It sounds like a noble sentiment – but would borrowing less really solve the financial issues of the average Australian family? Would it allow them to live life on their terms and achieve an early retirement, or choose their work/life balance based on what they want? In order to achieve financial independence, it is necessary to look beyond the amount of debt we take on. Having a strategy that will allow us to exit the rat race sooner will enable us to focus on what is really important in life — without needing to worry about work. More than half of home owners choose work before family Research reveals 56 per cent of mortgage holders miss out on spending time with family because they choose to work more in order to pay off their mortgage. Other key findings include: 54 per cent of mortgage holders have gone without taking a family holiday due to financial pressures; 59 per cent of mortgage holders have cut a family holiday short because of repayment considerations; and 50 per cent of mortgage holders turn down at least two social outings a month because of mortgage pressure. What choice do Australians have in an expensive property market? For Australians living in the nation’s capitals, borrowing less hardly seems like an option. For average income earners, buying a house in Sydney means saving more than one year’s income just for a deposit. It does seem crazy to take on more than a million dollars’ debt just to buy the family home, but this doesn’t mean we should give up on home ownership altogether. Despite what most...
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