So I read somewhere that it can be motivational to see your house and the area of it that you own, kind of an us vs them or game to try to fill the whole house your colour.
I’ve decided to have a go and see how it works so each month I will update my house chart and colour in the additional areas that I own. The Pink area is the bit that I own, the remainder is the area the bank owns.
Hopefully this will be usefull to me, and motivational.
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I was wondering today if I should pay off my mortgage early or consider doing something else with the money, such as paying more into my pension pot.
There are positives and negatives to both sides of the argument:
If I pay my mortgage off early I save lots in interest and free up the money that would otherwise have gone towards the mortgage. This would mean I could contribute more to a pension, and enjoy more holidays, and most importantly more toys.
If I paid more into my pension I would probably get a better rate of return than paying into my mortgage, I could retire earlier (mortgage should be paid of in 25 years anyway), and if the mortgage isn’t paid off I would at least have an income to pay it from. I would get tax relief on my contributions increasing their value.
But what happens if my pension pot is stolen, or if markets crash, or if I need the money back. I can’t get it out of the pension but I could get it out of the mortgage.
It’s a tough decision to make, and to be honest I don’t think it can come down to a choice between one or the other, both need to be considered in unison.
I still think that paying of my mortgage early is the best option for me, I have a large house and could always downsize, and I have a fairly decent wack of money going into my pension each month already. Without a mortgage I have more choices, not least the fact that excluding overpayments I would have an additional £21k per year to play with be it investments or additional money to spend.
Thats a lot of cash, it could pay for a round the world trip every year, a new car every year (I’ll just throw the old one away), I could go on 7 cruises around the caribean, I could put it into my pension, i could take a part time job.
So, a pension would probably provide better returns financially, but I think no mortgage would provide a better quality of life for me and my wife.
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I mentioned in an earlier post here, about a competition someone is running who has used the number 1 way to make money online guide to build a website. In 90 days the website will be given away for free.
The site is now live and online can be viewed here. Its a great looking site, very impressed with how quickly its been put together and how professional it looks. It makes me realise I have a little way to go before my sites are looking so good.
I’ve entered into the competition, I hope not many other people have because to be honest, I want this site.
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So I’ve finally managed to read the whole number 1 way to make money online website and here is my review of it.
The site itself is quite well laid out, each of the 9 step guides has its own page and each page is fully printable, so in total I think there are other 100 pages if you did decide to print it all off.
As you step through the guide I think it is quite clear the experience and knowledge the writers have, after all they built BANS.
Some of the information may seem a bit basic but actually if you go to the BANS forum, and look at the criteque section you see the same mistakes being made over and over again so the basics need to be told.
The guide itself shows you how to research a niche market, how to design your website and how to build your niche site. Up to page 5 the information is very detailed and will undoubtedly be a great resource for me and any new internet marketers out there. Past section 5 you start getting into management of networks and business models which to be honest is great but for most of us at the moment its too advanced. So any new internet marketers should have an overview of it but concentrate of the first steps first.
I would highly recommend buying this guide, I will be using it and its given me a good view on where my own sites have gone wrong or let me down, fortunatly I’m not too far off the mark so I’m pretty happy about that.
The creators of the number 1 way to make money have also backed up their statements and techniques by providing some of their own sites, you don’t often see that in money making ebooks.
Overall a great knowledge base, which is honest about the work involved, the effort required and the route to success in online money making.
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