Money, money, money be ABBA.
My daughter wrote in her blog that she is debt free. This is a lifestyle that we have aways tried to live. The only things that we have bought with debt are our 2 houses. Both of which we paid off way early.
Many people think that a home mortgage is great since it gives you a tax deduction. If you have a mortgage you can deduct the amount of the mortgage from your income. However, there is a standard deduction for Married Filing Jointly of $11,600. So if you only have the mortgage plus some state/RE taxes, you only get a partial deduction or no real deduction.
Even if you can deduct the whole amount, the tax advantage is 10-35% of the amount, e.g., if your tax rate is 25% this means you are paying 3 times the amount of the taxes to save 25% of the amount. To me this is not good math.
One advantage that we had is that the amounts of our mortgages were much smaller than the amounts now-a-days. However, we made less than most people do today.
Having a mortgage also can lead to foreclosure if you lose your job.
We are lucky that we are able to live debt free. Dave Ramsey has a national radio show and other classes to teach the art of being debt free.
I am glad that my kids are able to manage money as well as they do; we must have done something right!