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How smart is it to really be 100% debt free?
This is a "stress" period, much like the 1930s and 1970s. At a time like this, it is smart to be debt free, and to have money saved for the likely emergencies. There are growth periods like those of the 1980s and 1990s, probably returning in the 2020s and 2030s. At such times, it makes sense to play it a little "looser" and borrow money for investments. But the first order of business in answering this question is to look around you and figure out what is going on in the world (stress or growth).