Debt holds you back, plain and simple. Living debt free doesn’t guarantee that you will never have money issues again, but it’s sure going to make your life simpler, happier, and hold infinite possibilities. Here are eight reasons why you should turn your focus now to getting rid of debt once and for all:
1. Your money will work for you.
If you have debt, you’re spending your time working for money primarily to stay on top of the debt. When you get rid of that debt, your money can now be creating income for you without you having to work for it. If you’d like deeper clarification on how that works, contact me today!
2. Less money you need to earn.
When you possess debt, a portion of your monthly income is always dedicated to the payment on those debts. So not only do you need to earn X amount to survive, but additionally you need to earn the amount of your debts so that you have enough to make those payments. By getting rid of those debts, you longer need to make as much.
3. Reduction in cost of living.
The amount it costs you to live is directly related to how much debt you have. Say you own $1000/month on your combined debts…once you have those paid off, your cost of living just decreased by $12,000/year!
4. Increased flexibility.
Being tied down by owing money restricts your life. You don’t have the freedom to make decisions for yourself, because they’re usually tied into the amount of money that you are just working to pay off. Without debt, you are free to make your own choices.
5. A sense of accomplishment.
It may feel like you have no way out, when you’re under piles of debt. People that have never had debt probably wont appreciate that feeling as much as someone that used to be in debt but worked their way out of it. You can be proud of yourself, while reaping the many other benefits at the same time.
6. Live stress free.
Consistently in polling, three quarters of Americans admit to feeling stress about money…and money always wins as the “top stresser” above work, family, and health. Shot in the dark here, I’m guessing the people that are stressed about money have more financial obligations than income, and that’s a problem that can be fixed by eliminating debt. Stress levels would plummet!
7. Higher purchasing power.
Whether it’s a car you want to buy, a house, or just allowing yourself to enjoy a dinner out more often…when your debt is zero, your ability to purchase goes through the roof. Rather than spending $300/month on a car payment you can now put that towards saving, shopping, or paying down other debt.
8. Choose a job you love.
Are you working you hate, just because it pays enough to cover the expenses you’ve incurred? Imagine being able to choose the job you want, not based on the paycheck but based on how you like to spend your time. Once you eliminate your debt, that option is now all yours.
I understand that working your way out of debt takes dedication, and is not easy...but if you can see how many things would change for the better once you decide to stop living in debt, you're going to accomplish things you've never dreamed of. For some tips on how to begin a budget so that you're working towards a debt-free life, check out this blog post of mine. As always, don't hesitate to email me with any questions, firstname.lastname@example.org