The unexpected benefits of paying off your mortgage fast with Andy

and how to manage your time between a full-time job, a family and a side hustle

In today’s episode, we are talking to my friend Andy Hill from Marriage, Kids and Money.

With his wife Nicole, he paid off his 195,000 dollar mortgage in 5 years. We will discuss how he managed to pay down such an amount so fast, why he chose to go that route and what are the surprising benefits of living mortgage-free.

andy Hill Jonathan Verhaeghe Fincon
Andy and me at Fincon19

Next to this impressive achievement, Andy has a full-time job, is a father of two and also runs the successful podcast Marriage, Kids and Money since a little over 3 years. We will dig into how he manages his time wearing all his different hats!

Listen here

…or listen on Apple Podcasts or Spotify.

This episode is for you if you are wondering how to pay down your mortgage faster and /or if you are a busy professional and a family man and still looking at developing a side activity.

Key Takeaways:

  • Paying down the mortgage in 5 years helped Andy to feel less stressed at work, it feels different and makes it even more enjoyable (even though it is not his huge passion).
  • Being able to find yourself in a stable financial situation without a mortgage, with retirement savings and an emergency fund will also encourage you to speak your mind more easily at work for example.
  • This solid financial foundation is also a starting point to think about lifestyle design: this allows you to start thinking about part-time work or focusing on spending more time on a project you are passionate about (a podcast for example).
  • Managing to save 195 000 USD in such a short time is hard: You will need to work your way up to increase your salary,  live on a fraction of your income (50%) and this will also mean good and tough discussions at home to take decisions together with your husband/wife.
  • Andy’s tips to achieve a high savings rate: slash the mortgage, shop for groceries at cheaper branches like Aldi, cut on monthly expenses (negotiate/shop around), work on a side hustle. In short, decrease your spending and increase your income
  • In a couple you will have different views on money: embrace them and balance each other out to find the middle ground.
  • For the money nerds: Let go of all your more analytical habits, relax and let go. Money is there to spend too. It is also a great tool to create a stronger bond with the family through experiences.
  • If you start to accumulate savings, want to invest but are still not sure of what to do, just keep the savings and wait until you are 100% confident on your choice.
  • Time management: Andy’s approach is to be an early riser, get as much done as possible before the family wakes up. When you get back home from work, “mind the gap”: change clothes, cut your work phone, etc.

Who is Andy Hill?

Andy Hill is the award-winning blogger and podcaster behind Marriage, Kids and Money which is dedicated to helping young families build wealth and thrive.

Andy’s personal finance experience has been featured in major media outlets like Business Insider, MarketWatch and NBC News. Trusted as a personal finance influencer by national financial brands like Quicken Loans, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the US.

When he’s not “talking money”, Andy enjoys wrestling with his two kids and singing karaoke with his wife.

Andy Hill Family
Andy’s family

RESOURCES 

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    Disclosure: This post may contain affiliate links. That means I may make a small commission (at no cost to you) if you make a purchase. This will help to support Joney Talks!

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