Debt freedom The first step toward financial inde
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Posted On: 01/21/2024 7:28:23 AM
Debt freedom
The first step toward financial independence: freedom from debt. The Ficks aren’t anti-debt purists. A mortgage, for instance, could be a part of a perfectly healthy financial plan, they say.
But for those burdened with high interest rate debt, such as a credit card balance, paying down debt means creating space in your budget to more aggressively save for retirement.
“The key thing about debt freedom is that it reduces your expenses,” says Corey. “Once you get rid of that debt, you can either save more or work less.”
The first step toward financial independence: freedom from debt. The Ficks aren’t anti-debt purists. A mortgage, for instance, could be a part of a perfectly healthy financial plan, they say.
But for those burdened with high interest rate debt, such as a credit card balance, paying down debt means creating space in your budget to more aggressively save for retirement.
“The key thing about debt freedom is that it reduces your expenses,” says Corey. “Once you get rid of that debt, you can either save more or work less.”
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