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Ordinary People, Extraordinary Wealth

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Overview

How did a secretary, a firefighter, a retired naval officer, a housewife, a construction worker, a schoolteacher, and a pharmacist become wealthy Bestselling author Ric Edelman has studied the wealth-making habits of these and 5,000 other ordinary Americans. What he found is revealed for the first time in this book: the eight great secrets to attaining wealth.

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Author Information

Bio of Ric Edelman

Ric Edelman, a New York Times best-selling author, syndicated columnist, and nationally recognized TV and radio host, is one of the nation's best-known and most successful financial advisors. His bestselling books include The Truth About Money; Ordinary People, Extraordinary Wealth; The New Rules of Money and others. His firm, Edelman Financial Services LLC, has been ranked by Barron's, Financial Advisor, Research and Inc. magazines as one of the largest financial planning firms in the nation, handling nearly $4 billion for Americans across the country. Visit Ric online at RicEdelman.com.

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Additional Info

Imprint

HarperCollins

Filesize

1.86 MB

Number of Pages

336

eBook ISBN

9780061188725

Excerpt from: Ordinary People, Extraordinary Wealth by Ric Edelman

Chapter One
Secret #1
They Carry a Mortgage on Their Homes Even Though They Can Afford to Pay it Off.

If you had enough money to pay off your mortgage right now, would you? Many people would. In fact, "The American Dream" is to own your home and to own it outright, with no mortgage. Imagine owning your home without having to send a check to a mortgage company or bank every month! Being so fortunate must evoke such a sense of security, satisfaction, and well-being that you could only dream of it! Imagine the feeling you'll enjoy when, after 30 long years 360 monthly payments you finally make your last payment, and the house is yours forever!

If The American Dream is so wonderful, how can you explain the fact that thousands of financially successful people people who have more than enough money to pay off their mortgage right now refuse to do so?

Consider these facts derived from my survey research. Of the respondents:


The average home value is $255,700; the average mortgage balance is $142,000. Even though 100% have the ability to own their home without a mortgage, 83% carry a mortgage anyway.


100% have the ability to send in extra money along with their monthly payments, to eliminate the mortgage ahead of schedule but 90% choose not to. Instead, 85% of the respondents have a 30-year loan and no one in this group sends in extra principal payments or participates in bi-weekly mortgage plans.

Clearly, these successful Americans are not bothered by carrying a big, long mortgage. Compare yourself to them. If you have a mortgage and are struggling to pay it off, or if you're dreaming of the day when you make your final payment, you're trying to do something that financially successful people do not do.

What do they know that you don't?

It's vital that you understand what's happening here. And we begin with the fact that talking about mortgages is not a conversation about economics or finance.