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! Every day 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 harassment??). Could I really complain? I had my hand out. I was asking them for THEIR money.
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My Life Changed Forever
We eventually closed on the house, but I was changed by the process. I never wanted to have that feeling again. The feeling that my future was hanging in the balance, 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
Final Thoughts
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?
Need inspiration? Hop over here and share your financial why and get motivation from hundreds of other people.