Mortgage Free at 30/31 with 2 kids…what’s next?

Hi everyone,

My partner and I (30 & 31) recently hit a huge milestone, we’ve officially become mortgage free on our $1.8M home! We’ve worked hard, made sacrifices, and juggled everything while raising our two young kids. It’s a surreal feeling to own our home outright, and we’re incredibly proud of the journey.

That said, we’re now at an interesting crossroads. While the house is fully paid off, we’re almost at zero cash. We’re comfortable day-to-day, but we’re unsure what the smartest next step is to build some financial security and flexibility.

For context, my background is in construction and development—it’s what I know best and where I’ve always felt most confident. Naturally, my first thought is to leverage what I know, but with limited cash on hand, I’m keen to explore the most sensible path forward.

We’d love to hear from the community: Should we prioritise building a cash buffer (emergency fund)? Is it worth leveraging the equity for investments (shares, property)? How do we balance wealth-building while keeping life stable for the family?

Would really appreciate any insights from those who’ve been in a similar position or who can share some forward-thinking strategies.

Thanks in advance, and wishing everyone the best on their own financial journeys!

Edit: How We Got Here

We purchased the house originally for $1.1 million in 2020. My partner and I had saved up about $400k in total, being raised in immigrant households where saving was always a priority. We rented the house out for a couple of years, then decided to knock down and rebuild. (Living rent free with parent in meantime)

I built the two properties myself after getting my builder’s license. I did whatever I could on my own—labouring, cleaning, painting, tiling, landscaping—to keep costs down. We sold one and now live in the other.

In the meantime, we both worked consistently, with an average combined income of $300k per year over the past five years. We’re also both pretty entrepreneurial. Over the last four years, we’ve started six businesses. Most didn’t work out, some made a little, but one kicked off, and it now brings in around $60k per year on top of our regular income.

P.S - We chase growth because comfort kills ambition