Many people spend a large part of their lives paying off the mortgage on their home. Those who are wise, seek the advice of a financial planner like www.andep.com.au to help them reduce the interest and get the debt paid as soon as possible. This kind of financial planning can mean you save thousands and may even be able to pay of the debt earlier. So what happens when it is finally paid off?
Apart from throwing a party to celebrate, there are many things you can do.
- Go on a cruise or a trip
- Buy something you always wanted
- Enjoy being debt free
- Keep on paying the same amount of instalments into a savings fund
After spending 20-30 years paying the mortgage off, if you’ve been able to still live comfortably during that time, paying the same amount into a savings fund shouldn’t really worry you. At least you’ll still have it as your own money rather than seeing it all go to the lender. When you consult with a financial advisor, they will be able to advise you on the best way to invest that money to grow your wealth.