Burn Your Mortgage: The Easy, Effective Path to Financial Freedom

Burn Your Mortgage: The Easy, Effective Path to Financial Freedom

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Burn Your Mortgage: The Easy, Effective Path to Financial Freedom

You might be aware of my tale. I’m the man whom paid down their home loan by age 30. CBC Information filmed my home loan burning party a small over 36 months ago plus it went viral. While a complete great deal of people know I’m mortgage-free, i needed to fairly share my tale of the way I got here and just why I made a decision to get it done. Here’s an excerpt from my bestselling guide, Burn the Mortgage.

The Mortgage-Burning Party

Ding-dong, the home loan is dead,” we triumphantly announced when I set fire to my home loan in the front of my cheering friends and family outside a pub within the heart of downtown Toronto. The 3 journey to mortgage freedom was finally over year.

During the ripe senior years of 27, we had purchased my very very very first household. It’s a beautifully renovated three-bedroom bungalow in Toronto, Canada’s second most housing that is expensive, where in fact the typical detached household is true of over $1 million. We bought the house for $425,000, that has been a discount. I became delighted to finally manage to phone myself a home owner. It had taken me personally over couple of years of home searching and two failed provides to find an accepted place i could phone personal. All my perseverance and frugal living had reduced. We made a big payment that is down of170,000, making me personally with a home loan of $255,000.

Six numbers of financial obligation—slightly over 25 % of a million dollars—is pretty daunting, particularly when just one single individual is holding it, therefore I made an idea to cover straight down my home loan as fast as possible.