Happy Father’s Day to all the Dads out there!! June is the special month that we honor our Dads who were there for us all our lives. I am fortunate to have a great father, father-in-law and husband that are great dads to their children. Every Father’s Day we celebrate with a big cookout that has to have steak or ribs in it. The men in my life love meat! This brings me to your asset portfolio. The meat of many of our portfolios is our house. Big or small this is where our stability lies as we pay it off. For many of us, it can become one of our biggest assets.
The plan to pay off your house early can be one of the best ways to work towards having a good retirement. In some cases, just paying an extra $100/month on principal has the potential to reduce the amount of years by half. It is good to go online and use a mortgage calculator to figure out how soon you can pay off your mortgage. When a house is paid off and the home-related expenses you have consist of property taxes and upkeep, it can make it much easier to retire.
Happy Father’s Day! Remember on Father’s Day as you are taking a big bite of the meat right off the grill that the meat of your portfolio is the house you are paying for every month and that may be one of your best assets. Enjoy!