This includes their annual income, the value of the home, the amount they owe and the amount. Others homeowners aren’t sure what to do next. The answer is that paying down your mortgage is typically a better plan rather than investing. Watch the video for more information.
First thing you should ask is “What are your income sources?” Then “How much are you in debt?” When you’ve responded to these questions, your next step is to pay off the house you live in. Ramsey Show experts explain that successful millionaires have shared two traits: delegating their first million to 401k, and paying for the purchase of a home. The paid-for house raises its value. This is an excellent outcome.
According to Ramsey’s experts millionaires aren’t able to borrow huge amounts of cash to make investments. Instead they’re utilizing the greater cash flow from a paid-for house to allocate towards investing afterward. For more information on ways to pay the mortgage and then invest check out the video.