Our Journey Out of Debt [part 3]

Mondays That Matter logoIf you read the first two parts in this series (here and here) then you now have a sense for where Adam and I came from. We were both raised by parents who had considerable debt, yet both Adam and I were averse to debt from a young age. It is important to understand our mindset because my guess is that most people struggle with getting out of debt because they get stuck at this point- the psychology.

In America the following ideas are rampant: 1.debt is a tool to build wealth 2.you must own a home to live the American dream 3.to procure that home you need a credit score and a mortgage 4.If you want a new car, couch, washer and dryer, etc you can buy it now and pay for it later. I personally don’t agree with any of these (nope- not even the first one).

The steps we took to get out of debt:
1.) We made the decision to stop borrowing money.
2.) We formulated a plan.
3.) We created a visual reminder.
4.) We set goals.
5.) We rewarded ourselves for small milestones and constantly talked about the “why.”

We were lucky that we made the decision a long time ago to stay away from debt. For some of you that will be the most difficult part of your journey. Deciding to fight against the norm is not easy.

It’s your life and your money. You get to decide. If you want to live in debt the rest of your life, that is your right to choose- but own up to it and don’t blame anyone else for your decisions {I know there are some situations where debt is unavoidable due to medical conditions, etc…to those of you who are facing this I exclude from this statement and feel for}. But if you have dreams and need money to achieve those dreams, then my recommendation is that you get out of and stay out of debt.

I am actually grateful for the student loans. Sure, it would have been nice to have college all paid for and start out my marriage debt free. But the sacrifices we made to pay off a debt we could have held onto for 10+ years taught us to delay pleasure and focus on our long term goals.

Next week I’ll delve deeper into the five steps we took to eliminate debt.


One Comment on “Our Journey Out of Debt [part 3]”

  1. […] you missed last weeks post you can find it here. Today I’ll give you the specifics for each step in our […]

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