I was astonished to realize just a couple of weeks ago, that our assets now exceeded our only outstanding debt. While the amount wasn’t much, just a few hundred dollars. It somehow had the effect of making me feel ‘free’. That if I wanted or needed to, I could just sell everything and owe no one any money. Nice.
There are other ways to offset the risks, insurance policies, like mortgage protection life insurance, that can mitigage a liability like a mortgage. But of course, you could end up paying for nothing. Insurance is only necessary when needed. Otherwise, it’s not needed! Or is that just a silly way to look at things?