STATUS Independent Consultant, Fortune 500 firm (no job security) Condo: 30yr fixed mortgage at 7.25% (locked in July '01) Expenses: 4k/mo (mortgage + maintenance + taxes) OPTION 1 - REFINANCE Goal: Lower monthly overhead How? Save 50k, lock in at lower interest rate, lowers monthly payments by $500 (safe route, takes more time, no backup plan if I lose job) OPTION 2 - START A BUSINESS Goal: Financial Freedom How? Save 70k, start a franchise, have my gf manage it from 9-5 while I still consult (just in case) (riskier route, faster, backup plan if I lose job) OPTION 3 - DO BOTH Goal: Lower monthly overhead + Financial Freedom How? Save 3k, lock in at lower interest rate, lowers monthly payments by $200. After, Save 70k to start franchise Which option would you choose and why?