The feeling debt gives us can be summarized in one word: Shackles. Imprisonment. Trapped. Stuck. (insert your own verb or noun). One of the best quotes I’ve ever heard on debt is this:
“Some debts are fun when acquiring them, but none are fun when you set about retiring them.”
How true is this?
Trust me, I’m like everyone else. I love cars- especially fast cars. I adore shopping and buying new clothes. And frankly, it’s easier to make spontaneous decisions instead of living on a plan. But what’s easier is not always better.
If the video didn’t highlight this enough, remember- getting out of debt is freaking hard work. It requires intense, laser like focus. It requires dedication that others may laugh at. Being able to really tap into the feelings and emotions that you have with your financial life is essential; but most importantly, it’s completely critical to buy into the vision.
See the bigger picture. Imagine the freeing feeling you will have when you pay off the debt.
Think of all the extra cash you will have when you are debt free. Seriously? At the rate I was paying on my debt, I could have went to Hawaii once a month. It’s madness!
Stick to your plan. Don’t worry about what others say- it’s likely they will laugh at you. Let them. You will be the one laughing later.
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Best,
I am impressed with your accomplishment in such a short amount of time! I have been paying off two loans that started at approx $30,000 each and it seems like forever! I am now below $10,000 on each but I may possibly be losing my job this year as an educator. I estimate that It will take about 2 1/2 years to pay off the remainder at the rate I am going. I have no interest on one and a low interest of about 4% on the other. Any suggestions you can give me to pay these loans off more quickly will be gratefully appreciated.
Joy, you are awesome!! It can take a lot of time. Regardless of how long it takes, you’re killing it.
With your background as an educator, you easily could get a side hustle teaching English online for kids in other countries. It brings in a little extra cash $500-$1,000 a month. The other thing you might consider, is using your background in education in a different role. For example, can you be an district coach instead of in the classroom. That tends to come with a slight pay increase.
From a debt payoff perspective, it’s super important to focus on one debt at a time. Pay the minimum on both debt and put all the extra payments towards the smallest debt.