Is it possible to live debt-free?
Some of you financial types may have an automatic reaction to that comment, that it's overly simplistic to say it's better to live without debt. For example, if you can earn more in the market than you are paying on your mortgage, it's best to leave the mortgage as is. That is true.
There is good debt.
Borrowing money for college to get skills in order to achieve a higher salary throughout your career - that is also good debt.
Medical bills can lead to a lifetime of debt.
But putting all that aside, think about the emotional side of being debt free. Everyone is in a different situation, and we can't judge others in their situation because we don't know how we would manage given someone else's challenges.
But just stop for a minute and consider how you would feel if you were debt free? It's okay just to imagine it for a moment.
Putting all the mathematical calculations aside, how would having no debt make you feel?
Most people respond that they feel much less stress, financial peace, flexibility of options, etc. Each person is different.
It's okay to imagine just for a minute and then think: what would it take for me to get there? Maybe there is just no way to do it. But it is possible for some of you about to make a major decision. It is possible for some to start the shift. It could take years or even decades.
Is being debt free always possible for everyone? No. Is it always good? Probably not. But what if you could do it by making some lifestyle choices?
Feelings can be misleading, but remember how you felt just a minute ago as you imagined having no debt. If it's possible for you, it's worth the try.
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Disclaimer: The views expressed on this website reflect the personal opinions and experiences of the writer. Nothing in this article constitutes financial advice in any way. Information on this website should not be relied upon for investment or business advice. Please consult with a qualified financial professional before making any financial decisions.