Voiceover Audio: Welcome to the Enjoy More 30s Family Finance podcast.

The only podcast dedicated to making life more enjoyable for young families by hitting on the financial topics that tend to weigh on us, stress us out, and distract our focus from simply enjoying life.

Joseph Okaly: Hello, and welcome to the Enjoy More 30s Family Finance podcast.

For all those people out there trying their best to avoid being financially secure, we have our series 10 Ways To Not Be a Millionaire.

Now if you actually do want to be a millionaire not to worry, this series isn't just for those people who may be looking for financial ruin.

If you avoid doing these 10 things and you could be well on your way to millionaire-hood as well.

Each week I'll share a quick step in this how to not be a millionaire process so you know what to do or hopefully what to avoid.

As always, before I begin, please share and like, please leave reviews.

I'd love to reach and help as many young families out there just like you.

Today's great tip on how to not be a millionaire is Getting Good Debt Gone.

Certain debts are regarded as good and so getting rid of something good would have to then generally be regarded as a bad thing to do.

And as you know, doing something bad for your finances is a great way to not be a millionaire.

If you had the option to save 4% or make 7%, the best answer for those who do not want to be a millionaire would be to save 4%.

Saving 4% is obviously much less than making 7.

So paying off a 4% mortgage for example, early with extra payments, instead of taking that same exact money and putting it into a well diversified investment that may make 7% for example long term is a great strategy to not be a millionaire.

This can apply to things such as lower interest student loans, or even just switching to a 15 year mortgage instead of a 30 year, forcing you to commit to paying back more money more quickly into a perhaps very low or even potentially tax deductible, good debt like a mortgage.

Furthermore, you lock more funds into your home in that example, creating less liquidity and potentially forcing yourself to have to sell your home if you were to wind up in financial distress.

If you do want to be a millionaire, then you may want to consider doing the exact opposite of this.

If for example, you took those same funds and invested them in our example, you could potentially be making 7% vs saving that 4%.

Additionally, if you had a financial distress situation, you may not have to be immediately going to selling your house because you would have more money available to you outside of your home to potentially hold you over.

Overall I think it is more than clear, getting good debt gone is a fantastic way to not be a millionaire.

Thanks for tuning in today and join us for next week's episode on how to not be a millionaire, Saving For School Over Retirement.

As always, please remember to review and share for others.

And if you need any help, don't hesitate in reaching out.

I probably have helped someone just like you.

Until next week.

Thanks for joining me today, and I look forward to connecting with you again soon.

Voiceover Audio: The conversations on this show are Joe's opinions and provided for general information purposes only.

They do not constitute accounting, legal, tax, or other professional advice for your specific situation.

You should always seek appropriate advice from a financial advisor, accountant, lawyer, or other professional before acting upon any content or information found here first.

Joe is affiliated with New Horizons Wealth Management LLC, a branch office of TFS Securities, Inc., and TFS Advisory Services an SEC Registered Investment Advisor, Member FINRA/SIPC.