We all have fears. As we age, those fears change. Studies have shown we have three major fears:
Number one; our health.
Number two; our finances.
And number three; our legacy.
Health you have control over. That's why you have physicians, As well as you doing the things you're supposed to do. Such as exercise and eating right.
All that finances; a big piece of that is the house you're living in. You've got a lot of money tied up in that house.
Now, you can look at several different ways to approach the situation. Let's look at it from an income standpoint. Give equity in your house, you should have equity in your house if you've been in there for a very long time. That equity can work for you. It can do something for you other than keep you in a large house that you don't use. We've talked about earlier in the episodes.
If you have a house with more bedrooms than you need, a dining room you've probably only used once a year, and an extra living room that just collects dust on expensive furniture. So why keep that? Why not find a smaller house in a community of condominiums, or townhomes that don't have all the maintenance you have living in your old home.
There's many many different ways to look at this, but the bottom line is- your house has equity that you can use to help you retire maybe sooner than you think and then do the things that you want. The equity in your house represents freedom. The house itself, not so much. But the equity is freedom that allows you to do what you really want to do.