One of the most difficult decisions you can make is downsizing your home. However, it can also be one of the best decisions you can ever make. In this article, I share why you should sell up for a smaller home…
Downsizing your home is not an easy thing to do, but there are more than enough good reasons why you should. One of the biggest benefits of downsizing is you get to free up some money. This in turn helps you to live comfortably through your retirement. This isn’t the only advantage of downsizing. Here’s what Bob Irish says in the Palm Street Letter:
1. More income
The money you save on your bond often translates into the things you’ve always wanted to do. So, reward yourself. Join a club, take that dream holiday, buy a new car, or just go shopping. Do what you want! Relieve some stress by adding some fun to your life. You’ll also see how much extra money you’ll save from the money you save on maintaining your smaller home. As they say, the bigger the house, the more “fleas on the dog”.
2. Less stress
When you downsize you’ll be able to reduce your monthly bond payments. Or possibly pay them off completely. You’ll have relief from not having to worry about a bond payment each month.
3. More to invest
Downsizing your home allows you to have more money to invest. For example, when you move, you could pay off your mortgage, buy a smaller house using cash, and just have money left over. You can invest this capital you free-up to start generating a second income through investing.
4. More leisure
However you look at it, a smaller home requires less of your time. And that can translate to more free time. More time doing the things you love and want to do and less time doing the all those things you just have to do.
5. More energy
Think about the last time you changed jobs. You managed to step out of your comfort zone. All the same old routines were history. You chose to embrace new behavioural patterns. As scary and uncomfortable as it is at first, you still did it. Do you remember the excitement and energy that followed suit? Well, that’s the thrill you’ll get from downsizing. When you downsize, the changes that come with it, can open a new, exciting chapter in your life.
6. More control
There’s a certain feeling of relief that comes with getting rid of stuff. You’ll feel more on top of things and you’ll have far less clutter in your world. This means you’ll be more in control than you’ve felt in years.
7. Less space
When you have less space, you have smaller places to put things. So, you’ll carefully consider every purchase and decide if you have room for it. In the end, when you have less space, you won’t be making unnecessary purchases.
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