planned ! Life is for living as long as your house is safe, clean and comfortable who cares . You don't need a schedule remodel when you can , but do not pressure yourselves to get it all done right away.

[@RamonRodriguez-hq7vn]

As a homeowner who paid off my mortgage quickly six (6) years ago. I can say it's worth it, I have more purchasing power. Investing smartly, and efficiently. I only have to pay the taxes, and the bills.

[@MarriageKidsandMoney]

6 years mortgage free! Incredible!

[@RamonRodriguez-hq7vn]

@@MarriageKidsandMoney I had the traditional 30 year fixed rate mortgage. I paid it off six (6) years ago, after twelve (12) years of paying a mortgage. As I said before, I have more purchasing power.

[@irisflower9030]

I cannot be more excited to pay off our mortgage in about a year! Our goal is to build generational wealth. If things go according to plan we can retire on 4% of our investment portfolio’s earnings while keeping the principal untouched. We never really cared about big houses, expensive cars or toys. I’ve always valued experiences most so the extra money we’ll be getting back will go towards investments, house upkeep and remodel, and family travel. Not many things come close to having financial freedom and the choices it allows! Im so glad to see that those of you who paid off mortgage early do not have any regrets!

[@MarriageKidsandMoney]

No regrets here! It'll only add to your options and time freedom. Fewer expenses mean that you don't need to work as many hours in the week OR you get more money for the stuff you do care about.

[@Isaacsteven987]

This guy sounds like Owen Wilson. Ha. Good stuff!

[@MarriageKidsandMoney]

Thanks for the compliment!

[@joostwolzak5419]

My friend, to me a real holliday means that you go abroad. Try Thailand for example!! Lifelong memories for you and your kids.

[@MarriageKidsandMoney]

Sounds incredible! We're starting with some local road trips this summer. I'm excited!

[@sunshinewolf5980]

Hey! It's definitely worth it for sure! We're close in paying off our mortgage just 16k balance whew!😊 But now thorn between paying it off or putting the money into GIC for 5% interest. Our mortgage rate btw is 1.74%! Any opinion on this?

[@MarriageKidsandMoney]

This all depends on your goals! For me, I wanted to reduce our overall expenses so my wife and I could choose part-time work instead of full-time work. With fewer expenses, we don’t need to make as much money. Now we can do more work that fulfills our purpose for existing (instead of someone else’s).

[@jordanmadden7388]

Congrats! How do you handle health insurance with part time jobs?

[@MarriageKidsandMoney]

We got health insurance through healthcare.gov and pay around $1,200 per month. Not cheap but it ends up being a business expense for my business as I'm the only employee.

[@jameshall1648]

Atleast you got something from the bank. Took me 6 months to get a lien release from my prior lender. What an awful experience. Never again.

[@isabelbecerra898]

i want to be able to pay off my mortgage early too!

[@MarriageKidsandMoney]

Let’s do it! Here are some strategies to consider: kzbin.info/www/bejne/ioG1kHywi8ynbcU

[@ShutterSpeedGaming]

Congratulations 🍾 this is very inspiring! I’m on track to be mortgage free by 2026! I’m looking forward to it! Blessings to you and your family! 😊

[@MarriageKidsandMoney]

What an excellent goal! This will free up some extra money (or time!) in your life :)

[@ronjeremie2656]

paid off mine in 2013, took me 19 years. Yes people told me I should be using the extra $ to invest perhaps buy a 2nd house. I'm still questioning my wisdom on paying off mortgage early if it worth it.... I was paying interest rate 5.25%.

[@MarriageKidsandMoney]

Thank you for sharing! Yes, this is a difficult struggle point for a lot of people. To invest or pay off the mortgage? Securing your financial future with retirement income can help you rest easy knowing when you want to stop working, you can. Do you have other sources of retirement income like a pension or social security? Or have you invested for your retirement as well?

[@ronjeremie2656]

@@MarriageKidsandMoney I'm in my late 50s, still working full time at the moment, hopefully not for long. Currently in some income/dividends based investment. I'm currently following this guy www.youtube.com/@PassiveIncomeInvesting and few others on my investment journey. This is what they called "Passive Income Investing" where you invest in high yield dividends based stocks/etf/funds etc where your objective is a steady monthly income and less for the capital appreciation, unlike the traditional stocks investment. I'm still new only been in it for about 2 yrs. The jury still out if this is something I can rely on upon retirement to sustain a monthly income.

[@sneakyquick]

Think of the goosebumps they would have when they invested the amount of the home for 30 years and it was worth five times what the house will ever be worth.

[@MarriageKidsandMoney]

Or do both! Then you can have the paid-off house and the million dollar net worth. Here's how we hit our millionaire goal in 10 years: kzbin.info/www/bejne/ZobIfJt9j7VmpLcsi=-9dw1jqdTr-M8Fe4

[@kingtizzy007]

Same feelings here. Zero regret since retiring mortgage two years ago. Slave to lender no more!

[@MarriageKidsandMoney]

It’s a beautiful thing! Nice work!

[@misterfakeid]

What do you guys do for health insurance?

[@MarriageKidsandMoney]

We've paid for a plan off of Healthcare.gov for the past few years. It's the same plan I had at my employer.

[@davidclark3603]

Yes it's worth it!!! You only have to lose your job, and you're homeless!!!! Your home is at risk if you don't keep up the payments on it!

[@stanleykachuik2589]

City i live in. 200k would get you a parking spot.

[@MarriageKidsandMoney]

Woah! Sounds like a major high-cost-of-living city!

[@californiagurl1744]

Did you happen short sell the home that you were upside down on? I boughty home in 2007 and was tempted to leave and short sold the home but we stayed because we liked our neighborhood and school district

[@MarriageKidsandMoney]

We did not short sell. We kept it and sold it in 2013 -- pretty much broke even on the 10 year homeownership experience.

[@todd2456]

NO WAY --- we are thinking about the new MachE too ---- can't wait to see how you like it. When are you expecting it to be ready?

[@MarriageKidsandMoney]

Got it last week and I LOVE IT 😁 We went with the Premium AWD for our Michigan roads and it’s just so fun.

[@todd2456]

@@MarriageKidsandMoney our neighbors got one a couple of months ago and stopped by to take us for a ride. So cool!

[@MarriageKidsandMoney]

@@todd2456 Sounds like your mortgage free present to me!

[@todd2456]

@@MarriageKidsandMoney Will keep you posted - balance today $153K.

[@todd2456]

ANDY!!! We paid off our mortgage Monday!!!!! $903,000 in 30 months - which ended up being 30 months earlier than planned!!! Thank you for all your content!!!

[@autobotdiva9268]

were doing #coastfiregoal and now the mortgage balance is at October 2023 on that ugly ammorization schedule.

[@MarriageKidsandMoney]

October here you come!!!

[@nikij.6058]

What is coast fire btw?

[@MarriageKidsandMoney]

Great question! I made a video about it kzbin.info/www/bejne/iYbQXnptn5qDY6csi=dboiJF5EsfkZq5i2

[@shelleybradshaw5074]

I know one perspective in paying off or not paying off mortgage sometimes is dependent on what interest rate you have. Most say keeping a low interest mortgage is better, but what about today's rates? With a 6.4% mortgage.. is paying off the mortgage a higher priority than investing now?

[@MarriageKidsandMoney]

Some current homeowners may still have a low interest rate mortgage after years of that lower rate environment. For those folks who don’t have their retirement accounts built up to Coast FIRE or at least on their way, or folks with other high interest debt (and no emergency savings), paying off your mortgage early should not be first priority in my opinion. But if you’re looking to lower your expenses to make a solid lifestyle change to better yourself, the flexibility that comes with being mortgage free is tough to beat.

[@shelleybradshaw5074]

Thanks. We are striving to be mortgage free with our newly built dream home! I enjoy your videos!

[@kevinvanderhoof378]

Congrats! Posting for algorithm. Mathematically better to invest more if you're mortgage interest rate is low (and fixed), but can help with peace of mind.

[@MarriageKidsandMoney]

Thank you! Yes, the math works in the favor of investing instead of paying off low interest debt. And the peace of mind of a completely debt free life is hard to deny. In the end, do what’s best for your situation.

[@pwu8194]

If you pay higher interest rate than what savings banks offer, you are a slave for the lender.

[@chrisharkins9764]

The bank creates money out of nothing, you are already a slave.

[@treyarmstrong-ny8wg]

.

[@ljvue]

No mortgage bill worth it? Duh!

[@MarriageKidsandMoney]

There are countless people who thought this decision or ours was a dumb one.

[@markt8876]

No need for a shirt that tight

[@MarriageKidsandMoney]

That was your biggest takeaway from this video?

[@sunkneee]

This guy talks like an infomercial advertisement. Sounds very fake and now not fully believable 🤷🏽‍♂️

[@MarriageKidsandMoney]

I'm sorry you feel that way! You may not like my channel as that's just how I talk. I like me and prefer not to change :) I wish you the best on your financial journey!

[@ShutterSpeedGaming]

You sound like a hater. Get a life.

[@timholmes7674]

In this financial environment, it feels safer to sell everything and only buy if you can be mortgage free. I will never have a mortgage ever again.