Being Debt-Free

Being Debt-Free


Interest rates are very low right now, and most students of the FED  expect rates to remain so at least until 2023. So, you may ask yourself, “should I refinance?” There are many articles about how to refinance. Should you get a longer mortgage to lower your payments? Does an ARM make sense? Should you refinance from a 30-year mortgage to a 15-year mortgage? I have many friends that are mortgage-free and some even debt-free.

Ridding yourself from the largest expense people ever commit to can have far-reaching consequences on your financial future.

10 Advantages of Living a Debt-Free Life

1) Reduction in the cost of living. Without debt payments, you will have fewer required monthly expenses. That means more discretionary income for goods and services you want or the ability to put those funds into savings or investment accounts. Many of us are searching for a low cost of living when we retire, resulting in a fuller, richer life.

 2) More control over your lifestyle. You can live simply. Without debt costs eating all of your discretionary income,  you could quit the job you hate. You can experience the beautiful countries and cultures you read about in travel magazines.

3) Higher quality of life through reduced stress.  Eliminating debt and reducing stress will help you live a healthier and happier life. While it is not the equivalent of living stress-free, it will certainly eliminate the stress of how the bills will get paid, avoid aggressive collection calls, and constantly wonder how you will ever be able to retire.

More Financial Choices

4) More financial choices. No debt means you can use everything you earn today for the needs you have today and tomorrow, rather than paying for yesterday’s expenses. So no debt obligations in and of themselves are very empowering.

5) Ability to save and invest. Instead of spending $1,000 or more on credit card payments and even more for other debt like vehicle payments or other loans, you will have the ability to set that money aside for retirement. Imagine being able to add $1,000 to $2,000 a month towards your retirement. That’s $12,000 to $24,000 a year that will get you to retirement faster.

6) Ability to capitalize on investment opportunities. Often the best investment opportunities appear with a very short window of time. You will now have funds available when an opportunity presents itself.

Better Financial Health

7) Better Financial Health. When bills are paid on time, and you have a little money in the bank, your finances can build each month, unlike many Americans who can’t come up with $500 for emergencies.

8)  Inner peace. Being debt-free may not automatically result in a peaceful life, but it can eliminate the constant worry about how you will juggle your finances. This stress erases the ability to have inner peace and contentment with your life as a whole. Without debt, you feel a huge weight lifted from your shoulders.

9) Control over spending priorities. Imagine being able to decide where your money goes. No debt means that all those one-time payments are now “found money” available to you, and you get to choose where it goes.

Experience Higher Financial Security

10) Experience Higher financial security. Financial freedom, especially when you have struggled to pay off debt, will give you a sense of freedom and power. Now, you will meet future needs and set aside enough money for retirement.

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Photo by Ryan Moreno on Unsplash

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