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What To Do When You’ve Paid Off Your Mortgage

People work for decades to pay off their mortgages, so it’s no wonder that when people finally reach that milestone last payment, they ask “what next?”

So, what do you do when you’ve paid off your mortgage and suddenly you have extra disposable income? Well, it’s a nice situation to be in, and here are some options you might want to consider.

Image by Vinzent Weinbeer [1] from Pixabay [2]

Treat Yourself

When you take out a mortgage, the end goal is to pay it off and end up owning your own home outright. After you’ve made your last payment you’ve achieved this goal, and you deserve to celebrate.

Each month you’ll have an extra chunk of cash staying in your bank account, so use it to do the activities that you enjoy. Take the odd holiday, visit friends and family, hit the golf course, whatever it is you love, take the time to enjoy it.

We work extremely hard for large chunks of our lives, and one of the bills that’s always there is our mortgage, so when you finally pay that off, it’s a cause for celebration.

Help Your Family Out

Now that you’ve got a little extra spare change it’s the perfect time to help your loved ones with their finances [3].

Paying off your mortgage gives you a lot of extra flexibility, and you can use it to enhance the lives of those around you. There are so many ways in which you can use your money, but few are as rewarding as helping the ones most dear to you.

Invest the Extra Money

Why not make the extra money you have at your disposal work harder for you by investing it?

There are lots of different ways in which to invest your money, so make sure you’re seeking the help of professionals and following a well-set-out strategy. Crypto is a very popular option these days, but like with any investment, there’s risk involved, so make sure you’re following the best bitmex signals [4].

Make Your Savings Work Harder

Not all savings options are the same. Interest rates are low at the moment, but that doesn’t mean there aren’t better options out there.

Make sure you shop around to find the savings account that offers you the convenience and interest rate you need. If you can get an interest rate over 1% rather than the average 0.06% [5] it’s going to make a massive difference.

There are better options out there for your savings account, you’ve just got to look around and find them.

Embrace the Freedom

Paying off your mortgage gives you such economic freedom. One of, if not your biggest monthly expense has gone, and this gives you many options.

Embrace that freedom and design your life how you want it. If that means scaling back your work, then scale back your work; if that means working even harder to achieve your next goal, then do that.

No more mortgage payments means flexibility and freedom, so use it to achieve the next goals you have in your life.

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