Admit it, we all know that debt is bad. For those who don’t mind carrying balances on credit cards or believe student loans are “good debt” know that it would probably be a good thing to pay it off. For some, paying it ALL off has become a priority – but why? Paying off debt is a pain in the butt, so there has to be REASON.
A couple with $112,000 in debt asked “Are we going to be miserable in order for this to work?”
I replied “Aren’t you miserable already?”
I have never heard anyone say they wanted to pay off debt because it was the right thing to do. Here is a short list for some reasons I have heard:
- Reduce Stress / Save Marriage
- Save for retirement
- Save for kid’s education
- Save for daughter’s wedding
- Start a small business
- Buy a hobby farm
- Buy a second home
PS – Notice that Reason #1 is the ONLY one you can’t pay for, but it does have a cost.
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What is your reason? What would you do in order to WIN with money? What is holding you back? Think about your answer carefully, make sure it is a reason and not an excuse.
To be free!!! Free to work any job I choose because it makes me happy, not because I need the money, or free to not work if I so choose. Free from all the money coming in and going out, with everyone else’s name written on it.
I’m paying off debt because I’m tired of working at a job I don’t like and being 1500 miles away from my family.
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