Right on!  My husband and I paid off our mortgage (early) about 4 years ago.  Everyone told us we were stupid - should tap our equity to buy a bigger home.  We're crazy-happy.  You can't beat the relaxed feeling of no mortgage payment.  Nothing's a crisis.  We can manage whatever the economy deals us.  

This has allowed us to simultaneously refurb our home and help our children financially.  What more could a family want?

Mary-- I can't wait until the day that happens for me!  I can't wait to start pouring the money into the stock market or investing in extreme house upgrades (i.e., the new kitchen we want to put in).  We bought a modest house for our income level and are looking to spruce it up, but we're happy enough to live with it the way it is for right now.

But I can't wait until all I have to pay for is insurance [ok, and property taxes too-- but I don't look forward to those.].

I'm proud to say that we lived frugally and green before it was trendy!  It's comforting to know that our 15 yr mortgage on our modest home will soon be paid off 4 years early.  We also have a 7 yr mortgage on a vacation home which will be paid off 1 yr early, as well.  Our smaller home (2200 sf) requires less utilities and maintenace costs, which has allowed us to make extra payments towards the principal.  We don't deny ourselves occasional indulgences, even on a single income (teacher's), however, we are teaching our children to live well within our means and follow the 3 R's.  Reduce, reuse and recycle.  Even my 2 yr old knows her orange peels go into the compost!

My husband and I have always purchased our homes based on his salary only - one reason being that I didn't work when our children were small but even after I went back to work, we did not count my salary in for housing or anything else.  We are now living in a very nice home that is paid for free and clear.  We both are able to save money for our retirement and we have taught our children to do the same.  Although our children are a lot better off than we were at their age, they still live within their means and my daughter-in-law is able to stay home and raise their children and not have to worry about their finances.  My younger son and his wife do not have children yet but they are already saving so that she is able to stay home with their children as well.  When they want something, they save money for it and then pay cash for it.   This age of instant gratification has become a big problem in this country, hence the mortgage crisis.   People purchased homes they couldn't afford and now they want the federal gov't to bail them out.  

2,200 is a smaller home?  I grew up in a 1,200 sf home, and felt extravagent when I bought a 1,600 sf home for myself and my husband.  When I was shopping just for me, I was looking for one around 1,000 sf.

I am totally with these women.  My husband is also an engineer.  We are saving our money so that I can be a stay-at-home mom when we have kids in a few years.  Since we're currently both working, I feel like everyone expects that we have a ton of money to blow (especially on their ridiculously expensive weddings!).  It's so frustrating when you're trying to save every penny!

A long time ago, we went into the City at Christmas time to see the tree and spend the day. We wne to a MacDonald's with the kids at lunchtime and my daughter wanted to go and sit with the "old man" that was across from us. She went and just sat at the table with him and he looked over at us with a look of total amazement. She started talking him and eating her lunch and my husband and I could actually see the happiness coming from that poor old man. When he was done eating, he came over to us and asked if we could stay there for a couple of minutes and he would be right back. He returned with a Christmas gift (a plastic Mickey Mouse) and gave it to my daughter. He told us that he has never enjoyed an hour like the one he just had talking to our daughter. That was in 1971 and my daughter remembers that day like it was yeterday. So yes.................I will always give to homeless people. Just like MacDonald's did that day.

Carol, that was quite the non sequitur.

At some point in the past there used to be a cultural stigma against debt in Western society. It still exists somewhat in Asia (partly due to the fact that it's harder to get credit from real banks) but is also disappearing. I don't think people should feel guilty for taking out loans on things like education, but credit cards make it way too easy for the average person to indulge him/herself in unnecessary luxuries. Remember SaveKaryn?

The stigma against debt has disappeared because interest and late fees are a great source of revenue.  Americans are mostly trendy, always buying the latest and greatest.  Banks and lenders know this and exploit that opportunity.  Just like bartenders are not obligated to cut you off when you're drunk, credit card companies are not obligated to keep you from blowing money.