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The Key to Becoming Debt Free.

January 5th, 2010 at 09:50 pm

Contentment. That will pretty much lead you to achieve debt-freedom! One simple word, yet so hard to master! Allow me to get on my soap box for a moment (I guess that's what blogs are for, huh?)

The only way to get out of debt is to pay it off. You need money (cash) to do this (and you are totally capable of doing this on your own - please do not look to debt consolidation companies to solve your problems). To get more money, you need to increase your income which can be done in 2 ways: increase your inflow of cash or decrease your expenses. The 1st option is self explanatory - you can get another job, sell a few items, win the lottery, etc... And although it's not rocket science, it is so hard for us to follow through with the latter option. Why? Because of the lack of contentment in our lives (I'm included)!! In order to decrease our expenses, we need to get rid of the waste in our life. Do we really need so many TV channels (or cable, for that matter), to eat out so much, more clothes?!? What about your car? How much of that is eating up your monthly budget??

If you're like me, you probably started this journey with plenty of credit cards - clothing stores, electronic stores, you name it. Again, the key is contentment. Once you pay off a credit card, DO NOT get another or pile debt back on the card! You will only get out of debt by never charging another purchase! And this is only possible if you're content with what you have!!

So, about that soap box...I work in the retail industry; however, if you pulled up to my office building, you'd think we were an undercover law firm to the Stars! Luxury cars and SUV's are lined up and down our parking lot. Do I have a problem with luxury vehicles? Of course, not!! But I do have a problem with the money complaints that I hear at work - one in particular I've heard several times from a few child-bearing-aged ladies. Our company does not provide maternity leave (another discussion for another time), but b/c of the lack of money, these ladies are going to postpone their pregnancies. You have got to be kidding me?!?!! But, they are serious.

Eating out daily, buying new outfits, cars, getting a 2nd mortgage when the 1st isn't paid off...oh, and wedding rings (the expensive ones, of course) - I hear these conversations daily, and I cringe! No one can sustain when they're always wanting, wanting, wanting. There's no peace - it puts you in a constant, downward spiral. The only way to become free is to break loose from these chains (and this is bondage - it may appear delightful from the outside but managing maxed-out debt is an emotional nightmare)!

So, how do you become content? The easiest way for me to stay content is the constant reminder of the effects that debt has made on people (which keeps me motivated to stick with my journey to debt freedom). How many families do you know who are living paycheck to paycheck? Dave Ramsey says 70%. And how many of your friends (and their parents, for that matter) are still paying off their student loans? Um, just about all of mine! No one wants to live like this, but we've been convinced that this is the norm. We accept defeat, and begin to charge like crazy since we'll never see the day our debt drops to zero!

So, now that I no longer accumulate debt, I'm looked at as a bit "unique" (the word they're really thinking is "weird"). I don't eat out every day for lunch - can't afford to. And despite what my very own boss would like, I'm not going to go out and buy a Range Rover now that I've paid off my car!! At present day, I look like the odd ball - like the one who doesn't have it together b/c I don't drive a lux vehicle or wear designer clothes! 10 years from that (make that 2), I'm sure I'll be the only one who will work only because I want to!!

We only have a short amount of time on this earth. Why would we want to be in bondage for the majority of it???

And sorry for the rant...

Posted in Debt | 5 Comments »

5 Responses to “The Key to Becoming Debt Free.”

  1. DeniseNTexas Says:
    January 5th, 2010 at 10:16 pm 1262729784
    1262729784

    Oh man, you are preaching to the choir! I started a blog entry about some of the stuff I hear where I work and saved it until tomorrow or another time when I have plenty of free time to work on it. It's mostly from the young (under 30) folks and never have I seen or heard about so many money problems. They're eating ramen noodles three times a day and can't afford to keep their refrigerator plugged in but they have a car with a payment of $400 a month, they shop several times a week for clothes, hair things, DVDs, etc and their weekends are spent partying. It's a priority issue, plain and simple. And while I've never done a lot of what some of them do, I *did* get myself into way too much debt and at 47, I'm *still* playing catch up! Anyway, I'm with you 100% in this and I look forward to reading what others have to say about it.

  2. monkeymama Says:
    January 6th, 2010 at 02:02 am 1262743334
    1262743334

    I say, "Amen sista!"

    Childbearing women are the WORST. Let's just say, that's the stage in my life that I realized my generation was the "entitlement" generation. Mine and a generation or 2 before and after, as well. Lord forbid we do anything to help ourselves. Wink The fact that I took "unpaid maternity leave" is unheard of. & the sad thing is that the state replaced about 90% of my income with (mandatory) disability benefits. Which I took for about 90% of my time off (maybe a week or 2 unpaid). Sad thing, is even with such generous benefits, I barely know a person who could afford more than a week off with their newborn (people with 2 incomes & PLANNED pregnancies is ALL I am talking about). Priority issues - for sure!

    Kind of a tangent - but yeah - I totally *get* the woman and maternity benefits thing. As with everything else in your post!

  3. ceejay74 Says:
    January 6th, 2010 at 02:30 am 1262745017
    1262745017

    I wish we didn't have the stingiest parental leave of all developed (and semi-developed) nations. That said, if someone is buying all that other stuff and can't figure out how they'd afford a baby, ridiculous! I guess it's good though--if you're not willing to alter your consumer lifestyle even a little bit, it's probably a terrible idea to have kids.

  4. Nicole Says:
    January 6th, 2010 at 02:46 am 1262745983
    1262745983

    Good point! I never looked at it that way. Maybe their obsession with consumerism will prevent them from producing mini-me's that will grow to also be obsessed with consumerism!!
    Did we just stumble upon a new form of birth control?!? lol

  5. deluding job interview questions Says:
    June 28th, 2018 at 10:11 am 1530180660
    1530180660

    excellent bro, you helped to keep my budget in the norm, it's cool, I just started to earn more

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