Baby Step 6: Pay Off Your House Early

After completing the first 5 baby steps, you will now be debt-free except for your home loan {if you have one} with a fully funded emergency fund, you are saving 15% of your income for retirement and have started an Education Savings Plan for your children.

You are now ready to throw any extra money at your home loan and pay off your house early!

As you attack this last debt, you will gain momentum much like you did back in the second step of the debt snowball. Remember, having absolutely no payments is now totally within your reach!

{The image used with this article was taken with the help of Google Street View}.