Episode Details

Nick Carr, financial analyst from Your Money Blueprint, shares why he regrets paying off his mortgage early, and the numbers behind why he would have invested into shares instead. Paying off the mortgage early is a good thing… right? Well, one New Zealander worked hard to do that, and then decided, he’d actually shot himself in the foot. When a big accident happened, the money he’d sunk into the mortgage wasn’t available, when he could have done with some cash savings to get through a tough time. Meanwhile, he later discovered investing into shares, and on looking back wished he’d put more money into those investments instead. So when is paying off the mortgage early a good idea, when is it not, and how do you balance it all? Here’s how he would handle it now if he had his time over again. Follow me, Frances Cook, on Facebook, Instagram and TikTok or join the Money Memo newsletter for a free weekly money tip in your inbox each week. 00:00 - Introduction 01:30 - Nick Carr’s Background 08:50 - Discovering the Financial Independence Movement 14:05 - Taking the First Steps Towards Financial Change 16:35 - Transitioning to a Career in Financial Planning 18:37 - The Regret of Paying Off the Mortgage Too Fast 20:53 - Factors to Consider When Deciding Between Paying Off a Mortgage and Investing 25:24 - The Negatives of Paying Down the Mortgage 26:15 - Comparing Returns: Share Market vs. Property 30:40 - Considering Goals, Timeframes, and the Need for Money 39:40 - Mortgage vs Investments 40:45 - The Best Approach 43:24 - Money Psychology 47:31 - One Top Tip: Mortgage vs Investments 49:57 - Conclusion