Mortgage Paid Off

What to Do When That Mortgage is Finally Paid Off

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.

You could buy shares with it, once you’ve saved up enough to do so, which will only take a few months. Having an investment portfolio is one way to grow your wealth. However, it is important to get good advice that is within your risk level.  Purchasing blue chip shares that pay a dividend and keeping them is the best way to have shares.

Buying and selling shares all the time is for those who like high risks and can afford to lose what they invest. Most of them don’t make any more over the years than a careful investor who keeps quality shares, does. Some people like to purchase real estate with their extra funds. However, if you’ve spent most of your life paying for your own real estate, you might not want to be bothered doing it all again on an investment property.

Even just saving it up into a bank account will give you a break from paying off a mortgage and ensure there is still money in the bank for a rainy day.  There are many ways to spend money as well as ways to save it. If you feel you want to do something that was never possible before, there is nothing to stop you from saving up for that. It is certainly a good time to reward yourself for all the discipline you showed in paying down that big debt.

If you are now in your golden years, it’s a good idea to not go into a large debt again, but save what you can and spend enough so that you can still enjoy life