Jordan Goodman

How to pay off your home mortgage and be financially free in 5 years with Jordan Goodman


Jordan Goodman, America’s Money Answer Man, comes on the Good Dad Project Podcast and shares insights on paying off our mortgages in 5-7 years, paying off credit debit, and saving for the future.

The American Dream: House, 2.5 kids, pets, credit card debt, 30 year mortgage with an arm, car loan, wondering how to pay for the education of those 2.5 kids, the list goes on. It’s kind of a given, isn’t it? Being strapped till the end of time with debt? It kind of nestles itself right in with the family, just like that annoying relative. How comfy! But, what if, you could eliminate that unwanted “family member” more quickly than you thought?

The Mortgage

Jordan Goodman (Money magazine, financial analyst at NBC along with being the author of numerous books on the topic) has helped people pay off their mortgage in 5-6 years and reduce their credit card debt. Yeah, right, you say. But, it’s true! He says if you have equity in your home, take out a Home Equity Line of Credit, connect it to your checking account, use the credit line to pay towards the principal of your mortgage. Repaying the line of credit and then repeating the process six months to a year down the road, you will have that house paid off rapidly.

The Debt

Credit cards can be both a blessing and a curse. The blessing is that they help build our credit. The curse is that, if we overspend on them, we can find ourselves in a world of hurt. Use one credit card to pay your bills every month and then pay it off the next month. That way, you keep your credit in great standing and pay your regular bills.

The Budget

Half of all divorces occur because of money issues. Yep, that unwanted family member is responsible for half of all the broken marriages. So, one solution to that issue is to have open communication with your spouse regarding handling money. Our relationship with money may differ from that of our spouse (most likely it will), so, understanding how our spouse deals with money and communicating how you deal with money is key to a happy home. If you really enjoy golf outings, but your wife loves her Manolo Blahnik’s (it’s a big name designer guys), then make those items part of your budget. Don’t just cut out the things that bring you joy in the name of frugality (unless, of course, you’re simply trying to put food on the table).

Of course, this is simply the tip of the ice berg. This episode really dives into the details of how you can get yourself on a better path with your money and unload the “family member” you aren’t so fond of.

Resources:

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Links

Jordan Goodman Links:

Jordan Goodman Website

Jordan Goodman  Financial Resources

Jordan Goodman Twitter

Jordan Goodman Facebook

Jordan Goodman YouTube

3 replies
  1. Mark
    Mark says:

    It is quite possible I’m a bit thick and don’t get it, but this shell game approach pegs the bullshit meter.

    Shifting the debt to a HELOC only accomplishes anything because it forces you to apply more of your cash flow to your home debt. I lack the insight to see where this riskier method is preferable to simply prepaying more principal per month.

    Perhaps if Jordan would care to show his work and share some example amortization tables illustrating the comparison between his plan, the standard amortization schedule for the same loan and the schedule for the same loan that applies the HELOC payments as principal prepayments.

    Reply
  2. Alison
    Alison says:

    The examples by Goodman were vague and I’m guessing it’s because he’s an affiliate with the company that wants to charge money to walk you through the process. Google Dave Ramsey’s opinion of the idea and you’ll understand more about the process. Do A LOT of research.

    Reply

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