"I never knew my grandfather, but I did know my father, and his plan was to pay off his mortgage as soon as possible. Every month he sent in extra cash to be applied to the principle. I thought this was the only way to do it, so I did the very same thing on my homes…How wrong I was.
The book is concise, thorough, and to the point. In the first chapter, Streisand points out how much the world has changed and how we are so much different than our grandparents were. Then he asks why we hold on to methods that are basically outdated. 30-year mortgages worked for our grandparents, but they no longer apply in the fast-paced world we now live in. World economies are globalizing. Company pensions are a thing of the past. We don’t work (or live) in the same place our entire lives, so why remain loyal to a mortgage designed for that?
The book presents what the author calls “The Four-Step Process,” a method to stabilize and grow your personal finances. It also talks about “The Number,” which represents an amount of money you will need to live comfortably into the future. The Number is critical to our well-being, since we can no longer rely on our employers to help us reach it with a pension plan. We have to do it ourselves, and this book presents a proven method to do that. Having owned three homes in my lifetime, all with a 30-year fixed rate mortgage, I now realize I missed a tremendous opportunity. Too bad I didn’t know about these concepts sooner.”