Dan Derose and Cady McGuire are a married couple that plan on paying off their mortgage early so that they can have a stable future
The couple buys a house for $205,000. The couple are successfully able to make a $46,000 down payment and pay an extra $6,000 in closing costs immediately, due to a previously set up savings plan that they plan to still use to pay off the rest of their mortgage.
Their plan is for them to place $600 dollars into their ‘house found’ and $10,000 emergency fund on a weekly basis.
Once the emergency fund reaches $15,000 every few months, they pay $5000 for their mortgage principal.
The couple read books on how to save money, limited their cost on fast food spending and recreational shopping and always put their $600 weekly payments into the funds
5 years after purchasing their house the couple is able to pay off their mortgage. The couple now wants to focus on a savings plan for their sons education, increase the amount of their retirement savings so they can go travelling and start investing in properties.