Burn your mortgage with Sean Cooper

Mortgages can feel like a ball and
chain around your ankle. Sometimes you drag them around
for 25 or 30 years. Sean Cooper is a young man who paid
his off by the time he was 30. And now at 33, he has become a mortgage broker and is 
helping other young homeowners pair up with the right mortgage. Welcome Sean Cooper. It’s great to be here. Sean, in your 20s, you paid off your mortgage while your
friends were spending money on travel and rent. Why did you pay off your mortgage? Well Lesley-Anne, I saw it as short-term pain for long-term gain. By paying off my mortgage in 3 years, which is
less time than it takes to graduate from high-school, I’m able to enjoy a lifetime of financial freedom. So, I’m able to travel, take
on less stressful job and pursue this new exciting career as a mortgage broker. Did you have a secret sauce, or some kind of technique
that allowed you to pay off your mortgage so quickly? Well, I did it in a couple of ways. The first way was boosting my income. I decided that, when buying my home in an expensive city like Toronto, I needed some sort of help to pay off the mortgage.
So, I decided to actually live in the basement of my house while I rented the
upstairs, because I am just living on my own. And then I also earned money from a “side-hustle”
by working as a money coach and personal finance expert. And, I was also super frugal with my spending.
I was careful with travel, food as well as transportation. So, I was able to take that extra money and put it towards my mortgage. Can you list three ways that a young person would
be able to pay off their mortgage a little bit faster. Definitely, so the first way I would say is
accelerated bi-weekly payments. The second way would be by doubling-up your mortgage payments. And the third way would be by making lump-sum
payments against your mortgage. And if you are maybe on a tighter budget, which of those
three ways would be the one that you recommend. I would say that accelerated bi-weekly payments I the easiest option because with accelerated bi-weekly payments,
you are essentially paying a slightly higher amount and that amount is going straight towards the principle. So it will help you achieve that mortgage
freedom that much sooner. Great tips. Now, what about you? What’s next? Are you
funding your retirement? What are you doing? I like to say that step one of financial
freedom is a paid-off house. But, unless you have any extra savings
it is kind of hard to retire. So, for me, I’m taking that extra cash flow that
was going toward my mortgage and splitting it between my Tax Free Savings Account (TFSA) and my RRSP
to hopefully enjoy an early retirement one day. Sean, thank you so much for sharing these great pieces of advice. If you would like a copy of Burn Your Mortgage, which is
Sean Cooper’s latest book, you can order it on Amazon. And if you simply want those three tips on paying off your
mortgage faster, we have them listed on LesleyScorgie.com

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