I used to live in an expensive luxury condo. I sold it at a good profit and use the net proceeds (after deducting my outstanding mortgage) to buy a cheap condo in the West region, paying in full. I also have excess cash to pay off all my car loan, credit card loan. I sleep in peace now as I am debt free. My next project is to save much as much cash as possible for my retirement. Now since I am debt free, I save as much as 60% of my annual income.