Most of you would have seen our 10 steps to financial freedom last year. Becoming mortgage free by age 40 was listed as step 6 but after further review of the numbers, it was clear that we were way over our heads lol. This objective is virtually impossible unless we pay our entire salaries to the mortgage each month, never leave home and starve 😅. Clearly we failed to follow our preachings (making sure your goals are SMART …. R for realistic).
Despite the error, we have decided to still move ahead with tackling our mortgage, but with a new proposed payoff date – December 31, 2035.
Purposeful but not aggressive is the way forward with this goal. This will be a long ride and we intend to enjoy our money along the way. Financial fatigue will not be a part of our story 🚫.
On a brighter note, if successful with the 2035 payoff plan, we stand to save $80,000 in interest payments. Should our financial circumstances have a positive change in the future, savings of $130,000 in interest payments would be possible if cleared by age 40 🤯.
This is our first month and I am sure we’ll find our groove as the months go by. Covid has been acting up over the last few days, restricted gatherings affect our income potential significantly; however, we will continue to shoot for the sky and hopefully land somewhere in the clouds.
That’s it for now!