Shagun 💰

Paying off a $350,000 mortgage.

Dumb Strategy:

Mortgage: $350,000
Interest rate: 6.5%
Term: 30 years
Monthly payment: $2,212
Total interest: $446,400

Smart Strategy:

Pay off your 30-year mortgage faster.

Try this:

• Pay extra $200/month = thousands saved in interest.
• Pay extra $500/month = years off your mortgage.
• Make 1 extra principal payment every year = faster payoff.
• Round up every payment = small amounts add up.

This is why you aren’t a millionaire?

You got a $100K car.

Then a $700K house.

Then upgraded your phone every year.

Then financed the vacations.

Your income wasn’t the problem.

Your lifestyle was.

Stop trying to look rich.

How Much You Should Invest Every Month Based on Your Salary:

• $40K salary: $667
• $50K salary: $833
• $60K salary: $1,000
• $70K salary: $1,167
• $80K salary: $1,333
• $90K salary: $1,500
• $100K salary: $1,667
• $120K salary: $2,000

That’s 20% of your gross income.

You don’t have to invest everything you earn.

Old Retirement:

• Work until 65.
• Depend on Social Security.
• Keep $100K in a savings account.
• Hope inflation stays low.
• Withdraw money without tax strategy.

New Retirement: