A couple paid off their $234,000 mortgage in 5 years and are on track to be millionaires in their 30s. Here are the savings and investment strategies they use.
Courtesy of Brennan and Erin SchlagbaumBrennan and Erin Schlagbaum paid off their $233,700 home in five years.Thanks to smart money habits, they're on track to hit a net worth of $1 million in 2022.
He started working as a CPA in 2015 and was able to make minimum payments on his loans, but further extended his debt when he and Erin, who works in interior design sales, bought a $233,700 home in 2016. Here's how the couple paid off their six-figure debt and plan to hit a net worth of $1 million in 2022. Brennan and Erin started by getting organized and laying out on paper exactly how much debt they owed, along with the interest rate on each account. They also reviewed their spending from the past couple of months to understand where their money was going and where they could cut back in order to free up more cash.
The amount they put towards their mortgage each month depended on their income. In June 2021, one of their highest-earning months with Budgetdog, they threw an extra $30,000 at the mortgage, Brennan said. They keep some of their savings accessible in a checking account, but invest most of their money for the long-term. They have a handful of retirement accounts — two IRAs, a solo 401, Erin's employee stock ownership plan , and a pension plan from Brennan's old company — as well as two health savings accounts , and a brokerage account. They invest in index funds and ETFs. The only individual stock they own is Meta and it's a small allocation, Brennan said.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Couple Whose Home Was Leveled by Wildfire Has SUV Stolen With All the Belongings They SavedThe Fazios’ SUV had contained two boxes full of irreplaceable family photos from what they manage to get out of their Boulder home before fire hit.
Read more »
Couple with COVID-19 dies within moments of each other while holding handsWilliam and Carol Stewart died within seconds of each other of COVID-19, holding hands as they took their last breaths.
Read more »
Couple with COVID-19 dies within moments of each other while holding handsWilliam and Carol Stewart died within seconds of each other of COVID-19, holding hands as they took their last breaths.
Read more »
Unvaxxed couple dies of COVID holding hands: ‘True definition of soulmates’William Stewart, 73, and wife Carol, 69, had been hospitalized with COVID-19, unmitigated by the fact that the New Hampshire couple was unvaccinated.
Read more »
Sterling Strong: Gary couple encourage blood donations after daughter's deathSterling's parents said watching their daughter undergo multiple surgical procedures opened their eyes to the importance of blood donations.
Read more »
Couple forced to quarantine on cruise despite negative COVID-19 testA couple says their 25th anniversary was ruined when they were forced to stay in their cabin during a Bermuda cruise, even though they did not test positive for COVID-19.
Read more »