When I worked as a financial advisor one common question always came up, what I call the "Home Mortgage Myth." Should I pay off my home mortgage? The main reason they would ask was due to fact their accountant told them not to pay off their home mortgage.

The main reason an accountant tells clients not to pay off their mortgage would loss of their mortgage interest deduction. Now being an accountant this makes sense. An accountant's number one job is to find deductions and save their client on their taxes. However, from a financial independence point of view this makes zero sense.

Accountant vs. Financial Advisor

When looking at your mortgage you have to see what lens an accountant is using and the lens a financial advisor is using. Once again the accountant is trying to maximize tax deductions and lower the taxes for a client. A financial advisor is trying to help the client save more money for retirement. When the client retires they would not need as much income since the home mortgage is eliminated.

One of the best ways to save more money for retirement is to pay off your mortgage as soon as possible. Yes, you would be losing the interest deduction on your taxes. Yes, you may pay more in taxes, but is that really a bad thing? Paying more in taxes means you are earning more money.

Maximize Your 401k

If you are in need of tax deductions then you should look no further than your work 401k plan. Most people do not put the maximum in the 401k. In 2011 the current maximum is $16,500 with an additional $5,500 for people over age 50.

Do you want a great retirement plan to achieve your financial independence? Pay off your home mortgage and save the payment in your work 401k plan instead of paying the bank. I think it makes better sense to pay yourself instead of paying the bank. Now I will leave this decision up to you the reader, but consider your family’s finances over the bank's finances.

Consider the Consequences

Take a minute right now and imagine living in a home that is paid off? What could you do with the payment? Remember not to waste the payment by getting into further debt with a new car payment. Instead imagine saving $1,000 extra each month in your 401k plan. Each month you are getting closer and closer to your goal of financial independence.

Financial independence is where no one or no company has a claim on any of your possessions or your time. Having the peace of mind to go to work because you "want to" instead of "have to" go to work. Just by changing that one word can make all the difference in how you view your work.

You can achieve financial independence by paying off your home mortgage. Stop believing the home mortgage myth about losing tax deductions by paying off your home is a bad idea.

Remember to pay yourself instead of the bank.

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