Financial Planning to Help Pay off Your Mortgage

Omaha Real Estate Podcast

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Today, I wanted to talk to you about when to aggressively start paying off your mortgage. There are a few things you'll need to take care of first:

1. Pay off all your cards with high interest rates. Your mortgage interest rate is probably substantially lower than your credit card interest rate, so this is an important step.
2. Build up an emergency fund. There are a few different rules of thumb for the emergency fund, but generally, you'll want six months in reserve.
3. Build up for retirement. It's never too soon to start planning for retirement. We are a great resource for you if you need a financial advisor.
4. Start a college fund. Whether you have kids already, or if you plan on having kids, this is a big one. College is expensive, so you'll want to put some money away for that.
5. Put money away for long-term health care. Again, planning ahead for this is extremely important.

Once these five things have been taken care of, you can take a look at your mortgage and make a plan for paying it down.

If you have any questions on today's video, give me a call or send me an email. I look forward to hearing from you!