4.7 • 1.1K Ratings
🗓️ 6 March 2025
⏱️ 7 minutes
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When Jesse was 25, he wrote down a goal on a notecard: to live in a paid-off house by the time he was 30. He thought that owning his house free and clear would make things feel different, give him a sense of security and freedom. At the end of the day, though, the mortgage really wasn't that big of a deal -- it was just another bill to pay. There was less satisfaction to owning his home outright than he thought there would be, and some regret when he realzied he could have invested the extra mortgage payments somewhere else and made far more return.
You may not have the same outlook on home ownership as Jesse, and that's ok! Jesse encourages you to map out not only the mathematical pros and cons of big financial goals like paying off a mortgage early, but also consider the emotional impact of the decision. Also, leave yourself some space to change your mind in the future, like Jesse did about paying off mortgages early. Personal finance is always a mixture of math and emotions, and where you fall on the spectrum is, well, personal!
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0:00.0 | Hello, my name is Jesse Meekam with another episode of the Jesse Meekam show where I obsess out loud each week about spending purposefully, saving, aspirational, and giving |
0:22.4 | joyfully. It all comes down to just giving every dollar a job. I've paid off my house twice, |
0:29.2 | two different houses, two different times. I saved hundreds of thousands of dollars in interest. |
0:34.6 | I now own the home. I live in free and clear. And if I could, |
0:38.9 | I would take it all back. Here's me trying to figure out why. First, I wrote on a note card |
0:45.9 | back when I was 25 that I wanted to pay off my house, own my home free and clear by the time |
0:50.8 | I was 30. At that time, I was renting an apartment. Had no idea how I would |
0:55.2 | pull it off. And I did. Got lucky with a few things. I mean, got lucky, worked hard, flipped some things |
1:03.2 | back in the day when you could buy and sell websites if you want to know the honest truth, |
1:06.8 | and ended up with a little bit of cash just enough to pay off the home we were living. |
1:11.6 | It was our first home. |
1:12.9 | And when I paid it off, like made the final payment, it was a bit of a lump payment. |
1:19.7 | I think it was something like 30 grand. |
1:22.1 | I don't know. |
1:22.9 | The details are murky. |
1:24.7 | But it wasn't just like one final mortgage payment of, gosh, was our mortgage, |
1:28.6 | I think our mortgage was like $1,300 a month. Oh, the glory it is. And paid it off. |
1:34.6 | Didn't feel terribly different. What did we do with the money? Unlike most people that say, |
1:41.8 | well, I would invest the difference and then they actually don't I did I |
1:45.2 | invested the difference for a good long while I actually can't remember not rolling that back |
1:52.5 | so that was interesting then we decided eight years later we were going to move and we bought |
1:58.3 | another house and we got a mortgage for that home and i paid that |
... |
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