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The Pay Off Your Mortgage Challenge Concludes
Over the last 10 months, we have demonstrated that for the vast majority of people borrowing has become a way of life to the point that personal debt levels are at the highest they have ever been.
The “safety net” of ever increasing equity in the value of homes added to the greed of over zealous lenders who abandoned all common sense and ignored the ability to repay rule which would have kept some sense of reality; but the equation we have left leaves millions of people with huge debts, falling equity, job insecurity and a crashing plunge towards a new type of poverty.
The government in the UK have come up with a solution for themselves, which is to borrow more money to get the economy moving again, and they may yet stoop to printing more money to try and dig themselves out of the hole they helped create.
So what options do “normal” people have? CHANGE or Go Bankrupt
Since the Pay Off Challenge started, we have demonstrated how important it is to control every penny you make and control every penny you spend. Take nothing for granted, if you really want change, YOU have to change.
Throughout the Pay Off Challenge we have looked at many ways to decrease your expenditure for the short term and use those savings to Pay Off Your Mortgage instead, this will free up all the money you currently spend on personal debt such as credit cards, loans and for the few that will make it through to the end, your mortgage.
We have uncovered some BIG numbers and some SMALL numbers, from an annual saving of around £20,000 per year on home improvements to savings of just £120 per year on telephone calls.
The Pay Off Your Mortgage Challenge is not designed to become a way of life, being frugal is important but it’s about positioning yourself for a whole new future. It is a change of mindset, taking short term change for long term gains and your own reason “why” is the only thing that will get you across the finish line.
The final change in expenditure that took me across the finishing line and is one that is not duplicable by everyone so I saved it for last. With the economy as it is at the moment more and more people will be looking to start a business from home and it can be worth tens of thousands of pounds if you:-
Move or start your business from home. Log Cabins are popular for people who prefer not to occupy the “spare room” as their office, check with your local planning office before you decide to have a log cabin installed in your garden, restrictions may apply.
When we decided that having large office premises with rent and rates of over £25,000 per year was an expense we could do without, we took a risk and moved the offices to an outbuilding at home.
The savings from that ONE decision were enough to free up £75,000 in three years and demonstrates the power of three important rules in life
DECISIONS + ACTION = RESULTS
By adding these savings to all the other savings you can see exactly how making different decisions about every single expenditure, plus taking action like earning extra money on Ebay and the internet = MASSIVE RESULTS
In March 2008, I set out to demonstrate exactly how anyone can do what I had done if they wanted to find a way out of debt. The problem lies in having the right mindset to overcome all the set backs, resist the temptation to “not bother“, care too much about what other people “think” about what you are doing, listen to your friends and family who will encourage you to spend recklessly just like them and that is why so few people will ever reach the end of the challenge.
The Pay Off Your Mortgage Challenge intrigued many people who are just starting to understand that they are on the lowest levels of understanding money management and that can seem a daunting challenge to overcome before you can even begin to focus on building wealth and prosperity. Good luck to everyone who challenges themselves to look in the mirror and ask different questions of themselves rather than simply opt for yet another “quick fix” just to delay the inevitable. The blog will focus primarily on personal development in the future, but all archives will remain for reference.
Recommended reading:-
Rich Dad Poor Dad by Robert Kiyosaki
Cashflow Quadrant by Robert Kiyosaki
Why We Want You To Be Rich by Donald Trump & Robert Kiyosaki
Websites : www.richdad.com
Archives for the Pay Off Your Mortgage Challenge (all missed week) : www.dianecossie.com
Total reached with the Pay Off Your Mortgage Challenge for an average “middle class” person choosing to swap expenditure habits, control Kids Money and put some effort into making a little extra money for the challenge for 36 months (based on own experience): £ 220,973.77
This blog will focus more on the personal development side of the challenge in the next few months as my passive income march continues to grow my mindset from “ex-middle class borrower” to future millionaire with my primary business Carbon Copy Pro.
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