Photo byÂ Kimberly Brown-Azzarello – CCL
Turn on the news, watch TV, listen to the radio, get onlineâ€¦everywhere you look and listen youâ€™ll find we are a nation that embraces debt. Every day I talk to people who have accepted debt as a way of life. â€śYouâ€™ll always have a car paymentâ€¦youâ€™ll always have a mortgageâ€¦you have to leverage debt to get aheadâ€¦if I didnâ€™t use credit cards I couldnâ€™t ever buy anything niceâ€¦â€ť
“Modern man drives a mortgaged car over a bond-financed highway on credit-card gas.” ~Earl Wilson
As a nation, we have bought fully into the lie that we just canâ€™t live without debt. But I call shenanigansâ€¦I say BULLâ€¦and I intend to show you the truth.
According to a recent survey by the Federal Reserve Bank of Boston, about 56% of American consumers are in debt. More than half!! And thatâ€™s a huge problem! Those are the people we coach and are trying to help.
But you know what that tells me? Â The other 44% of Americans are living debt free!
â€śYeah Clint, but that 44% must be all the rich people.â€ť
According to Thomas Stanleyâ€™s book, The Millionaire Next Door, only 3.5% of American households have a net worth of 1 million dollars. That means that 40.5% of non-rich Americans are living debt free. And Stanley points out that about 80% of those rich folks are self-made millionaires. They werenâ€™t born rich. They made smart financial decisions and worked hardâ€¦ and it paid off.
So can you REALLY live debt free in America? Can you really live without consumer debt? You better believe it!
Along with millions of others, Katy and I are proof that it can be done.
There are several decisions we made that have allowed us to become and stay debt free:
1. We decided that debt is not a way of life.
Proverbs 22:7 says, â€śthe borrower is slave to the lender.â€ť Debt is a choice, not a requirement. Debt is not a privilege, itâ€™s a product that we decided not to buy. Debt had weighed us down, hog-tied our income and caused more stress than we were willing to live with. So we said â€śEnough Is Enough,â€ť and made a decision to never again borrow money.
2. We decided not to care what people think of us.
Itâ€™s been estimated that somewhere between 60-80% of luxury cars on the road are leased, which is the most expensive way to operate a vehicle. So why would so many people lease these luxury vehicles? Because they want to look like something theyâ€™re not. They are looking good but living broke. The newest car, the fanciest house, the latest fashionsâ€¦itâ€™s all a show put on by people who care what others think of them. Â So Katy and I decided that we donâ€™t care what you think of our used cars, or our modest wardrobe, or our simple lifestyle.
3. We decided to delay short-term pleasure in order to win long-term.
Most peopleâ€™s only financial motto is â€śIf it feels good, do it.â€ť And sureâ€¦I want a brand new Jaguar, I want a 60â€ť 3D plasma, I want to go on an Alaskan Cruise. But I also want to pay for my childrenâ€™s college, retire comfortably, and leave an inheritance to my children. If we want to buy something, we wait, save up and buy it when we can actually afford it, because thatâ€™s what rich people do. It takes some sacrifice to win in finances and in life.
There is no quick-fix, magic formula or secret system. Debt Free is a way of life that is only possible by adopting a Debt Free mindset, making Debt Free choices and taking Debt Free actions.Â It may seem like hard work, and at times it is. But the feeling of true financial peace and security far outweighs any sacrifice it takes to get there.
Is it possible to live debt free in America?Â Absolutelyâ€¦and you can do it!
Yours In Freedom,
Maybe youâ€™re facing a really tough financial situation and feeling trapped. Maybe youâ€™re drowning in debt, or even considering bankruptcy or foreclosure. Or maybe you just want to ensure that your financial future is bright. No matter what your financial situation is â€“ weâ€™re here to help. Contact us today for your free 30 minute consultation.
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