Pay Off Your Mortgage In Half The Time
The single most important financial rule is the simple RULE OF 72. But, be sure it is working to your advantage and not compounding against your accounts.
Want to see how long it will take to double the money in your savings account? The RULE OF 72 will tell you. But, on the otherhand, it will also work against you and in favor of the banks when considering debts.
Here is how it works. Simply take the number 72 and divide it by the percentage rate you are either paying on your debt or earning on your investment. So, if you have a savings account with $10,000 in it and it earns 3% interest, your money will take 24 years to double to $20,000. (72/3=24).
This may not sound very exciting, but consider this: One penny doubled everyday for 30 days (I month) will turn into a whopping $10,737,417.00 at the end of that month!
The very wealthy Baron de Rothschild was once asked to name the seven wonders of the world. He could not, but responded by saying, “I cannot, but I know that the eighth wonder is Compound Interest.”
It is so important to not only earn a higher percentage return on your investments, but to pay a lower percentage interest rate on your debts and eliminate as much debt as possible. We don’t want to make the financial institutions rich. Let’s keep as much as we can for ourselves and put our money in a position to take advantage of the RULE OF 72 instead of being a victim of it.
Our mortgage is usually our largest loan. The financial institutions kill us, by using the Rule Of 72 in their favor. As the years go on, the banks watch their interest explode, while we pay only a small amount towards the principles in our mortgages each month. Most of the payments go towards interest.
Is there a way around this? Yes there is! Why not pay down that mortgage in half the time? There are simple ways to accomplish this:
One way is to send more principal with your payment each month, to be applied to your loan balance.
Another option is to use a bi-weekly payment plan. Most mortgages can be set up to utilize one of these. If your bank does not, do an internet search on: “bi-weekly mortgage plan.”
Finally, there are various software programs that are web-based, that homeowners can use to pay off their mortgages and all other debts, more quickly. Again, use the internet search to learn more.
I personally use one of these software programs and have shared it with my readers. It allows me to cancel out interest on my mortgage loan, using money that I would usually deposit into my checking or savings. It also uses an ADVANCED LINE OF CREDIT, which is open-ended and calculated not on the MONTH-END BALANCE, but instead on a DAILY PERIODIC INTEREST RATE. This is different than mortgages use. It puts the power into the homeowners hand by allowing them to use all of their cash and income throughout the month, in their favor, before it is needed to pay their monthly bills. This takes away the banks power to make money on the homeowner’s money each month, as it sits there waiting to pay the bills.
There is a whole section teaching this in my book 3 SECRETS OF MILLIONAIRES. Simply do a Google search. If you would like a free analysis, visit the PayOffYourMortgageInHalfTheTime web site. You will know exactly when to expect to be mortgage free and how much money you will have saved doing it this way. Do your research! By setting up a plan to pay off your loans faster, you will be surprised at just how many thousands of dollars you will keep for yourself, instead of giving it away to the bank.
This is a unique way to pay off your mortgage in half the time. More instructions are available at that web site.
Get the RULE OF 72 working for you, to create your fortune, instead of having it work against you to make the banks rich.
Want to find out more about how to pay off your mortgage in half the time? Then get your free analysis by visiting this site. Or read the book 3 Secrets Of Millionaires .
