How we paid off our mortgage in 7 years (part 2)
Since how we became mortgage free is a question that I get asked about ALOT, I thought I would share some extra tips that helped us (make sure to read part 1 here if you haven’t already done so!).
1/ Mindset
I’m sure you have heard of the quote by Henry Ford - “Whether you think you can, or think you can’t, you’re right”. I believe 100% that the biggest reason we were able to pay off our mortgage early was our positive mindset. For reals.
Don’t worry - I am not going to tell you that if you recite ‘I’m mortgage free’ 50 times in front of the mirror whilst twirling around that your mortgage will magically pay itself off in 7 years.
However, the first step in being able to achieve an audacious goal is believing you can do it and that it is possible! I have heard TOO many people talk themselves out of achieving something seen as extraordinary within 2 minutes of a conversation.
Real life example: I was talking with a couple about being mortgage free early - one of them was fully on board and even mentioned that they were lucky enough to earn a fabulous income and they could basically live off one income and use the other to make extra repayments. Their other half quickly shut down the conversation by saying ‘I could never do that, I still want to enjoy things like travel’……….
If they had been open to the possibility they would have found out that my husband and I actually did travel during our mortgage free journey (we even flew business class at times!) and that it is fully possible to do both.
So next time you catch yourself thinking ‘I could never do XYZ because of <unhelpful story>’, flip the question to ‘How can I achieve <insert fabulous money goal here>?’ and actually answer this for yourself.
2/ Be mindful of your media consumption
I’ve shared before that before our mortgage free journey I was living paycheck to paycheck and was (and still am) a natural spender. Rather than having emails from various stores tempting me with special offers, I simply unsubscribed from most stores (I kept about 2-3 of my favourite stores).
Another culprit to watch out for was any other media that makes you want to spend out of alignment with your main goals. For me this was watching you tube videos of designer homes and interior decor instagram accounts.
Whilst scrolling through lush furnishings and homes were fun, let’s be real: updating our furniture or carrying out further renovations (we had already done our kitchen and bathroom before deciding to aim for being mortgage free) simply did not align with our goal. Frankly, I was making myself miserable and wasting my energy by staring at what I couldn’t have (yet).
3/ Find Inspiration
After banishing any media that caused FOMO or was tempting me to shop, I focused on finding media that would inspire me towards paying off my mortgage instead. I read blogs and watched videos about other couples that became mortgage free early. I listened to inspiring podcasts about other people’s debt free and mortgage free journeys on the way to work, on the commute home, on dog walks, whilst vacuuming, cooking dinner……….. (you get the point).
Let’s face it, becoming mortgage free was a 7 year journey and not a ‘quick-win’, but it is achievable with focus and persistence. Stay committed to your goal and remind yourself of your ‘why’. Build a community of cheerleaders to keep you motivated. And don't give up, even when it feels challenging or overwhelming. Remember, every step you take brings you closer to the finish line and the sweet, sweet taste of financial freedom!!!!
Disclaimer: A friendly reminder that as always none of my posts are financial advice and is for entertainment, inspiration and education only.
Photo credit: Photo by Sincerely Media on Unsplash
