Yep, paying off my debt (except mortgage, which is affordable and only 15-year term) has been the most liberating thing I've done. Learning to live below my means was difficult (still is), but absolutely worth it.
I'm saying this given that I definitely don't have 3-6 months of savings liquid (yet) though I have paid off all of my debt. Getting rid of debt is incredibly freeing in and of itself.
I am debt free. Paid cash for my house. Don't own a credit card. I think technically my wife has one.
There are a lot of ways I could make more money. I have enough money as it is, so what's the point? The rest of my money is in stocks, etc. I make enough of a return on it.
Basically, being debt-free gives me peace of mind that is worth whatever marginal return I may be getting otherwise.
Savings allow you freedom from having to earn money, the opposite of debt.
For example, you can temporarily "retire" for a few years and do what you want without pressure. Either directly or indirectly, I think having debt limits you to the path & earnings you've "forecasted" - the opposite of freedom.
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