1. Switch to Bi-Weekly Mortgage Payments
If you’re paying your mortgage monthly, you might be missing out on one of the simplest hacks for long-term savings. I switched to bi-weekly payments—half a monthly payment every two weeks—and now I make 26 payments a year instead of 12. That extra “13th month” payment each year chips away at the principal faster. On a $500,000 mortgage with a 7% interest rate, this can save over $170,000 in interest and shave years off the loan.

2. Automate Everything: The 75-15-10 Rule
I split my income into three separate accounts: 75% for spending, 15% for investments, and 10% for savings. I set up automatic transfers as soon as income hits my account. This structure keeps my finances on track without needing willpower or mental math. Automating this system has eliminated budgeting stress and made investing a habit, not a chore.

3. Invest in Financial Education—Every Paycheck
I made it a rule: every paycheck, I buy one book, course, or resource to deepen my financial knowledge. Over time, I’ve read 25 books in five key categories—money, business, leadership, sales, and personal development—plus five biographies of successful people. It’s the equivalent of an MBA at a fraction of the cost. That education has transformed how I think about money, risk, and wealth.

4. Don’t Spend Raises—Invest Them
Most people fall into lifestyle inflation when they get a raise. Not me. Every bonus or raise I get goes straight into investments—at least at first. Once I’ve adjusted for long-term growth, I apply the 75-15-10 rule to future increases. That one discipline has helped me grow my portfolio faster and kept me from falling into the trap of spending just because I earn more.

5. Use Credit Cards—But Only Strategically
I’m not anti-credit card—I just believe they should be used carefully. I only swipe for things I already plan to buy and pay the balance off in full every month. The cashback or travel rewards I earn go directly into my investment account. But I stay away from cards entirely if I’m ever tempted to spend more than I should. Responsible use is key to making credit cards work for you, not against you.

6. Define Clear Financial Goals
I don’t save or invest just to “have more money”—I tie every dollar to a purpose. I have specific savings targets (3–12 months of expenses), investing goals (cash flow vs. appreciation), and even calculated how much I need in assets to fund my ideal lifestyle. This clarity helps me stay focused and make smarter financial decisions every day.

7. Learn Market Trends and How to Invest Accordingly
There’s passive investing, like buying index funds. And then there’s active investing, where you learn to spot trends. I look at five key areas: Main Street (consumer behavior), Wall Street (investor behavior), Government (policy changes), Innovation (new tech), and Broad Market conditions (like interest rate shifts). Services like Briefs Pro help me stay on top of these insights, but even basic research goes a long way. You don’t need to trade stocks daily—just understanding where the world is headed can guide better investment choices.

8. Financial Education Is the Real Escape Plan
The system isn’t designed for people like me to win by default. Institutions profit from keeping people financially uneducated—through interest payments, hidden fees, and impulsive spending habits. That’s why learning how money works is the first and most important step to financial freedom. Once I understood the rules, I started playing a different game—and winning.

If you’ve ever felt stuck or overwhelmed by money, try just one of these strategies to start. They may seem simple, but the impact they’ve had on my financial life has been anything but small.

Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but he is not providing you with legal advice in this article. This article, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

The post 8 Wealth-Building Strategies That Changed How I Manage My Money appeared first on ROI TV.

Understanding Mortgage Terms and Interest Rates

The 30-year fixed-rate mortgage remains the most popular choice among American homeowners, accounting for approximately 70% of all mortgages. With current interest rates averaging around 7%, a $300,000 mortgage could result in total payments exceeding $718,000 over three decades, with more than $400,000 paid in interest alone. In contrast, securing a 4% interest rate on the same loan amount would reduce total payments to approximately $515,000, highlighting the significant impact of interest rates on overall mortgage costs.

Strategies for Accelerating Mortgage Payoff

1. Bi-Weekly Payment PlanInstead of making one monthly payment, divide your monthly mortgage payment in half and pay that amount every two weeks. This approach results in 26 half-payments annually, equating to 13 full payments, thereby reducing the loan term by several years and decreasing the total interest paid. nerdwallet.com
2. Making Extra PaymentsAllocating additional funds toward your mortgage principal can significantly shorten the loan term. Even small, consistent extra payments can lead to substantial interest savings over time. For instance, adding an extra $100 to your monthly payment can reduce a 30-year mortgage by several years. nationwide.com
3. Refinancing to a Shorter-Term LoanRefinancing your existing mortgage to a loan with a shorter term, such as a 15-year fixed-rate mortgage, can lead to higher monthly payments but substantially less paid in interest over the life of the loan. This strategy is particularly beneficial when interest rates are lower than your current mortgage rate. usbank.com
4. Utilizing Lump-Sum PaymentsApplying unexpected financial gains, such as bonuses or tax refunds, directly toward your mortgage principal can accelerate payoff. These lump-sum contributions reduce the principal balance, leading to less interest accrued and a shorter loan duration.

Financial and Emotional Benefits of Early Mortgage Repayment

• Interest Savings: Reducing the loan term decreases the amount of interest paid over time, potentially saving homeowners tens of thousands of dollars.
• Financial Freedom: Eliminating monthly mortgage payments frees up significant portions of income, allowing for investment opportunities, retirement savings, or other financial goals.
• Peace of Mind: Owning your home outright provides a sense of security and reduces financial stress associated with debt obligations.

Considerations Before Paying Off Your Mortgage Early

While the advantages are compelling, it’s essential to assess your financial situation comprehensively:

• Opportunity Cost: Funds directed toward extra mortgage payments might yield higher returns if invested elsewhere, depending on market conditions.
• Liquidity Concerns: Allocating substantial resources to mortgage repayment could limit cash availability for emergencies or other needs.
• Tax Implications: Mortgage interest deductions can reduce taxable income; paying off the mortgage eliminates this benefit.

Before implementing an early repayment strategy, consult with a financial advisor to ensure it aligns with your overall financial goals and circumstances.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post Strategies to Pay Off Your Mortgage Early appeared first on ROI TV.