My Guest on the Show…
Andy Hill is making noise inside the personal finance world. He is the founder of the Marriage, Kids, and Money (MKM) Podcast and the MKM Blog. Recently, I was a guest on Andy’s show when he mentioned to me about paying off all of his debt, including the mortgage, by age 35.
Yes, completely debt free by age 35…holy crap!
I wanted him to come on the show to share how he and his family are making the sacrifices now to pay off everything so they can soon live completely free from debt. Also, Andy does not make a million dollars, he isn’t a trust fund baby, and he has a Monday – Friday job. From the outside looking in, Andy and his wife appear completely normal.
However, they are far from it. How many 35-year-olds do we meet who have paid off their mortgage?
Lastly, if Andy and his wife can turn their dream into a reality, then what is stopping you and I? Andy and I talk about that inside the show…
Now, I have a few questions for you all…
What are some of your questions you would like answered on the show? Simply leave a comment at the bottom and let me know or you can contact me here and ask anonymously.
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Mentioned in this Episode
A little about Andy [02:17]
Entrepreneurship – getting started [07:08]
$50,000 in debt [09:07]
Marriage and money [11:33]
Good debt vs bad debt? [12:56]
Paying off the mortgage at 35 [16:47]
30-year vs 15-year vs 10-year mortgage [22:55]
The Marriage, Kids, & Money Podcast [27:51]
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I had a blast chatting with you Chris. Keep up the great work! You’re helping people take control of their finances and live a happier life.
Thanks! It was great having you on the show!
Paid off Mortgage, semi-retired (still do a little consulting) with no debt. I refused to quit working until I got the mortgage paid off from cash flow with out touching investments. I am not sure about taking invested money out of the market to pay down debt. That is very situational. I have a HELOC as part of my financial strategy that will run out in another 7 or 8 years before it has to be renewed. At that point I probably won’t care much about it.
If you are looking at retirement on the near horizon, I would tell you to get debt free. It makes retirement more manageable and it sure feels good. Of course if you have a crap load of money, its all pretty irrelevant.
I would also recommend that you have 3 years of whatever your cash requirements in retirement are so you don’t have to pull money during market corrections. To the best of my knowledge, the market has never not come back stronger than it left us and I believe 3 years is about the right window.
Lot’s of strategies, lots of different situations. Stay involved and studied in managing your money and get good advice on an on-going basis. Oh, and if you are planning on retiring at 65 and you make it in good health, plan for a 20-25 year retirement. Mortality is already out to 82 for a 65 year old man and moving rapidly toward 90.
Yes! There are lots of different strategies to consider. It’s about what works best for you.