There are plenty of people who will try to dissuade you from seeking financial security through debt freedom.
These people might say things like:
- Debt is just a way of life
- Debt is a tool that will let you get what you want
- All the successful people use debt to get ahead
- The only way to get an education is to use a student loan
- Everyone pays on their student loans for twenty years, it’s just the way it’s done
- If you don’t have debt (credit cards and student loans), you’ll never be able to buy a… (house, car, business, etc.)
Unfortunately these people have bought into the big lie that you need to be a slave to be successful. I’ll let you in on a secret: the only way to be successful is to be free. Take a look at the lives of the most successful people, they are masters of their finances, and don’t rely on debt to buy things they want and need. Instead, they rely on work (or their money working for them in the form of assets). Many people who are “living rich” through their possessions and their stuff are not rich on paper, but they encourage others to leverage themselves to the hilt, borrowing money to live like they do using excuses like the ones above. This is not wise.
Don’t listen to people who are “stuff rich” but cash poor. Instead, listen to your heart and good sense. If you feel like you have to borrow to get something, take a minute to think about if that thing is worth having and how it will be beneficial to you over the long term. New car on credit? Probably not, when you can get a good used car for 75% less and pay cash. The latest fashion on a store card? Probably not either, when styles change, but your monthly payments remain. You can get classic, timelessly stylish clothes at a discount somewhere else.
When you destroy your debt, your money is yours again. You get to decide where it goes and how it works for your life. You want a new (fill in the blank), and you have the money? Think about it, then get it if it is a good thing to do. Take the high road to success and know that you have put in the work to earn those nice things. Borrowed wealth doesn’t last, but real wealth can last for generations.
When people confront you along your journey to financial freedom with negativity, take it with a grain of salt (they may not know any better). Remain firm in your conviction to freedom, and stay the course. You’ll thank yourself later.
Until next time,
Do Brave Deeds and Endure!
– Ben at Debt Freeks