7 minute read
Hello, beautiful people from across the lands! I have been talking and sharing about becoming debt-free, does it even matter? What’s the benefit? Am I hoping and dreaming of something that will never be? Well, I don’t think I am and I can think of some benefits for becoming debt-free, five to be exact. Now there are way more than five benefits with achieving debt freedom but let’s just start with five OK.
Benefit 1: Mental Health/Peace of mind
Did you know that money is one of the top five reasons for divorce? On a positive note divorce rates are going down. Now, that is not to say that the money issues are sole because of debt but I’m sure it plays a part. Let’s face it money can be stressful. Not having enough, having too much, or not having enough with debt on top that! Being debt-free lifts a heaving load off your shoulders where you don’t owe nobody! No more monthly payments, harassing bill collector calls (thank God it’s not 50 Cent!), unwanted mail constantly reminding you to make payments. I can only imagine for now what that life is like. Having the peace to be able to stretch your dollar farther and multiply in more ways than one.
Benefit 2: Reduce Expenses
The lesser payments you have to make the more money you keep. I don’t know about you but I don’t like owing nobody money. Have you ever borrowed money from someone and they hackled you until it’s paid back (or have you been that person). I understand the money is owed and it’s rightfully theirs. The annoyance and agony that comes with paying it back can drive you insane. You already know what they want when their phone number pops up on your phone. It’s the same way with debt. Having those expenses removed from your budget gives you the freedom to spend in peace!
Benefit 3: Save and Invest More
Saving and investing is something I wish I understood more about. What I do understand is that when there is no debt there is room to invest. Now some invest while in debt and there is some controversy around that topic that I may get in once I’m more educated and experience to even have an opinion. The fact remains the same that with no debt payments you have more money to save and invest toward things you actually want.
Benefit 4: Power of financial choice
Debt freedom brings the power of financial choice. The power of financial choice speaks to your ability to spend, save, splurge, invest, create, and much more with your money. Without debt, there is nothing holding you back and altering your financial decisions to bound circumstances. With money, there is power to have, do, and be more. Now money is not the only source to achieve those things but we can not ignore it plays a significant part and can have the most impact.
Benefit 5: Financial Independence and Security
After debt freedom, there is financial independence and security. What is financial independence? Financial independence is having enough income to sustain your living expenses for the rest of your life without having to be employed or dependent on someone else. Imagine the security of being in that state of life. Having debt will rob you of ever becoming financially independent.
Welp, here are my five good reasons on why I and I am hoping you are on this journey to becoming debt-free. Until next time dream, believe and achieve.
