At every opportunity I have I strongly advocate paying off your mortgage as early as possible.
As a real estate investor I strongly believe that buying real estate is the Secret To Building Wealth. Read here to learn how Buying Investment Property Made Me A Millionaire. By paying off my primary home and several rental homes fast I quickly reduced my financial liabilities, built equity in my properties fast and increased my net worth.
Just so you know I am NOT crazy I thought you might find it interesting to hear what well respected financial expert Suze Orman advises her followers on paying off your mortgage early. I am a fan of Suze Orman. I agree with most of the advice she gives for paying off debt and saving for a rainy day.
Uh, Who Is Suze Orman?
Suze is the host of the Suze Orman Show and a well known financial advisor and personal finance expert.
Pay Off Your Mortgage Video
Suze Orman says that you should make paying off your mortgage a priority before you retire.
Interview with Suze Orman on NBC Nightly News with Brian Williams
Pay Off Your Mortgage BEFORE Retiring
Pay down the mortgage of your home, so that by the time you retire it’s PAID OFF. If you could do that, you’re going to have more money, because you have less expenses. Now, if you’re NOT going to stay in that home forever, DO NOT – and I repeat, DO NOT – pay down the mortgage of that home.” Suze Orman
I agree with Suze Orman when she says, “if you’re NOT going to stay in that home forever, DO NOT – and I repeat, DO NOT – pay down the mortgage of that home.” I mean why would you pay down the mortgage of a home you are not going to stay in, right? That’s just giving even more of your hard earned money away to the bank! So are their any exceptions to Suze Ormans statement?
Yes, so let me add my two cents as a real estate investor. I would pay down the mortgage of a home that I DO NOT live in BUT I am going to KEEP and rent out! This is the only exception to paying down a mortgage for a home that you are not planning to stay in forever that still makes good business sense.
Suze Orman Advocates Paying Off Your Mortgage Early
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To A Mortgage & Debt Free Life!