4 of 35
Secrets for paying off your mortgage fast
Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians
Sean Cooper, Copper Coin, $19.73
Who it’s for: Homeowners with a mortgage
More specifically: Those wanting financial freedom by paying off the mortgage as quickly as possible
Does it bust any myths? Yes, that paying down a mortgage will take many years to accomplish.
Well, doesn’t it? No, the author argues that by living frugally, working several jobs and putting as much towards your mortgage as possible, you can be mortgage free in as little as three years.
Why we like it: The author focuses on goal setting, giving specific tips on becoming a Super Saver, as well as explaining how to achieve financial freedom sooner by making the most of your mortgage payments.
What’s surprising: That attacking your mortgage from several fronts with an action plan in hand can save you years of payments and make you mortgage free in your 30s.
Action item: Spend a few years making more money through a side hustle that you apply directly to your mortgage.
Key takeaway: “A compelling reason to pay down your mortgage is to save on interest. For most families, a mortgage is the largest debt of their lifetime. If you pay off your mortgage sooner, you’ll save a boatload of interest.”