So you’re sitting on some extra money and wondering if it’s best to invest or pay off your mortgage. This is a pretty common problem for a lot of homeowners. Countless people struggle with making a financial decision. To determine the best decision for you, think about the following before moving forward.
What are your financial goals?
Think about your top two or three, long-term financial goals, as well as short-term goals. Now write them down and compare. These goals might work together or they might compete with each other, and you will need to prioritize in order to achieve them. Ask yourself, “What is most important?”
Take these goals, put them in order and determine which should get the focus of your attention and hard earned money. Once you are able to prioritize needs over wants, you will find yourself heading in the right direction.
What are the risks and rewards of paying off my home or further investing?
Assess your situation and try your best to understand it from all angles. Take into account external factors such as losing a job, unforeseen repairs, emergency situations and bad investments. These are all factors you should be aware of.
If you lose your job and your home is not paid off, then you could lose your home. On the contrary, if you lose your job and your home is paid off, then it’s just your external investments that will suffer. Make sure you become aware of the risks and rewards involved in your decision.
What is my strategy?
Now that you’ve determined your goals and properly assessed the situation, it’s time to come up with a strategy in order to meet those goals. You know what you want to achieve, so now you need to decide on the best and most financially feasible way of getting there.
There a few ways to do this. You could try renting and investing until you are financially independent, or buying a home that costs less than renting. Or, you could pay off your home first and then pursue investing.
Along with the countless other ways to reach home ownership and financial independence, it’s all about what works best for you. Determine your goals, assess the situation and work on a strategy to be successful. Just don’t forget to protect your strategy and always have a back-up plan!
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