I became debt free in December, 2020

Living a debt-free life is such an awesome feeling. In today's world living debt-free is very rare because you have one or the other loan to take care, be it student loan, home loan or even personal loan. People living on less than what they earn or having no loan and have a case for emergencies are need of the hour after looking at what had happened in 2020.

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Until last week I was not debt-free as I was having a Home Loan. I have taken a home loan 6 years back to buy my first home and gift it to my parents. I have taken it for 10 years but I knew that I have to pay off early so that I don't want to keep any debt. It took 6 years and I have paid off the loan.

Thus as of now, I am debt free and not intended to take any loan further but not really sure about the future. I have also encountered people who actually do not pay off the loan but invest, that is also a good strategy. But for me paying off the loan is much more important than investing as I can be debt-free much earlier.

Now I have extra money each month to invest in any investment I want and thus given me the flexibility to take the risk for some higher returns. Also, one thing I have to make sure that I need to commit to not go into debt again. It means I have to stick to a budget and thus save money for bigger purchases.

Are you debt-free, if not what's your plan to be debt-free.

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