Millennial Couple Pays Off Mortgage Early, Achieving Financial Freedom
A new book titled Black, Married and Debt Free has recently been released, featuring the inspiring story of Marques and Shyra, an American couple who managed to pay off their 30-year mortgage well ahead of schedule.
In 2009, Marques and Shyra purchased a home in Sacramento, California, with the goal of paying it off by 2039. However, their determination and financial discipline allowed them to fully repay the loan by 2018, making the house officially theirs.
The Key Strategies Behind Their Early Mortgage Repayment
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Utilizing a Calculation to Accelerate Payments
Marques and Shyra employed a simple yet effective strategy known as the «1/12 rule.» They divided their monthly mortgage payment by 12 and made an additional payment of that amount each month. For example, if their monthly payment was $1,000, they would make an extra payment of $83. This method allowed them to consistently reduce their principal balance without feeling the financial burden.
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Taking on Side Jobs and Practicing Frugality
To generate extra income, Marques and Shyra explored various side gigs such as selling music online, performing weekend concerts, and working as session musicians in a studio. Despite earning more money, they maintained a strict budget and avoided unnecessary expenses.
By combining diligent saving habits with a commitment to living within their means, Marques and Shyra successfully paid off their mortgage in just 9 years, significantly shorter than the original 30-year term.