5 Reasons to Pay Off Your Mortgage in 2023

If you don’t know where to start to pay off your mortgage, maybe this post will give you a few ideas on how to get started and the overall benefits.

1) The Behavioral Aspect of Being Mortgage Free

There is real freedom in not being shackled by debt or owing another person or institution a dime. 

2) Guaranteed Return on Investment

By paying down your mortgage you are basically getting a guaranteed return in the amount of your interest rate.

3) Decrease to Monthly Expenses

For those of us in pursuit of financial freedom, the goal is to have passive income that exceeds monthly expenses. By eliminating the mortgage payment you will need less monthly passive income to achieve financial independence.

4) Recession Protection

By aggressively paying off mortgage debt we make ourselves more resilient during a recession. Another recession is coming (we just don’t know when) so hopefully people don’t make the same mistakes as last time. 

5) Are You Really Going to Invest the Extra Money?

Humans are irrational creatures and the toughest part of personal finance is the discipline. If you have a significant amount of money sitting in an investment account you’ll continually be tempted to spend it.

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