My Money: Good Debt
June 21st 2008 14:16
I want to be Debt Free. I hear a lot of radio commentators and TV people talk about being debt free and I want to be there too. I am getting myself on the right track to get there. I took a new job in a new city for starters. This reduced my cost of living while at the same time I got a raise.
On the side, I am trying to write a couple of books (anyone know a good publisher?). I am getting everything set up to put me in a better financial position at some point. The problem is that I want to be there right now. I want a magic wand that can just make all past debts disappear and let me start over with a clean slate. But I know that really wouldn’t be to my best advantage. If the government came and said they were going to give me a free pass on my mortgage or my student loans, for example, I would end up getting into debt all over again. That’s because I know that by taking away my debts for me, I am being enabled to do it again. I didn’t have to struggle to get myself out of that position to the point where I decided I would never let that happen to me again.
Ok, so I would love to win the lottery some day. Lots of people do it, but somehow luck was never something I had. Most of my debt is commonly referred to as good debt. Debt that helps you get somewhere in life. The lesson I am learning is that there is no such thing as good debt. If you owe someone and they are getting interest from you…it’s not good debt.
So I am plugging away at my debts, and I will get to the point someday where I am debt free. It is hard work for me to accomplish this but when I am there, I fully intend to stay there. I will not go down the slippery slope of debt again.
On the side, I am trying to write a couple of books (anyone know a good publisher?). I am getting everything set up to put me in a better financial position at some point. The problem is that I want to be there right now. I want a magic wand that can just make all past debts disappear and let me start over with a clean slate. But I know that really wouldn’t be to my best advantage. If the government came and said they were going to give me a free pass on my mortgage or my student loans, for example, I would end up getting into debt all over again. That’s because I know that by taking away my debts for me, I am being enabled to do it again. I didn’t have to struggle to get myself out of that position to the point where I decided I would never let that happen to me again.
Ok, so I would love to win the lottery some day. Lots of people do it, but somehow luck was never something I had. Most of my debt is commonly referred to as good debt. Debt that helps you get somewhere in life. The lesson I am learning is that there is no such thing as good debt. If you owe someone and they are getting interest from you…it’s not good debt.
So I am plugging away at my debts, and I will get to the point someday where I am debt free. It is hard work for me to accomplish this but when I am there, I fully intend to stay there. I will not go down the slippery slope of debt again.
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