17 Oct Your Debt Free Date
Whether you realize it or not, you already have a debt free date. Whether you are already on a plan to pay everything off or you aren’t even paying attention, you are already on a path to becoming debt free someday. Even if you don’t pay extra on your debts, if you stop borrowing money for cars or college or dinner on your credit card you will automatically become debt free. Every loan you make, every mortgage you take you has terms with a payoff date. A 5-year car loan is paid off in 5 years, even a 30-year mortgage gets paid off in 30 years. It doesn’t matter if it is fixed, ARM, variable rate, they all have a built-in date for when the loan is paid off.
The reason we don’t get out of debt is because we decide loan after loan after loan to stay in debt by taking out more loans. We extend our debt free date every time. When you decide to stop borrowing money you are on your way to complete financial freedom.
What would it feel like to have no payments? A paid for car, paid for clothes, a paid for house. All you would have to pay for are your monthly bills like food, utilities, gas for the car, and the other necessities of life. How much could you spend on sporting events or vacation? How much could you give?
What would your life be like when you quit a 2nd job because you no longer need the extra income to make the car payment? Quitting the 2nd job would allow you to spend more time with the kids. You might even be able to consider a different job, one that more closely matches your traits and abilities. It could even be a lesser-paying job but it would improve your quality of life and open up your future to more opportunities. What would that be like?
You are already set up to become debt free – automatically! It is up to you to decide if you want to extend your journey with more loans or if you want to reach the finish line. And it is up to you to decide if you want to change the date for one closer to tomorrow.
Eliminate your debt quickly and expedite your debt free date!