Pay off your Mortgage in 10 years - avoid the 7 Deadly Sins!

It’s amazing how many of the new ideas and theory’s that come out are simply a rehash of previous doctrines. Look at the Law of Attraction – and then compare it to ideas set out in the bible 2000 years ago, “ask and it shall be given unto you, seek and ye shall find”. In “Mortgages, Money and Magic” I set out a plan as to how any average couple can buy a property without requiring a deposit and then go on to own that property outright within 10 years. Obviously you can’t make an omelette without breaking some eggs. Sacrifices have to be made. Here I will look at the 7 main sacrifices as they relate to the 7 deadly sins.
Envy – When someone buys themselves a new car or a new holiday you are going to be jealous. You have to realise though that you don’t need material things to make yourself feel better. The person with the new car has probably dug themselves deeper into debt to get the short lived buzz of having something new. Think of the car, the holiday or anything else that will be available to you when the millstone of a mortgage is taken off your neck. Sacrifice getting a new car – stick to secondhand.
Pride – It’s good to support your team, but with the average in the Premiership season ticket at £615 it’s not cheap. Try to achieve value for money in everything you do. Learn to do without. I can guarantee you that going to football matches is something that can quite easily be substituted for other less expensive pastimes. Sacrifice going to the Football.
Sloth – You get nothing for nothing. In order to pay off your mortgage within a decade it is necessary to get off your bottom and actually earn some cash. The beauty of my plan however is that I can show you how to do it without being a city whiz kind. An “average” job paying £22,000 to £26,000 would be sufficient. If necessary sacrifice evenings and weekends now so that your mortgage is paid off by the time you reach middle age. You’ll have more time than ever when your mortgage is paid off whilst your contemporaries are still struggling.
Greed – it’s never good to have too much of something so make your money compartmentalized. You should have a fund for repairs, a fund for food, a fund for clothes etc. By separating your cash out it makes it much harder to get greedy. All greed is ultimately self-destructive but make sure you sacrifice the worst source of greed – alcohol.
Wrath – Don’t get angry when someone lights up next to you, think of the money they are burning away when they buy that packet of ciggies – and feel safe in the knowledge that you will be mortgage free whilst they are literally burning cash daily. Sacrifice the fags.
Gluttony – there is no need to be a glutton with takeaway after takeaway when it is possible to eat like a king for 50p a night. Get creative in the kitchen and your wallet AND waistline will benefit.
Lust – having a sex drive can be the impetus for a lot of good change in your life, but draw the line when the lust inside you means you are throwing money down the pan. Make sure you embark on this plan with the person you intend to be with for the duration. Sacrifice the casual relationships.
In summary, without winning the lottery or having a massive life insurance payout, paying off your mortgage within 10 years is going to take many sacrifices. Deep down we know that these sacrifices are for the best because the Seven Deadly sins are all instinctive. They are innate. To achieve the goal you must: sacrifice the new car; sacrifice the foreign holiday; bring in at least an average wage; sacrifice cigarettes and alcohol; sacrifice the takeaways and sacrifice the casual sex.
If you have the strength of character to achieve this then you are well on the way to being able to pay your mortgage off in a decade.