Why Debt Freedom? Great question.
Have you ever heard of the saying, “The borrower is slave to the lender” (Proverbs 22:7)? You don’t have to be religious to relate to this brief but powerful statement. I have felt shackled by debt on more than one occasion but I had my final sick and tired moment in early 2015 as my husband and I were going through the process of buying a house. The financing process was a NIGHTMARE! Everyday there was some new problem, a new request for more information (more copies of tax forms, letters from my employers, bank statements). Everything short of a DNA sample it seemed.
Text messages, emails, phone calls at all hours…I found myself in tears on more than one occasion because I was so overwhelmed trying to keep up. But I wanted that house. And if I wanted the loan I needed to comply with their requests and inquiries (near harrassment??). Could I really complain? I had my hand out. I was asking them for THEIR money.
We eventually closed on the house but I was changed by the process. I never wanted to have that helpless feeling again. The feeling that my future was hanging in the balance, that my financial moves were at the mercy of some finance company. So I vowed never, ever to finance another thing. Then I thought to myself…wouldn’t it be amazing if we could have paid cash for the house? Crazy thought right? Or is it?
So began my journey to financial freedom. Everybody’s story is different. But I bet many of you have had that sick and tired moment. That moment when you realized something had to change with your finances?
What was your sick and tired moment?
If you find yourself here then I do believe that you are ready to make a change. I applaud you! It isn’t going to be easy, and the work will need to continue long after this course ends. But it is well worth the effort!
With that said, there will be moments when you will get frustrated and want to give up. So before we jump into the nitty gritty of personal finance, let’s explore the why? The Big Question for today is:
Why debt freedom?
The borrower is servant to the lender.
Watch out, or MasterCard will become your master- Michelle Singletary
If you have your financial journal handy (or a legal pad or composition notebook), take a few moments to write your thoughts on the following questions. If you are not a journal person (not all of us are), then just take a couple of minutes to think and reflect on these questions.
Have you ever felt enslaved by your debt? What is your debt stopping you from doing? e.g. being a stay at home mom, cutting back your hours at work, traveling, exploring your interests and passions? Why do you want to be debt free? What do you think it will feel like to be debt free?
Feel free to continue the discussion with me over at the FrugalChicFinance Facebook group!
Until next time…live well and be blessed!
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