Pat Gaudette

Douglas R. Andrew is the best selling author of books about financial planning. His newest book, The Last Chance Millionaire: It’s Not Too Late To Become Wealthy is written for anyone who wants to become financially independent at retirement. This isn’t a fiction “quick read” book; it’s full of good financial strategies explained in simple to understand terms.

From page 141:

If you are still convinced that paying off your mortgage early will give you peace of mind, you are stumbling over Misconception #3.

There are even more serious problems involved in paying off your mortgage. Imagine you are holding a tin can in one hand and a $100 bill in the other. Now put the greenback in the tin can, and imagine burying it in your backyard. Is the $100 bill liquid? Sure it is (provided you remember where you buried it!). What about the thousands of dollars you tie up when you pay off your house? Is that money liquid? Sorry, but the answer is no. The money in the tin can has more liquidity than the money tied up in your equity.

Once your house is paid off, the equity you have invested in it is anything but liquid. If the economy stalls, or if you have a financial setback and you must dip into your savings, all the money you poured into your house stays there, trapped inside–just as it did with houses washed away by a flood.

There’s much more but you get the idea of what’s inside this book. The Last Chance Millionaire just might provide you with the key to financial success.