Image vs Debt Free
Which would you choose?
Getting on the road to being debt free is not easy. The hardest step for many people is amputating the toys and luxuries. We are taught by commercials that if you work hard you deserve toys and luxuries, no matter how high your credit card balance is. We have been lulled into false security, taught that these toys will make us happy. We are worried that down grading will make others think we are having financial problems.
The good news is as you go about this journey you will learn that the toys and outside appearances really do not matter. Your grandma was right, it is what is inside that counts. I can testify to you that the financial peace of being strong financially and not living on the edge will bring more joy to your family than any toy will.
The first step is learning to separate a need from a want. The next step is taking control of the inner child, you know the one that pouts, stamps it's foot and says, "I want it, I want it now." You can assure the inner child that you are not closing a door to having the toys in the future. You are instead teaching the inner child there are other priorities that must come first.
At this point you need to identify your needs, no more, no less. Don't let the consumerism enter into the picture at this time and start the debt cycle.
The decision to cut back gets easier with each little decision you make. It is behavior modification, pure and simple. I am not saying it is easy. I hated making an excuse when our best friends called and asked us to go for dinner with them. I hated giving up impulse shopping. I loved the first time we were short on cash and I realized that I could make all of my payments and could keep Murphy away with emergency fund. My brother-in-law really found out how powerful an emergency fund could be.
Some benefits of being debt free:
*a marriage free from financial stress
*money in the bank to pay for the doctor bill when your son/daughter breaks an arm or leg
*the ability to invest in your children's futures with money set aside to help them get the education they need
*a retirement with dignity
No butterfly makes it without squeezing out of the cocoon. Dave Ramsey says to live like no one else (follow the 7 baby steps, live on a budget and remain debt free) so you can like no one else.
Labels: Debt Free, emergency fund
Posted By: Joe on Friday, July 25, 2008
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