A person that decides that they no longer want to be in debt is someone who realizes that they are living below their privilege. For a lot of people (certainly not all), living with debt is a choice, and trust me….living with debt is not normal. Below are 5 ways that paying of debt can change your life.
1. Live a better quality of life.
Money is not the sole ingredient to having a happy life, but getting rid of debt takes the pressure of always have to make ends meet and creates more time and space to live a better quality of life. Lets be real….It has to feel better to invest in your child’s college fund or your retirement fund than constantly paying off credit card debt for things that are not as valuable as seeing your child graduate from college, or not to have to depend on your family financially during your glory years.
2. Can better prepare for retirement.
Planning for retirement is very important, and I hate to see when our senior citizens suffer financially when they should be enjoying their time in peace and harmony. Keep in mind that its your responsibility to secure a retirement fund or capital (depending where you live on the globe), that will help you later on in life. Its kind of ridiculous to keep creating more debt for stuff that you will no longer care about because you would rather be playing Bingo.
3. Have the ability to financially support your family without stress.
Life is not perfect and unfortunately there are times that we have to deal with emergencies and tragedy which normally needs money to fix the problem or make the problem go away. Having no or little debt will allow us to have the savings to help situations like this when they arise without the stress of where am I going to get the money from drama?
4. Have a peace of mind.
I think that this is one of the best things that come with paying off debt, for as the debt dwindles away, you will slowly start to have a peace of mind. The stress that comes with being in debt is so strong that it can tear up a marriage and reap havoc on your mind and body that can negatively affect your health. For those of us who can live a better life, why include the added stress, knowing that at times life can be hard on its own.
5. You can create the life you want to live.
Imagine that you are no longer a slave to your credit card bills, car payments, and personal loans and can use your money wisely or for some (like me), not so wisely. Well with debt gone you will have the room to slow down, get out of the rat race and create the life you have always wanted to live.
How will paying off your debt change your life?
If you are older (you know what I mean) and started to get your finances together a little later in life, I would love to share your story on Debt Free Martini. Send me an email at email@example.com and be an inspiration to others.