Paid Off The Home Mortgage…..Now What?
This is a guest post from Joe at SmartMoneyFocus.com. Joe is on his way to be an asset millionaire by age 41.
I remember the day that we paid off the mortgage like it was yesterday. My wife and I sat down and wrote the check to the mortgage company. It was the biggest check that either of us had ever written by far. It was for $167K. We had been saving and investing for this day for about 7 years and it was sweet. This was the end of our debt free journey. We had saved and worked hard to pay off, not only the mortgage, but also student loans, cars and credit card debt. We got there faster than I thought we would, but I did not know where our journey would take us.
After our little triumph, I knew we needed another focus to keep us headed in the right direction. We decided to focus on our three boys and their college education. They are young and we had 10 years before the oldest would hit college age. We now had the “mortgage” money to put towards college, as well as our accelerated “house payoff” fund. Again, we focused and put our efforts into this quest. I am proud to say that we have enough to send all three boys to school for their bachelors degrees. We had done this with good investments, saving and other activities that brought in extra money.
We were not done, no, we had to focus on something else. It was time for us to focus on building wealth, real wealth. This is our latest quest. We are in the process of building up a nice portfolio of assets. We are diversifying our money generating activities by saving, of course, but also by investing and creating multiple streams of income. We are not there yet, but we are on our way. We have a goal to hit the $1 million asset mark by the time I turn 41. That’s a little over a year from now. Our goal, is to have $3 million in assets by my 50th birthday and to be able to not work at a JOB. I would like to be in a position to have my own company by then and create a great place to work and help others achieve wealth.
All this has been possible because we have focused. It has taken us about 10 years to get to this point. I know that some say that we have achieved a lot in these past 10 years and others have said that 10 years is a long time to achieve where we are at. The truth is that it has been right for us. We have done it at a metered pace. We still take vacations to nice places and go out but we live within our means. I am blessed with a good job and have made great investment decisions. We are living proof that most people can achieve what they want with their money if they keep focusing on their goals. Keep at it and you can get where you want to be in shorter time than you think.
Joe Edward is in pursuit of creating wealth for financial independence. Joe believes the right focus on five key areas are a way to financial independence:
-Save, Save, Save
-Debt Free Living
-Invest, Invest, Invest
-Create Multiple Streams of Income
Joe is well on his way to be an asset millionaire by the time he turns 41. He started SmartMoneyFocus.com to help others achieve their own paths to financial independence. Follow him on Twitter: @smartmoneyjoe