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What would you do to be debt free?

June 25, 2012

That is the question Mike and I ask ourselves a lot lately.  I mean truly debt free, no mortgage, no car loan, no credit cards etc…  Would you be willing to drive an older car, would you sell your house and live in a smaller house or even rent, would you go without new furniture, would you shop at a Goodwill or Salvation Army clothing store etc…

Mike and I have a goal in life to be debt free and pay cash for everything.  Many years ago, we made the decision to no longer have a car loan.  If we can not pay cash for the car, then we do not buy it.  We do not have a single credit card and are very thankful for that.  We pay cash (or use our debt card) or check for everything.  We have a mortgage and two smaller debts (which we are almost finished paying on, woo hoo).  All this allows me to be a stay at home mom in a society that seems to requires two incomes to survive.  Even with that being said Mike and I have talked a lot recently about if we could, would we be able to downsize?  Could we live in a house that is half the size of our current house?  If it meant we could lower our mortgage enough that we could pay it in 10 years or less.  Could we go back to renting and save enough money in five years to buy a house with cash?  We do not know the answers to these questions, currently it is just a discussion we have.  We are totally torn on if we could or not, but if an opportunity came along we would seriously consider it.  Would you be willing to sell a car that has a loan on and buy an older car with cash?  Would you be willing to downsize your house or rent? If you could eliminate financial stress of high monthly expenses to have financial freedom, would it be worth it?  What would you be willing to do?  What if it meant just the ability to be a stay at home mom/dad?

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