Deliberating debt free

Our lives pivoted last week and will take a somewhat familiar, but unwelcome, path. The journey could end in great heartache and will be stressful on us as a couple, and individuals. You can read about it here if you like.

We're not overly concerned about our relationship because its strong but the situation will definitely put stress on it and on us as individuals; A plan is needed.

Normal and not in front

I read a post by @revisesociology about his move to Portugal. You can read it *here. He contemplates living arrangements and his off-grid-style life-plans once in Portugal. IT all sounds really cool and a great use of one's life. This prompted my post as Faith and I have been contemplating a few changes ourselves; Life-altering changes.

Faith and I are normal people: Jobs, a mortgage and financial commitments that send us to work each day. We're hard workers, always have been, but value time above all else; Time that being in debt takes away from us.

Life can be fickle and quickly taken away, the very issue we're facing right now as above. So time is our most valuable commodity...And yet here we are, fronting at work each day, paying what we can off the mortgage to get in front and never really quite getting there.

We're currently determining selling our house, paying down all of our debt and pocketing the difference then moving into Faith's mum's house. The plan had always to move there with her as she got older to look after her, possibly in five years or so, but her secondary cancer-situation might accelerate those plans and we're kind of thinking it's a good thing.

On the surface that seems a no-brainer, being debt free, however complications arise when we consider that Faith's income is obtained from our business which she runs from a building behind our current house. Having that all set up elsewhere is not possible so she would essentially lose her income. This is somewhat balanced by the fact we'd have no debts but not fully; We also have plans for more travel and hobbies to feed so having a little more money than we actually need is required. Of course, we would need to think a little about having funds to live into our future too.

My mother in law lives alone in a fairly new house she built after the last was destroyed in an electrical fire. It has three bedrooms, two bathrooms, two living areas, car parking for four cars and a big shed and a smaller workshop. I know this may sound massive, and it's certainly of a good size, but here in Australia it's considered an average family house.

There's room for all three of us without feeling at all cramped and all of our stuff fits. I'd have a workshop, parking for my vehicles and camper trailer and all would be well. The household costs would be split making living cheaper and we all get along really well...Sounds like a good situation right? Especially the debt free part.

Faith is an only child and so everything her mum has will go to her eventually, including the house which is freehold, so we would have moved in eventually anyway. With her mum's cancer situation...Well, in five years it could be a moot point...In two or even one for that matter! So, considering Faith would like to spend more time with her mum I think this accelerated move-in is something that may happen sooner.

Of course, as someone who has been in the property industry for twenty years, I know what's going on in the market right now and deliberations around our house sale revolve around known facts and predictions or expectations as well. I had my own property development company for several years and developing my existing house is an option as I know what to do. It's a big investment for what would only be a small additional gain over selling as a whole. It brings additional risk too, considering the market moving forward, pandemic financial-pressures and the recession Australia is in; These are all things we need to consider.

All my adult life has been spent working towards putting ourselves in a debt-free situation and had my previous business partner not been a rogue we wold be in that position right now. Having the chance to do this in the next six to twelve months is a massive opportunity and whilst there's a few complications that will need ironing out, it's certainly something we are committed to.

Our lives would need to change: Spending habits, expectations and habits. Our need over want ethos might require fine-tuning and we may need to alter a few other aspects but I think it is completely achievable. I especially like the prospect of Faith being able to work less, have less pressure and to spend more time with her mum.

Being debt free brings options. That's what was behind Faith's suggestion of possibly accelerating the process in the first place. She lost her dad to cancer when she was eleven - He was thirty three. She's feeling now, looking at the prospect of losing her mum, that we deserve to live a more satisfying and complete life free from the financial stress banks, corporations and government want us to feel. We will feel more settled, more in control of our lives and futures and...Is that worth missing out on a little here and there?

Waiting five years is the other option to selling up now of course - It's only five years right? But what if that's me in the next year or two with terminal cancer? That's one of the big motivator's behind our thoughts; At fifty years old I can see my end a bit more clearly so even more motivation!

Clearly I'm being generic here as my financial position isn't for public domain, however I think you get the gist. What about you guys? Would you do it? Would you shuffle a few things to become debt free? Would you wait the five years or do it now? I'm really keen to hear your opinion as it might bring up a thought I haven't considered and that would be welcome at this time when the decisions we make will have far-reaching implications.

Feel free to comment, I'm really interested.
* Design and create your ideal life, don't live it by default - Tomorrow isn't promised.

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