Achieving Financial Freedom Without Homeownership

Old habits are difficult to break, especially when they have been successful for decades. The notion of buying a home has always been billed as the American Dream. This idea has been planted in us since we were in middle school. Homeownership was then touted as the truest definition of success in the US. Before social media ever existed, owning property and land was the ultimate status. It offered the ability for parents to pass down generational wealth; to ensure the next generation is set up for success.

As an older Millennial (age 40), I have the interesting perspective of witnessing firsthand the shift from the dream of one day owning a home to alternate options geared towards experiences and flexibility. Numerous factors have contributed to these new shaped dreams. In short, due to the middle-class slowly evaporating, most young adults have come to the realization that renting is the better option. The American Dream has never been less attainable that it is currently. Consumer debt (credit cards), the rise in college tuition (over $30K per year for out-of-state schools), increasing home prices (average cost to buy a home in 2025 is $504K vs $297K in 2005) has massively dented the desire for homeownership.

Unfortunately, while the current financial times have drastically changed from prior generations, the pressure of buying a home hasn’t changed nor adjusted. Millennials and older Gen Zs are judged and even minimized for not having the appetite to buy property. Speaking from our point of view, we watched the housing market crash in 2008, lived through the pandemic in 2020/2021 where many of us were without a job, to now seeing home interest rates being higher than it’s been in the last 30 years. This experience has led us to distrust the American Dream. The stats below illustrate these frustrations.

Current 2025 stats:

Studies show that young people in their 20s today (categorized as the younger Millennials and older Gen Z) may be facing more economic challenges than their parents did at the same age. 

Here's why some sources suggest this:

• Lower Net Worth: Millennials, when they were in their mid-20s to early 30s, had lower median wealth compared to Generation X at the same age.

• Lower Earnings in Early Careers: Some research suggests that millennials earned less in their 20s than the previous generation.

  
  

Early Struggles

I struggled with finances in my early-middle 20s (like many of us) because I lacked direction, intentionality, and discipline. At 24, I vividly remember needing to pay a bill where I was $150 dollars short and my direct deposit check wasn’t coming in for another three days, but I needed to make that payment that day. So, I took out a pay-day loan because I did not prioritize saving money. The pay-day loan was something like 40% interest rate – highway robbery at its finest. The lesson that I had to learn the hard way was bad decisions lead to back consequences.

It was after this embarrassing experience that I made a deep commitment to myself – I will NEVER struggle with money again. The goal I set for myself was to be debt free and save as much money as possible. This mindset has stayed with me ever since, now going on 12 years.

At 34, I became debt free. During this journey, when I saved my first $10,000 dollars, it felt as if I saved a million dollars. The $10K was a lot of money for me. More importantly, I was proud of my focus and how much I was willing to sacrifice to achieve my goal. Anyone can do hard things occasionally; the magic is, can you do uncomfortable and hard things every day? Can you be consistent with those actions over weeks, months, and years?      

6660 was formed

As I got into my 30’s I became more curious about people’s spending habits, their relationship with money, and how people prepare for financial hardship. It became apparent to me that people were spending beyond their means, were drowning in credit card debt, were living in the moment with little thought on retirement or savings – their lives were a house of cards. Most of these people already purchased their homes, so I believe it gave them a false pretense that they have succeeded in life thus it was okay to buy new toys and live recklessly.

Thankfully, I never put much stock on how others lived. I was more focused on my lane, my house, and my goals. Unbeknown to me, as I continued my financial journey, I realized another way to measure success, one that I feel we ALL should aim for - Financial Freedom.

Financial freedom is the absence of financial stress or worry. It means having enough financial resources, such as income, savings, and investments, to live the life you desire without being tied to a traditional job for survival.

Because I was never truly emotionally ready to buy a home (I didn’t want to be tied to staying in a condo or neighborhood or city), I placed my focus on what I frame as 6-6-6-0.

·         6: Six Figure Salary – the new “American Dream”? I think a status we all aim these days now.

·         6: Six Figures in Savings – This guarantees you will be okay during any hardship life throws at you

·         6: Six Figures Investment Portfolio – This is securing your retirement, keeping an eye on being a millionaire when you finally retire

0: Zero debts – Watch your money grow and go further when your hard-earned money doesn’t go towards debt or creditors. The more cash you can keep in your wallet, the more options you have which equals more security and peace!

Youtubers and influencers speak on all these different financial lanes. From putting 15% of your monthly income into 401K, leveraging credit cards and their points, the 50/30/20 rule (50% goes to needs, 30% wants, 20% invest). And of course, buying properties.

In the end, I can say this much. Having avoided high risk moves and stayed consistent with saving and living below my means, I can share with you that I am completely financially free. I have peace of mind. I have built a healthy foundation. I have all the resources available to me (because of an 820-credit score & debt free). And I achieved all of this WITHOUT buying a house. My tip for readers is to stop living through social media as you try to keep up with The Jones. Don’t let outside noise and distractions impact your home. Enjoy saving and investing money more than spending it.

If you are like me where you were never taught how to manage and invest money, take pride in breaking the financial struggle cycle. Words cannot express how empowering it is to walk into stores or get groceries and know you can buy just about anything you want and pay for it in cash without any financial recourse or struggle. A big flex is when you forget when your next paycheck hits your account because you aren’t stressed about money, because you don’t live paycheck to paycheck. My friends, that is what financial freedom looks and feels like. The key principle behind 6660 is knowing that this strategy doesn’t cost you a penny because it is not debt consolidation. It’s not a paid service. It’s not about hiring a high-priced accountant to manage your money. It is about taking ownership on understanding that you need to take control of your spending habits. Knowing where and how your money gets spent every month. It’s about adding focus, discipline, and determination to your financial situation. We measure what we treasure. I hope one day each of you can enjoy the taste of financial security.