6 Ways Being Mortgage-Free Improved Our Family

As for our financial situation, we are pivoting significantly from paying off debt for years and saving in tax-advantaged retirement accounts to saving aggressively to purchase assets. 

 In the future, we will center our financial goals around buying assets and building passive income streams during the next several years. Here are a few ways our life has changed since becoming mortgage-free.

In an era where many families require two working parents to make ends meet, being mortgage-free has provided us with the possibility of moving to a single-income family. 

We Became a Single Income Family


We nearly doubled our original budget and, as a result, burned through most of our emergency fund. Using your emergency fund to pay for a new kitchen is not recommended, but it is what it is. 

We Remodeled Our Kitchen and Basement


We achieved our goal of giving away 10 percent for the first time in 2018 and have been able to give away roughly the same amount over the past several years. 

We are Giving Away 10 Percent of Our Income


We often look for lodging and entertainment deals to minimize travel costs. Finally, when the kids get older, we plan to explore more elaborate travel opportunities out of the country.  

We are Focusing More on Travel


Becoming debt-free is much less about what makes the most sense on paper and its impact on our lives.

We are Less Stressed and Have More Options