EP176: Mortgage Mistakes that Destroys Your Finances
APPLE PODCASTS | SPOTIFY
If you’re getting frustrated at the slow growth rate of your wealth then even just making one of these home mortgage mistakes we’re going to talk about in this episode could be seriously holding you back.
We want to warn you, some of these things won’t be easy to hear.
But some of you may be wishing that someone had shaken you and screamed into your face so you would actually have paid attention. 😵😵
So, we are going to dive into the first mortgage mistake that is destroying your finances…
But to tell you this, we first need to tell you a story about Chuck the Squirrel.
In the midst of the squirrel community, there lives a curious and carefree young squirrel named Chuck. While his fellow squirrels were hard at work, diligently collecting and storing acorns in secret burrows and tree crevices, Chuck couldn’t resist the allure of enjoying his collection as he went along.
Whenever hunger struck, he would dip into his stash and savor some acorns, believing he could easily replenish it later. 🙄🙄
As the days turned ❄️ colder, Chuck’s friends remained diligent in storing their acorns, securing their survival during the harsh winter.
On the other hand, Chuck’s carefree nature led him to indulge in most of his stash, leaving him with significantly fewer acorns than necessary to endure the winter months.
With the arrival of the first snowflakes, the forest 🌲 underwent a magical transformation into a winter wonderland.
The trees stood bare, and a thick blanket of snow covered the ground.
Chuck’s realization of his mistake struck hard as he experienced the pangs of hunger, with his acorn stash nearly depleted. He approached his friends, seeking to share in their stored acorns, but they had diligently prepared to survive the winter and couldn’t spare much for him.
In a state of desperation and hunger, Chuck wandered through the snow-covered forest, hoping to find any last traces of acorns. However, the harsh winter had left the land barren, leaving him with little hope of success. 🥵🥵
He deeply regretted not being more responsible with his acorn stash, wishing he had grasped the significance of saving for the winter, just as his friends had done.
Imagine the acorns as your golden tickets of home equity, representing the value and potential of your property. Meanwhile, the winter symbolizes the stealthy financial ninja that unexpectedly appears from the shadows.
➡️ Homeowners, listen up!
Your home equity is not meant for frivolous spending; it serves as your personal safety net and a strong foundation in the unpredictable world of finances that we live in.
Moral of the story: don’t be like Chuck!
Don’t let temptation lead you astray, and always make sure that you are prepared for the future, both the expected and the unexpected.
So that was our first mortgage mistake.
👉 Next, let’s explore how Michael Jackson’s 🌙 moonwalking mistake also kills your wealth.
We obviously all know that Michael Jackson is the King of Pop. An icon, really. But what you might not know is that his life is a classic example of a celebrity who misaligned income and wealth generation.
And listen, guys, this doesn’t just happen to celebrities!
His exceptional achievements as a singer, songwriter, and performer led him to accumulate immense wealth, allowing him to indulge in a life of opulence, which we 💜 love for him if only he had done better things with that wealth. But we digress…
You see, at the peak of his career, Michael Jackson’s concerts and album sales generated staggering amounts of income.
He owned an extravagant Neverland Ranch, filled with amusement park rides and lavish amenities, befitting a king.
His spending knew no limits, indulging in exotic pets, priceless artwork, and extravagant shopping sprees with the finesse of a true connoisseur.
Over the course of time, Michael encountered formidable financial challenges arising from a downturn in album sales combined with mounting debts.
The exorbitant expenses required to sustain his opulent lifestyle, coupled with the burden of legal issues, placed considerable strain on his finances.
This resulted in a profound misalignment between his income and his capacity to amass wealth, ultimately leading him into a web of financial troubles. Pretty crazy coming from the King of Pop, right?
For us and you, the lesson here is that pouring copious amounts of money 💵 into your home mortgage can blind you to the potential for higher-return investment opportunities.
Even with Michael’s resounding artistic success, he regrettably overlooked numerous chances to invest his earnings wisely, diversify his portfolio, and create a steady stream of recurring income that could have secured his financial future for a lifetime!
It hurts our hearts to think about the possibilities had Michael chosen to use a portion of his fortune to embark on a business venture or diversify his investments with an apartment portfolio, among other strategic financial decisions.
By doing so, he could have potentially safeguarded his financial future and established a timeless legacy through astute and intelligent investments.
But luckily for you, you don’t have to follow in his legendary, but flawed footsteps. 😎😎
Now that we’ve talked about your line of credit spending habits and the missed investment opportunities, it is now time to tackle arguably the most significant mistake that, if disregarded, has the potential to wreak havoc on your finances.
You’ve heard us talk about it before, but we believe so strongly in the importance of diversifying your money that we are going to visit this topic once again.
👉 Since we are on a Disney kick today, it only makes sense that we would use 🐠 Finding Nemo as our inspiration for this important finance principle.
Do you guys remember the beginning of the movie when we are introduced to Marlin and Coral, the loving clownfish couple who become parents to hundreds of tiny, precious eggs?
Long story short, you can feel their excitement and anticipation as they dream of raising their little ones in the stunning Anemone Reef. But then, tragedy strikes when a sneaky barracuda attacks their home, leaving Marlin heartbroken, and Coral and almost all their eggs tragically lost, except for one.
You might know him as a little dude named Nemo.
Here’s the interesting part: in the wild, what happened to Nemo’s siblings is not only expected but actually part of nature’s grand plan. You see, many fish species intentionally lay hundreds of eggs as a survival strategy.
By doing so, they ensure that at least some of their offspring will make it through the challenges of the underwater world.
Diversifying your money into various investments, not just your home, allows you to distribute resources (in other words, your wealth) wisely, effectively mitigating risks.
By adopting this approach, you create a financial safety net that shields you from potential uncertainties and opens up opportunities for greater growth and security.
So there you have it – it turns out you CAN have your 🍰 cake and eat it too!
Until we meet again, keep making smart money moves and stay financially savvy!
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