Courtesy of Brennan and Erin SchlagbaumBrennan and Erin Schlagbaum paid off their $233,700 home in five years.Thanks to smart money habits, they're on track to hit a net worth of $1 million in 2022.
He started working as a CPA in 2015 and was able to make minimum payments on his loans, but further extended his debt when he and Erin, who works in interior design sales, bought a $233,700 home in 2016. Here's how the couple paid off their six-figure debt and plan to hit a net worth of $1 million in 2022. Brennan and Erin started by getting organized and laying out on paper exactly how much debt they owed, along with the interest rate on each account. They also reviewed their spending from the past couple of months to understand where their money was going and where they could cut back in order to free up more cash.
The amount they put towards their mortgage each month depended on their income. In June 2021, one of their highest-earning months with Budgetdog, they threw an extra $30,000 at the mortgage, Brennan said. They keep some of their savings accessible in a checking account, but invest most of their money for the long-term. They have a handful of retirement accounts — two IRAs, a solo 401, Erin's employee stock ownership plan , and a pension plan from Brennan's old company — as well as two health savings accounts , and a brokerage account. They invest in index funds and ETFs. The only individual stock they own is Meta and it's a small allocation, Brennan said.
sfiso_dlamini18
Whenever I see my Twitter follows on other media, my brain goes 'I know that guy(or gal)! Good for my friend that did that.' Then I remember that I don't actually know the person.
Buy the dip.
Gas lighting article with no integrity behind the clickbait. Fake news
I mean congrats to them but 99% of people will not be able to make 28k a month. I mean that is the YEARLY salary for many Europeans. Congrats I guess?
This kind of stories always have that caveat like '... biggest revenue came fr Budgetdog, a co Brennan started in '19 and evolved ... to $28k/month from ...' If your startup hits the jackpot, of course you can pay all the debts.
Was it the budgeting? The smart finance choices? Or the 25k/month that paid it all off? I can only wonder……
Imagine if over the past five years they would have invested those extra house payments. May have already been Millionaires
Why pay it off at all when interest rates are so low
She got on onlyfans?
This is so beautiful
I reckon 99% of the people criticising them for paying off their mortgage rather than investing have less invested than these 2.
'We stopped spending money on eating out and stuff but also WE MAKE $28,000 A MONTH FROM BUDGETDOG' Props to them but these articles are ridiculous.
Budgetdog_ congrats! We have our first little one on the way due any minute now. A girl as well! How did you manage to get her earned income for her Roth IRA?
Congrats Budgetdog_
This is a dumb financial decision, why pay off a 3% mortgage when you can invest that money instead…
Pays to live in the Midwest I suppose.
This is a feel good milestone. Paying off low interest rate debt when inflation is running hot is actually STUPID.
GFY
TL;DR: make 25k per month. Spend 5k per month. Take the 240k/yr not spent and grow it at 5% and in 5 yrs you should have about $1.4MM. Also: opening a Roth IRA for an infant is kind of a red flag you don't care about the law.
Awesome! Congrats Budgetdog_ from one Brennan to another
Let me guess, high income?
This couple got out of debt easily BECAUSE 80% of their income went to pay mortgage & other debt obligations. Ordinary people seldom have that much surplus income. $38,000 student debt! Pfft! The average student loan debt for dental school is $310,000! Rich parents helps
Behind a paywall. Congrats though.
My guy👏🏻👏🏻
Awesome article, congrats man! Always love reading your investment advice.
Budgetdog_ Is one of the humblest & most down-to-earth people within the finance community. Congrats to himself & his family!
Budgetdog_ was this about you? The Premium paywall wouldn’t let me confirm who the couple in that photo was.
Can’t read it but this is not something that gets done easily so, way to go!! 🔥🔥
Let’s go!!!!! Budgetdog_ 🐐
shanstory You're a great inspiration! Thanks for all the wisdom you share with the rest of us.
Congratulations Brennan! You are such a great example to others.
Wish I could read it. Hate paid sites
Budgetdog_ Congratulations!
Legendary Budgetdog_ 👑
No way they spent money to read their own article
Budgetdog_ cheers 🥂 Good for you my friend 😎
Simple…don’t have kids
Congrats Brennan! Awesome to be featured on Business Insider! 👏🏻👏🏻👏🏻
Budgetdog_ keep it up 👏
Hard work and being committed wins! Congratulations!
Awesome - great job setting yourself up for success!
This is great. Thank you!
I’m saving up by not paying to read that they got a $200k gift from their parents.
I bet their savings strategy didn’t include paying to read this article.
Gtfoh with these articles
Interesting.
I never knew I will be able to pay off my bills and get to my stand again in life. I want you guys to help me appreciate blake_teddy6 for introducing me to bitcoin and forex (binary option) and he has been of great help to me and my kids you are an angel in human form
It helps to have a lot of income.
Budgetdog_ looking good!!
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