B is for Bondage. Nothing ties up your income and locks up your dreams more than the bondage of debt. If you want to turn your finances around, escaping those chains must be a priority.
Truths about debt:
- Debt is a product being sold. Credit is the most aggressively marketed product in the country. Remember that “Life takes VISA” is an ad slogan, not a fact.
- Debt limits options. Lenders must be paid. Any job that covers all of those bills is a requirement, no matter what. And an underwater mortgage can turn a home into a prison.
- Debt increases risk. Being able to pay today doesn’t guarantee tomorrow. Failure to repay leads to threats and legal action, and can result in losses of property and wages.
How to escape:
- Get intense. You can’t passively drift out of debt. Escaping requires passion. It’s time to get angry. It’s time to get focused.
- Get intentional. You have to drive every dollar you bring in towards a purpose. Make a plan for your income. Write it down.
- Stop borrowing. No more new debt. Draw the line here, and get ready to fight.
What do you think? Are you living without debt? How did you escape? What should be my word for Q? Let me know in the comments below!
As a man beginning the second half of his life, and as the father of young children, I’ve come face to face with the fact that some of the things I’ve been led to believe and live simply aren’t true. A couple of concepts have become a part of our culture in the last century and it’s time to call them what they are: Irresponsible.
Both adolescence and retirement have become twisted bookends on what should be a responsible and productive life. They make living a lot like preparing porridge for Goldilocks. This one is too young. This one is too old. You can’t be trusted with responsibility and freedom unless your age is juuuust right.
…we view young people through a lens that didn’t exist back then – adolescence – a relatively modern invention that establishes teen years as a moratorium on responsibility and prolongs childhood indefinitely. When a young man is passive and irresponsible, he greatly limits his freedoms, opportunities, and successes.
Stephen & Alex Kendrick, The Resolution for Men
My son will be 11 years old soon. I’m faced with the fact that in five years, he could be learning to drive a car. In ten years, he could be ready to be completely out from under my care and guidance. How can I guarantee that he’ll be ready for these challenges, and so much more? By having vision, and remembering the big goal when it comes to his life. I’m raising a young man, not an older boy.
Adolescence tells us that we need to protect our growing children from the risks and dangers of life before they’re ready for them. The problem is, that as we add more and more things to the ‘unacceptable risk’ pile, we necessarily cut our children off from the opportunities and rewards that come with those risks. Our spirit of fear keeps them from achieving their full potential. Our young men and women are capable of so much more, and we should be encouraging them and guiding them to assess and accept risks.
In addition to paying the bills, funding education, paying down debt, we also have the stress of squeezing out the funds to maximize our pension plans so we can quit working as early as possible. In reality, retirement is a twentieth-century phenomenon that has added stress to our lives. And it starts early.
Russ Crosson, The Truth About Money Lies
In 24 years, I will be 65 years old. That’s become a magic number in our society. Retirement. When you get there, you’ve worked long enough. You’ve paid your dues. It’s time to slow down and enjoy the good life. That’s what we’re told.
I don’t understand that. You’ve spent decades amassing skills and knowledge about your field. You’ve created a network of people whose expertise you can call on. All of that doesn’t become obsolete just because you’ve turned a certain age. What does the “good life” have that makes it worth leaving all of that investment behind?
This is a rejection of long-term vision and responsibility. Don’t spend every day struggling at a job that you don’t even like because they pay is great and you can quit sooner. Look further than that. Your time is limited and your life is worth more. Seek out work that fills you with purpose, and it will offer you more life than the “good life” of retirement could ever weakly prop up.
George Washington was appointed an official surveyor at the age of 17, and was paid well for it.
Colonel Sanders founded the Kentucky Fried Chicken national chain after opening the first store at the age of 65.
Don’t let the ends of life go to waste. Kick out the stops. Raise your children to be responsible risk takers early. Look to your future with purpose and a plan. Start strong, finish stronger.
Questions: Do you think adolescence is good for children? How are you encouraging your kids to be more responsible? Are you planning to retire some day? Do you have a plan for those remaining years?