how to pay off mortgage

How to Pay Off Your Mortgage in Five Years with Andy Hill

Finances are a touchy subject that stresses the hell out of all of us. It can especially affect our relationships. Almost one out of every two marriages end in divorce, sixty percent of which are due to financial stress. For most dads, our main goal is to pay off our home mortgage. This seems impossible. How can we pay of a thirty-year mortgage in a matter of years? Today we have Andy Hill from MarriageKidsandMoney.com to tell us how he is paying off his mortgage in less than five years.

Pay Off Your Mortgage in Five Years?

Andy Hill and his wife have been married for seven years. They have two kids, a five-year-old girl and a three-year-old boy. Andy and his wife have been working hard since they’ve been married to create a life that is exciting and live their dreams. So when they bought their dream home, they knew they didn’t want to have the $200,000 debt hanging over them. They set an ambitious plan to work to pay the entire mortgage off in five years.

Today, they have only $29,000 left, which will be paid off at the end of the year. It sounds impossible, or painful, but Andy says it’s the little things that add up to big savings in their household budget that they funnel into paying off their house.

Budget Party

The first step is to get the spouse on board. This is not always easy, but Andy and his wife have a “budget party” once a month to discuss the budget strategy. Andy says not to start the conversation with what must be sacrificed. Make sure you highlight the benefits first. Imagine a life without a house payment? Where could you go? What could you do? Then do a detailed budget and see where all the money is going and start making cuts.

Where families can save money

  1. Pack lunches. You can stay healthier and not spend money this way. Andy saves $100 a month by packing his lunch for work.
  2. Analyzed grocery spending. Andy’s family spent an average of $900 a month on food. To cut back on this expense, they now shop once a week with a list and they stick to it. They switched from Kroger to Aldi and save about $300 a month now. Switch from more expensive stores to discount stores.
  3. Become an aspiring minimalist. Don’t let clutter accumulate. Don’t let things pile up in garage. Look around the house? Does anything you’re not using have value? Sell it online or have a garage sale. Spring cleaning can become profitable.
  4. Cut off the cable. There are so many alternatives to traditional cable. Look at your bill. Analyze the fees. Call and negotiate. Call all providers and find the best deal. Cut back to just internet service.
  5. Go to different stores for bulk items. Things like diapers and baby wipes tend to be more expensive at the grocery store. Go to bulk supermarkets like Costco for these items.

When you feel good about your money, you can do great things that make you feel like a great dad.

Structuring a Household Budget

Andy Hill and his wife set aside money for everything. They include date nights, vacations, and entertainment. Here is how he structures his budget categories:

  1. Transportation (car, public transport)
  2. Utilities, bills, cell phones
  3. Entertainment (game tickets, babysitters, dinners)
  4. Saving up for kids’ college
  5. IRA, retirement
  6. Food
  7. Giving (donations and charities, gifts)
  8. Health, doctor
  9. Home maintenance and improvement
  10. Kids activities (parties, swim lessons)
  11. Miscellaneous or forgotten stuff
  12. Emergency (three months of expenses saved up in case of job loss, natural disaster, etc.)

Andy Hill’s Dad Wisdom

Andy says it’s important to create dreams for yourself and put them out there. Set specific dates to get them done. Ask yourself how your financial goals can support the family you want to have. Do you want the next great thing? Or do you want to give to the world and have new life experiences?

 


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Check out this free resource on: CONNECTION WITH YOUR SPOUSE

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protect financial future

Why You Should Never Leave Your Finances on Auto-Pilot

In our previous episode, financial mentor Damion Lupo shared some mind-blowing information about Wall Street. Most of us leave our money on auto-pilot or trust it to a financial advisor at our investment company. We don’t have time to examine our investments and how they are being managed, but not paying attention to our money can be dangerous. Today I talk about three ways we can protect our financial future right now.

  1. Eliminate fees
  2. Develop multiple streams of income
  3. Diversify your investments

Did you catch this episode? Transcending Financial Problems Once and for All with Damion Lupo


Total Control Financial and the QRP

Damion Lupo and his team have an exclusive offer for The Good Dad Project audience. Go to totalcontrolfinancial.com/gooddad to get the QRP report, a free ebook, and the first year’s fee will be waived. You have nothing to lose. Take the first step toward true financial freedom.


Create an Epic Life

join The Dad Edge Alliance

CLICK HERE!

Dad Edge Alliance


Resources

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Join our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Download a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Download this free resource on:  CONNECTION WITH YOUR KIDS

Links

financial problems

Transcending Financial Problems Once and for All with Damion Lupo

Is our money really safe in the stock market, IRAs and 401ks? Or is it best to diversify? What is it Wall street doesn’t want you to know when it comes to your money? Financial mentor Damion Lupo reveals the astonishing truth about how investment works to help us take total control of our money and transcend financial problems once and for all.

Most of us go on auto-pilot when it comes to our investments. We’re too busy. We don’t educate ourselves on all the financial products. Many of us put all our eggs in one basket because that’s we feel it’s the safest bet. Also, most of us are unaware that we are paying fees that will add up to hundreds of thousands of dollars over the years.

Damion Lupo

Raised in Alaska, Damion is part Alaskan, part Texan and 100% Reinvention. He’s a four-time college dropout who cut his teeth in the trenches of real life, becoming a self-made multimillionaire by age 25.

He’s the founder of Yokido, holds a black belt in Aikido, is a practitioner of yoga and a student of Reiki. He’s a lifelong student of Austrian economics and runs a precious metals company based in Austin, Texas.

Currently, Damion spends his time teaching and lecturing on the art of Reinvention with his unique teaching style focused on his personal life experiences and the process for developing consciousness and awareness to the truth.

Damion’s story

Throughout his life, Damion was always pushing the limits. His father tried to put structure in place, but Damion was always looking for the edge. His conservative dad believed in getting a degree and landing a government job and was scared when Damion left college to go out on his own in investing.

Damion experienced unbelievable success and devastating failure. He had millions in cash. Feeling invincible, he doubled down, found bigger deals, and got into debt. Instead of being patient, he stopped listening to other people. Within a year, he was bankrupted and his properties were in foreclosure. Things unraveled. He didn’t have the right people around him. He spiraled out of control and his health fell apart.

Damion remembers one of the last conversations he had with his father. With only a few weeks to live, his dad confessed to Damion that there were just so many things he wanted to do. In that moment, Damion realized that he was going about his life wrongly. He didn’t ever want to have the same regrets at the end of his life, and he didn’t want anyone else to either.

Making it Back from Failure

Damion says, when you’re accustomed to success, you have no failure to reference. Most men pretend everything is okay. Damion hid from the world and reality and it took a couple years for him to look at what was real. A lot of it was that he didn’t know what he was doing. Could he ever be successful again? Was it all luck? His confidence blew up. He doubted that he ever had any ability. He had to ground himself and find out who he was. If our self-worth depends on the success and we lose that, we don’t know what our identity is.

Making money is easy but it will go away If you’re not right in the head and you’re not right in the heart.

He shifted his focus. Instead of dollars and shiny cars, he lives for purpose and seeks to touch lives. He realized that he was not his balance sheet. He was not his mistakes. The key was asking for help. He struggled with his therapist before finally acknowledging all the carnage he created. He took 100% responsibility for everything. That was the biggest shift. 

Finances and couples

60% of divorces are from financial stress, but it’s a taboo for men and women to come together on it. They avoid facing financial problems, it becomes bigger, the relationship suffers.

The natural masculine desire is to be in charge and take care of the family. Sometimes, when we’re not sure of where we’re going, we just make it up. We don’t want to admit we have no idea how to provide for our families.

We have to realize that our spouse is our teammate and that the only way to fix the problem is to start being real about money. What are we spending it on? Why? What are the things we really care about?

One of the most powerful thing a man can do is admit he really doesn’t know about the intricacies of investments. Then he can find people who will tell him the truth and show him what he can’t see. This breakthrough will build the confidence to run the household without the fear.

Financial freedom is not money in the bank. It’s confidence. It’s your mission.

Transcending Financial Problems with a QRP

QRP stands for Qualified Retirement Plan, in which you are in charge of designing your plan. You can avoid taxes and fees while keeping all your profits in your plan. Damion says that his powerful financial tool is rarely heard of because Wall Street would close down if everyone switched to QRPs. He quotes John Bogle as saying that 80% of investment profits go the financial institution that had none of the risk and only 20% goes to the investor. Their fees chew the majority of the money an investor would make. The system will not talk about alternative investment strategies like QRPs to ensure their survival. They are protecting themselves.

Total Control Financial and the QRP

Damion Lupo and his team have an exclusive offer for The Good Dad Project audience. Go to totalcontrolfinancial.com/gooddad to get the QRP report, a free ebook, and the first year’s fee will be waived. You have nothing to lose. Take the first step toward true financial freedom.

Mentioned Episodes:

The Unexpected Secrets of Men, Women, and Sex with Nell Gibbon Daly

Why Your Ego is the Enemy with Ryan Holiday



Resources

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Join our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Download a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Download this free resource on:  CONNECTION WITH YOUR KIDS

Links

Damion Lupo’s Links

Website

Facebook

Twitter

Total Control Financial’s Links

Website

Facebook

Twitter

 


Create an Epic Life

join The Dad Edge Alliance

CLICK HERE!

Dad Edge Alliance

 

 

 

pay off debt

How to Pay Off Debt and Create Financial Security for Your Family with Jeff Bouwman

60% of parents have at least three forms of debt with the average household debt being around $33,000. Do you fall into this bracket? How do you get out?

Jeff Bouwman is a CPA. financial advisor, a husband and a dad to three little girls. He has just released his book, Your Income, Your Life and is on The Good Dad Project to tell us his experience of achieving what most Americans would consider a successful life, but was, in reality, a stressful financial black hole. Listen to how he got out of debt, quit his corporate job, and now enjoys the life he was truly meant to live.

What appears to be success from the outside is not necessarily a happy life on the inside. Jeff Bouwman spent most of his life following the path he thought he was supposed to take. He excelled at school, graduated from college, and worked hard to provide for his family. Jeff earned more and more money each time he moved up the corporate ladder. He also spent more and more money, buying stuff to fill a void that could never be filled. When he and his wife started a family, they built their dream home and racked up a 100 K debt.

Jeff was unhappy and full of anxiety. He felt pressured to work harder and would put in 60-70 hours per week to maintain the lifestyle he and his family had become accustomed to. He was rarely home with them, and when he was home, he was not emotionally or mentally present. When he was at work he felt guilty for not being with his family. When he was with his family, he felt guilty for missing work.

One night, for the first time in their whole marriage, he and his wife finally sat down to talk about money. They reviewed their family budget and discovered where they were throwing money away. They made some changes to the way the spent and saved money and reduced the cost of their lifestyle. Jeff noticed that because they worked on it together, the budget didn’t feel like much of a sacrifice.

With a little discipline, they saved thousands in payments and interest and paid off 75% of their debt in less than a year. They also began an emergency fund, which allowed Jeff to free himself from his demanding job and take 9 months off to be with his family.

Jeff Bouwman now works for 50% less income, but is happier and gets to spend time with his daughters every day. He discovered that consciously managing money as a team brought his family closer. His book, Your Income, Your Life, shows you how to define how much money you truly need to live the life you want, how money is about choice, and that money can be a catalyst to improving your relationship with your family.

Jeff’s Amazing Offer

Jeff is committed to helping other families get out of the same financial trap he was in, and is so intent on his mission, he’s giving away copies of Your Income, Your Life to anyone who wants one. Send an email to jeff@yourincomeyourlife.com and he will send you a FREE digital copy of his new book!

 


RESOURCES

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Join our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Download a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Check out this free resource on:  CONNECTION WITH YOUR KIDS

Links

Connect with Jeff Bouwman

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chores and allowance

Chores and Allowance: How to Teach Kids Money Management

In a recent Good Dad Project episode with Jim Sheils, we talked about how kids aren’t taught how to manage money in school. It’s up to parents to make sure our children know what it means to work for a living and how to manage the money they earn.

I was against giving allowance until about thirty days ago. In this episode I share why I decided to give my kids an allowance for chores and how it changed the way our whole family thinks about money.


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RESOURCES

Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Check out our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Check out a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Check out this free resource on:  CONNECTION WITH YOUR KIDS

Links