Make your “mortgage” payment even after the house is paid off
If you’ve worked hard to pay off the mortgage, congratulations. What are you going to do with all the money you used to earmark for your mortgage payment?
“Save that money, don’t spend it!” Clark says emphatically. “Keep making that mortgage payment’ into an investment account that you can later tap into for retirement spending.”
You can use the same strategy if you pay off your car loan. Take the same amount that you used to shell out for a payment, earmark it for investments and watch your wealth grow.