The Financial Perks Of Buying A Tiny House

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Published on 27 Jul 2019, 14:18
Their houses may have shrunk, but their bank accounts grew.
6 people talked to Business Insider about how living in a tiny house helped better their finances.
They all traded in their homes for 100-400 square foot spaces and say that by reducing their housing costs, paying off student loan debt, and they were able to pump up their savings, some almost tripling their money.
Bela and Spencer chopping cut their housing costs in half after downsizing and now earn income by offering up their tiny home as a vacation rental.
They explain, "It has allowed us the freedom to live where we want yet still do all the traveling we had hoped for."
Couple Tim and Sam says that tiny living has forced them to eliminate extra daily spending, giving them an extra $1000 per month.
They add, "We evaluate what we buy a lot more carefully, which in turn ends up saving money from those 'I need to have this' moments. This allows us to invest back into our lives."
Mitchell saved over $100,000 going tiny, which helped him start a business and buy land. He adds, "I only have to work about five hours a week to cover all my needs, so I have a really great lifestyle while still meeting all my bills, savings, and retirement needs."


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