Financial freedom has become a buzzword in personal finance circles. Like with many buzzwords, the meaning of financial freedom has gotten “lost in translation,” partially due to the fact that everyone has a slightly different definition of financial freedom. “Everyone has different dreams, goals, and aspirations,” shares real estate expert Brian McCauley.
As McCauley explains, the reason why everyone’s perception of financial freedom and independence vastly differs is that they are directly tied to one’s life goals.
Buy a House and Achieve Financial Freedom?
According to McCauley, a successful North Texas Loan Officer, homeownership can be a great way to financial freedom. However, many people are afraid of buying a house, especially in this state of the market as low inventory, inflation, and high competition have pushed costs up.
Real estate and mortgage company Rocket Homes shed some light on the problem with their homebuyer survey. In January of 2022, they released a study in which they surveyed nearly 1,300 prospective or recent homebuyers, and the results were defeating — 69% of prospective homebuyers were millennials and the main reason for delaying their decision to buy a home is a fear of falling into debt.
McCauley agrees that buying a house is the biggest purchase and the biggest financial investment that most people will ever make, and if the process is not done correctly, those people will lose their financial leverage. However, he points out that there is a way to become a homeowner without ruining your finances.
“You don’t need to have billions to be financially free. You just need your income to be higher than your expenses,” says McCauley.
“My thirteen years of experience in the mortgage and real estate industry have taught me that a mortgage can be a huge strain on a person’s finances if not done right. That’s why I always try to show my clients the smart way to become a homeowner. I want to make sure it’s done properly, with the right expertise and the right understanding of how to do it to help people make the right decision.”
