1968: Life After The Mortgage is Paid Off by Andy Hill of Marriage Kids and Money on Financial Freedom
Nov 19, 2023
12:20
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Andy Hill, husband and father, talks about life after paying off the mortgage. Topics include financial security, investing, saving for upgrades, charitable giving, entrepreneurship, and deepening relationships through Masterclass.
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Quick takeaways
After paying off the mortgage, the freedom to allocate extra money allowed the family to travel more and create lasting memories.
Becoming mortgage-free provided the opportunity to invest more in retirement plans, healthcare, college savings, and early retirement.
Deep dives
Life After the Mortgage Is Paid Off: Vacation More
After paying off our mortgage, we had extra money to allocate each year, allowing us to travel more as a family. We went on all-inclusive vacations, visited different destinations, and made use of travel rewards and airline miles. We now allocate 10% of our annual budget specifically for travel, depositing money into a high-yield savings account. Our mortgage freedom has given us the ability to explore the world and create lasting memories.
Life After the Mortgage Is Paid Off: Invest More
With more cash available after paying off our mortgage, we had increased opportunities to invest. We maximized contributions to our retirement plans, including 401k and Roth IRAs. We also utilized a health savings account for future healthcare expenses and invested in 529 college savings accounts for our children. Additionally, we established a taxable brokerage account to work towards early retirement. Paying off our mortgage provided financial freedom to pursue various investment avenues and work towards our long-term financial goals.
Life After the Mortgage Is Paid Off: Save More, Give More, Take More Risk
After becoming mortgage-free, we prioritized saving for short-term goals. We used automatic savings strategies, such as Ally's bucket feature, to save for upgrades like a new car and home improvements. We also embraced the opportunity to give back, gradually increasing our charitable contributions to 10% of our after-tax income. Moreover, the mortgage freedom provided the confidence to take a professional risk, as one of us transitioned to full-time entrepreneurship. The peace of mind that comes with owning our home outright allowed us to pursue our passions and take calculated risks.
Andy Hill talks about life after the mortgage is paid off.
Episode 1968: Life After The Mortgage is Paid Off by Andy Hill of Marriage Kids and Money on Financial Freedom
Andy Hill is a husband and father to two awesome (and crazy) kids and they hail from the great state of Michigan. His goal is to give his family the best life possible and strengthen their family tree for generations to come.
In 2016, he got so geeked about this topic of young family finance that he decided to start a blog and podcast about it. It began as a hobby and then morphed into a fun side hustle when people started to enjoy the information he was sharing. Fast forward to today, he’s left his corporate event marketing career behind and is now a full-time blogger and podcaster who has been featured in major media outlets like CNBC, Kiplinger’s Personal Finance and NBC News