Wipe Out Your Mortgage Like Sean Cooper
“I pretty much took it easy for six weeks and then I’m like, better start writing a book”.
Trying to wipe out your mortgage can be a very daunting task can fulfill but I guarantee you, Sean Cooper can help you out. This young man has achieved what most can only dream about: wiping out the mortgage. He did all of this at the age of 30 last night!
Sean Cooper’s mortgage was in the amount of $255,000, which he cleared in 3 short years on his Toronto home.
TIP
Clearing your mortgage faster will save thousands and thousands and thousands of dollars in interest which will free you from the mortgage shackles.
Mr. Cooper is about publish a book titled, “Burn Your Mortgage” in March but you can buy it right now at some Indigo bookstores so, get your copy!
Sean bought his Toronto home in 2012 for $425,000 after which he moved into the basement of the house whilerenting out the rest of the house. He was also economical about his spending.
He had 3 jobs: pension analyst as his day job and the two—financial writer and a clerk in the meat department at a grocery store. Three jobs plus rent, he was seeing about $100,000, annually.
Hundred hours out of every week, Sean was working.
It was surprising to learn that a lot of people were mocking Cooper for his financial achievements. Interesting.
You don’t necessarily need to pay down your mortgage in three years like me. You don’t need to eat Kraft dinner. That was just my path to financial freedom”.
What does the book discuss?
It gives tips less extreme than what Cooper did. The book tells you how to save for a down payment to the way to find an appropriate property for yourself, etc.
According to Cooper, the number one mistake folks are making is buying “too much home”.
What does that mean?
Here goes: some people will say “I’m just paying a little more..it is one-time expenses”. But the truth is, “it is going to eat into your monthly cash flow for years to come”, said Cooper.
And of course, the bigger the house, the bigger the bills. That of course is common sense.
Warning:
Do not be content with only a low interest rate.
Cooper’s advice: Get one with pre-payment privileges. This can helped you wipe out your mortgage fast; look around and compare mortgage rates. There are websites for that.
If you do this, you can begin the renewal negotiations with your bank.
Make large down payments on the mortgage once a year.
“That’s where you can really knock off a huge balance from your mortgage and get it down really quickly. If they can even save 0.1 or 0.2 per cent off their mortgage rate, that can add up to thousands of dollars of savings in interest,” he says.
If people commit to wiping out their mortgage faster, it will remove some of the stresses in their life, says Cooper.
“You don’t have to stay at a job that you hate. Or you might be able to leave the rat race altogether and travel.”
So what is Sean Cooper up to?
He is still at his pension analyst job where he has been promoted to senior pension analyst; he is still working as a financial writer and has another job: freelance money coach.
“I don’t want to necessarily work 80 to 90 hours a week. I’d like to settle down and maybe get married one day”.
Cooper’s next goal? To become a millionaire before 35 by investing his money.
