All good advise depending on one's personal circumstances and comfort levels. With interest rates being the way they have been and the Markets growth for the last 10 years there has been the ability to make money with money. On retiring seven years ago I sold and downsized my home with the ability to pay in cash from the proceeds. However with interest rates at 2.75% fixed for 10 years with ability to payoff without penalty I refinanced putting the cash into the portfolio which has earned 8%, with 3 years to go even if the market crashes and I payoff I will be ahead. The wealthy don't spend their money but use their money to make money that they live off, they always have and always will.
