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Mortgage Payoff Update and Round-Up


I made myself a goal a few months ago, and I announced that I was going to pay off my house by the end of 2014. It sounded pretty crazy at the time, but to be honest, it sounds even more crazy at this very moment.

By the end of this month, I was supposed to have my mortgage paid down to $40,000, or at least close to it. At this moment, my mortgage balance is at $54,300. Now, I did have some money chilling in the bank, but after my recent tonsillectomy and my tuition bill for next semester my checking account isn’t quite as high as I hoped it would be. At the very best, I will be able to get this balance down to $47,000 or so, which means I have a ton of work ahead of me in 2014. Even if I paid $3,000 toward my mortgage each month, I still wouldn’t have enough to cancel out this debt. I need to do something radical….and fast.

The Original Plan

Originally, I planned on creating 10 brand new websites, getting them a Page Rank, and then selling them off one by one. This would have earned me about $15,000 extra for the year, and would have taken a big chunk off of my balance. Well, Google isn’t exactly updating their rank every 3 months. In fact, they haven’t updated their ranking in over 9 months (according to my sources) and have no intention of making the update in the future either. With many advertisers still looking at this rank for a measure of each site, it can be incredibly difficult to make a brand new site look valuable. This pretty much cancels out my idea of starting 10 new sites now doesn’t it?

I also had plans of flipping vehicles for a couple thousand of extra bucks, but this isn’t quite as easy as it had been in the past either. Used cars don’t come cheap and buyers seem more informed than ever with the internet at their fingertips. As many of you know, I recently purchased a truck that I planned to earn $1,500 on (at minimum), but after a few things broke on it I’m suddenly struggling to break even. I think it’s time for a new plan.

The New (Aggressive) Plan

With my old plan not working out (and would most likely still leave me with a $30,000 mortgage balance at the end of 2014), it’s time to formulate something new. While I don’t have everything figured out perfectly at this point, I do have some additional ideas on how to generate some more income.

1) Staff Writing – This is going to take up more of my time because it’s certainly not passive, but if I can earn $25 or $30 for each article I write for another site, that equates to about $50-60 an hour which can easily turn into an extra $1,000 a month if I stay consistent with it.

2) Start an Article Purchasing site – There are many personal finance bloggers out there that don’t always have the time to write all of their articles. I could pre-write 50 or 100 articles and sell them on a new website. Granted, this will require an understanding of an e-commerce like site that automatically sends articles to your email address upon purchase, but this would be a valuable skill to learn and could mean an additional $20,000 for the year, which might just get me to my goal.

3) Continue generating profits on my site – My website is still chugging and consistently earns between $1,000 and $1,500 each month. If I can keep this up, my goals might be realized by the end of 2014.

4) Get a promotion? – I will be earning my MBA degree by April 2014. There is no guarantee that I’ll be promoted because of this, but I think the odds are in my favor and could become a reality mid-way through the year.

Like I said, this plan isn’t water tight yet, but it has some promise. The main thing right now is to get my article purchasing site created. Once that is up and rolling, I think everything else will fall into place nicely.

What do you think of my plan?


Weekly Round-Up

The Key To Happiness is Saving More Not Making More Money at Financial Samurai

Sync Your Mortgage Payment and Your Paycheck Cycle at Frugal Confessions

7 Things You Must Know When Flipping Houses at Modest Money

How To Be Successful at Making Sense of Cents

Apple Phishing Scam Going Around at Stumble Forward

After You Pay Off Debt, Then What? at Don’t Quit Your Day Job

Why An IRA Makes Sense Even If It Isn’t Tax Deductible at Cash Money Life

You Can Save More Than Half Your Income at Johnny Moneyseed



My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. Ironically, just as you post this, Google updated the page rank the other day. Go check and see if you can sell some of those sites!

    • I had no idea! Unfortunately, I never did create those additional sites, so there’s no chance for those PRs, but at least my site is still a solid PR3, so I’m happy with that. 🙂

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