What’s the big deal with debt anyway? Isn’t everyone spending more money than they have?
True, many people are squandering tomorrow’s resources today. They lease their vehicles, they mortgage their homes, and they charge various expenses to their credit cards.
If you want to amass wealth in your life, you need to ask yourself this question: should you do what everyone else is doing just because most people are doing it?
Sooner or later, you’re going to realize that you will have to go against the grain. If you find that the majority is going one way, you will probably want to turn around and go the other way. The majority is not on the way to building wealth; they are on their way to living a mediocre life.
Debt is Trendy
A lot of people are in debt and don’t even make much of a fuss about it. That’s because many of their friends are in the same position. You will become like the people you associate with. Think about that statement for a moment.
Many people enjoy status. They like their BMWs and 2,000 square foot homes. These people are not in as much trouble as they think they are, even if they are behind on mortgage payments. If they were willing to live a little more humbly and frugally, their finances would fall into order.
The problem is that most people don’t have much of a plan. They don’t budget. They want instant gratification, and they don’t give much thought to their future.
The Problem with Debt
Again, we as a society tend to take debt a little too lightly. If you are in debt, it means that you owe somebody money. The long-term impact on your self-image is more detrimental than you might think.
Personal integrity and responsibility is another area that people don’t give much heed to anymore. If you aren’t trustworthy, if you aren’t honest, if you aren’t reliable and accountable, you probably won’t set a good standard for others that might follow you. Amassing a fortune will prove difficult if you can’t even lead yourself well.
Becoming financially free will require that you grow yourself and your character. If you have a million-dollar problem, you’re going to have to become bigger than a million dollars.
Freedom from Debt
Freedom from debt is achieved simply and quickly if you are willing to tackle it aggressively. If you aren’t all-in to the idea, it could prove difficult.
Again, if your home and car are financed, these are luxury items you can sell and trade in. You can downgrade for a window of time and acquire whatever you want later when your income allows it. Unless your home is a tent and your car is a bicycle, you haven’t hit bottom yet.
The truth of the matter is that you don’t know who you are until you are debt free. Financial pressures are taking away from your personal talents, gifts, and thought-space, whether you are aware of it or not.
When you are ready, eliminate debt in your life assertively. The end result will be well worth the effort.