Should I Focus on the Home Loan or Consider Other Options?

Focus is a good thing but it can limit opportunities in the money world.

For example, getting the home loan under control (or fully repaid) is an awesome feeling but it’s unlikely to give you everything you want.

Nowadays I see too many people anchor their view of financial success based solely on what they owe the bank.

It’s a limiting view, it’s one of many metrics and focusing too much on one metric can lead to unfavourable outcomes in the long run.

It could be an unwillingness to use debt as a tool, to invest, start a business and further your own education which ultimately could create more wealth.

It could be an unwillingness to slow repayments to focus on lifestyle during the key years with the family, which could lead to a more valuable life.

Most of the time I see those that focus solely on the home loan get to a point where it’s fully repay and they lack the momentum to grow wealth to provide them options in life.

Many end up as financially tied to their work as when they started.

Getting to financial freedom requires generating wealth, particularly outside of the home you live in.

You can’t pay for the groceries with your bedroom or your bathroom, you need cash of some form. Most people underestimate how much they need to fund their lifestyle independent of work.

Now when I talk about financial freedom I’m not talking about this far off dream of retirement where you sit on the beach and sip cocktails. I am talking about the ability to work on your own terms, it could be doing your own thing, it could be reducing the days you work, or taking a break to enjoy some important years with the family.

Wealth can provide freedom because you break the direct link of trading time for money.

Want to know more?

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