Video by mel_dorman

Your typical homeowner is going to pay two times for their house, once for the house and once for the interest on the house. Rich people, they skip that second payment. And if you stick with me, I'm going to show you how to. First thing you need to know is that a 30-year fixed rate mortgage is not a loan.

It's a profit machine. Say you borrow $500,000. Over the course of those 30 years, you're going to end up spending over a million dollars on that home. And half of that is pure interest to the banks. And this trick is simple. Despite what your mortgage broker might say, you don't need to refinance.

You just need to break the payment cycle that the bank designed to keep you in debt. Let me show you what I mean. Take the amount of your principal and interest, not the taxes and insurance. And let's say that number is $3,600. Divide that number by six. And that math is $600. And now you take that $600

and you make a mid-monthly payment of principal only. It's a small, consistent effort that's laser focused on reducing your debt. And maybe you're wondering, how does this even work? Mortgages compound your interest on the remaining balance. And by paying your principal twice a month, you can actually shave a decade off that loan.

Double it, you can turn that 30-year mortgage into 15 years. And that's without fees or a refinance or your bank's permission. It's time to flip the script on this financial system. And this small change builds quiet wealth. If you want more tips on how to build conscious wealth like this, then hit the follow button because I teach you every day and I'll see you tomorrow.