Being debt-free has many advantages. When you have no debt, you have much less stress. You don’t worry about making the mortgage payment. When the family is going on vacation, you don’t have to stay home and work to keep paying the overhead. When the hospital tells you about the new changes in your contract, you can have the courage to say no. When the government mandates new changes for your practice, you will have the money to implement them. When your children need braces, you have the money. Because you are not paying this year for last year’s indulgences, more money is available.
You have more flexibility. You can have more fun. You can take time off. You can stop seeing a certain type of patient you don’t like or that causes you anxiety. You can stop doing a procedure you don’t enjoy. You can take more vacations. You can take a day off during the week, every week. If you want a new toy, you can have it and pay cash. You can pay for your vacation before you leave. You can drive any car you want. You can go anywhere you want. There is great freedom in having no debts and money in the bank. When a great investment opportunity comes across your desk, you can take it. If you want to retire early, you can. If your spouse wants to stay home to raise the kids, you can afford it.
There are many more open doors for those with no debt and available money in the bank than there are for those with crushing debt and nothing in the bank. If you have to borrow money to do everything, many things will be beyond your grasp. I have lived both with personal debt and without personal debt and I can assure you, debt-free is better.