A word of advice: If you have debt, get rid of it before you do any other investing.
If you have investments and debt, sell your investments to pay off your debts. Then take the added cash that you will have each month to build back up your investment accounts.
This story is about how getting rid of debt opened up new opportunities for one couple.
With Vince and Noel, we had only been working together for about three years. When we first started working together, Vince (who is in his forties) was employed by a technology company that had recently been purchased by a larger firm. As a result, his stock options became vested immediately and gave the couple a great deal of cash. They had more than enough money to pay off their mortgage but it took me over a year to finally convince them to do so! Link to (Series 1, post 9)
Not too long after paying off their mortgage, Vince’s company was bought out for the second time, by another firm. Unfortunately, this takeover turned out not to be a positive one for Vince and, in fact, he felt it necessary to resign even though he hadn’t lined up another job.
Still, he was comfortable making this decision because the couple no longer had a sizable monthly mortgage payment. Fortunately, he was under no financial pressure to take the first job opportunity that came along. Instead, he has been able to pursue his next career option on his timetable.
Recently, he landed an even better paying position with a firm that shared his moral values.
For more examples of how to set yourself up for an incredible retirement, get your free copy of Worry Free Retirement today.