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Get Out Of Debt


Why do some people secretly admire debt?

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by Paul Kindzia in Personal Finance
August 18, 2021

The battle continues to rage between the debt haters and the debt lovers.  Each side will do their best to persuade you to agree with them.  They will argue from various vantage points ranging from quantitative analysis and tax savings to biblical views.  How could both sides be so adamant about praising the benefits of their position?  I am going to tell you how you could discover the truth for yourself?

“Those that trumpet the advantages of debt are usually those least likely to ever escape it.”

– Paul Kindzia

I’ve seen a lot of crazy financial stuff in my 25+ years of being a CPA and wealth planner.  I’ve seen people accumulate incredible amounts of wealth through their own doing and I’ve seen highly educated people blow themselves to smithereens.  I’ve seen people be happy with their finances and I’ve seen people live day after day with nothing but fearanxietystress and uncertainty over their future.  If there was one element above all others that seems to be the catalyst for bad things happening, it is DEBT.

There is no reason to have hatred towards debt.  There are many times where debt is not only suitable but also quite advantageous.  Investing in education WITHIN REASON (not just college but all kinds of education) can give you returns on your money that are more impressive than any dividend paying stock.  Buying a SUITABLE first home can also be a financially savvy move under the right circumstances.  What kind of young adult can simply open up their wallet and pay cash for a home?  Not many.

So what’s the real deal?  Is debt good or bad?  Why do some people hang on to their tremendous admiration of debt?

I have a secret experiment for you.  Not many people know about it.  I don’t really broadcast it because it only brings out the kooks on the internet that want to set all of the words on fire.

The experiment requires some independent thought and behavior.  You may have to swim upstream against the crowd so be prepared to walk a lonely path during this experiment.  But I guarantee you that if you can execute this experiment for yourself you can decide with 100% accuracy what is best for you.

Are you ready?  Here are the steps;

  1. If you are in debt, write down and take note of all of your debts. Make a nice summary list.  This isn’t so hard is it?
  2. Next, write down next to each debt that you owe everything that you like about that particular debt. Write down the holiday cards that you get from the banks and lenders (or family and friends that are waiting for you to pay them back).  Express in writing all the positive experiences that you have at the start of each month when you write the checks out or do some fancy electronic bill pay features with your lending institution.
  3. Make a note of how much you are spending out of your current income each month on debt for all those things that you already bought in the past and now have to pay for. What percentage of your income is going towards the past rather than the present and future?  Do the math (and enjoy!)
  4. Now that you have everything documented including all the wonderful positives that you could think of, I want you to pay it all off. That’s right, get rid of it.  Eliminate it for good.
  5. Now once you have it all paid off and you are now “Even-Steven” so-to-speak, use self-reflection and personal experience to compare and contrast. Don’t be influenced by anybody else.  Which one do YOU like better?  Judge by your own experience.

Now some might read this and panic and say, “Well what happens if I like having all of that debt?  What if it turns out that I really miss making those monthly payments?”  Relax, I have wonderful news for you.  There is no need to worry.  There will be PLENTY of lenders lined up to provide you with new lines of credit, loans, credit cards, and mortgages.  I’m willing to wager that they will be fighting for your business and will try to compete against each other for the opportunity to lend to someone with such outstanding credit.

Wait, does the cat have your tongue?  Are you stumbling to produce objections galore about why you may not want to do the experiment?  Are you against judging and experiencing for yourself?  If you find yourself in this situation, you know, wanting to choose which is better, not because of personal experience but rather more along the lines of personal speculation (through justifications) than I understand your positioning.

I’ll concede that you don’t even have to be fully debt free to be able to judge for yourself.  You will be able to judge for yourself plenty before that if you have put yourself on a path to timely debt elimination.  When people find themselves on the path to being debt free, they already start to feel the benefits of their behaviors.  It only gets better from there.

Where this leads us is forcing to acknowledge that many choose debt, not because it may or may not be better but rather out of a defensive default position.  Those that can’t put themselves on a path to debt elimination or become debt free aren’t willing to actually try the alternative which would require them to adopt an entirely new set of financial behaviors and habits.  They aren’t willing to do that.

But don’t take my word for it.  Really.  Decide for yourself but do so based on personal experience, not speculation or hearsay.

Which position on debt do you prefer, “Load me up or get me out?”  Share your answer on Facebook, Twitter, or LinkedIn.

Good habits lead to good behaviors.  Good behaviors lead to good decisions.  Good decisions lead to a good life.  Live by principles and choose wisely.

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These are the EXACT same steps I used to PERMANENTLY get rid of my mortgage, student loans, credit card debt, and auto loan debt.

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