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Ten years ago when my wife and I were getting married we decided to buy a new home together. We kept my condo and sold her home. We found a home we liked in a great neighborhood. When we made the mortgage application the broker said: “Are you sure you don’t want something bigger, either one of you can qualify for this on your own.” We said, No! Now here we sit ten years later, owning a home free and clear, while enjoying a pleasant life style. I feel sorry for the people who got sucked into the interest only mortgages by the mortgage brokers who promised them that the their home would only increase in value.

When the real estate market crashed I bought her a dozen roses and thanked her for not wanting the huge home with the mortgage that came with it. It took me a while to learn, but living debt free may be one of the greatest freedoms you can have.