STEP SIX:

Pay Off Home Early

There's only one more debt standing in the way of freedom from all debt—paying off the mortgage. Baby Step 6 is the big one! Can you imagine life with no house payment?

Any extra money you can put toward the mortgage will result in tens of thousands of dollars of interest saved and months (or even years) of not having a payment hanging over your head. If you currently have an adjustable rate mortgage, interest only, or even a 30-year mortgage, consider refinancing to a 15-year fixed-rate mortgage and pay off your home faster. It takes the average family five to seven years to pay their home off early. This journey to debt freedom is a marathon. Stay focused and intense, and keep a steady pace. And don't forget to celebrate each little victory along the way.

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