1.Â It just feels good to be debt free.Â I’ve been debt free for more than than two years.Â I cannot express, in words, how awesome it feels to live without payments.
2.Â Every dollar that I bring home belongs to me.Â I can choose to spend my money, save my money, give my money, invest my money, or waste my money.Â Those choices are my choices to make.
3.Â My kids will grow up in a home that is credit-related stress-free.Â This should be a huge motivator for all parents.Â Imagine if your kids NEVER had to hear you and your spouse argue about money.
4.Â EVERY conversation that I have with my wife about money is POSITIVE, ENCOURAGING, and UPLIFTING.Â Instead of talking about how we are going to pay for the mistakes in our past, we talk about our plans for an awesome future.Â ALL of the stress is gone.
5.Â I never have to worry about late payment fees, interest rate hikes, minimum monthly payments, or annual credit card costs.Â Never.
6.Â If the market goes up, I’m coolÂ If the market goes down, I’m coo.Â I have time on my side.Â Living without payments allows me to take a long-term view of the market.Â In other words, I don’t have to hit it big in hopes of bailing myself out of past mistakes.
7.Â I can fully-fund my retirement accounts, my wife’s retirement accounts, several education savings accounts, and still save for future major purchases.
8.Â When I choose to conserve and save money, I do so for a particular purpose.Â Instead of saving and scrimping because I owe some creditor, I can save and scrimp because I want to buy something cool or go somewhere fun.Â My sacrifices benefit me, not some credit card company executive.
9.Â I can give to worthy people and worthy causes.Â It’s SO much fun to be able to help others – and not worry about missing a payment or slowing my debt reduction.
10.Â I sleep soundly.Â If something were to happen to me, my wife and kids would be just fine.Â Instead of worrying about how to deal with a mountain of debt, they could care for each other.Â As a father, it feels good to be able to provide my family with this added measure of security.
When I started this blog, my primary goal was to get of of debt.Â It was only after achieving my goal that I realized all of its benefits.Â I strongly encourage you to get serious about your debt reduction.Â Why?Â Because, being debt free rocks!
For more on this topic, consider reading Get Ready For Some Serious Debt Reduction.
11 thoughts on “Ten Things That Rock About Being Debt Free”
Hmm. I guess if you’ve been lucky enough not to fall into debt, you don’t feel the benefits of these quite as much. But, I still think they’re great reasons to have no debt.
@plonkee – I didn’t ‘fall’ into debt… I jumped in head first! 🙂 For those who have felt the burden, I suppose that having the burden gone does feel different than it would for those who never had it..
In addition to #1, it feels good as you inch closer to being Debt free. I track my progress pretty often, and I’ve found luck using the snowball method. Each time a debt gets paid off, I feel great! In addition, calculating my net worth every time my debt balance goes down is very stimulating.
I’ll be debt free in a few months so I’ll be joining you!
Thanks for the inspiration…I’m on my first leg of the journey out of debt and into the no-credit-needed land of milk and honey. I am so looking forward to 3, 4 and 10!
This is a good list. The list shoud be read each time we are tempted to go into debt.
Great article, I am on my way to becoming dept free myself. I have been setting budgets for the things I do, and have manged to start paying a good portion of my car loan off. Once that is paid, I can’t wait to see what it feels like to have no dept whatsoever.
Great motivator, NCN. Thanks for sharing. I’m on my way.
i agree…great motivator. it’s all of those reasons and then some that are keeping me on my road to becoming debt free. (and what a long road it will be…)
Wait, are you debt free including your mortgage? Or just non-mortgage debt? If mortgage… wow… I’m impressed.
I live in a house provided by my employer as part of my compensation… so, each month, I pay ‘myself’ a house payment…
Sometime in the next three to five years, I hope to buy my own house… w/ cash!
I am reading this article a bit late, but just discovered your blog. Good post though not sure how relevant it maybe in today scenario. With economic improvements, credits are back to basic level.
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