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Call me crazy, but I have a theory that no child aspires to carry loads of debt. When we were kids, the possibilities were limitless.
So then, why do we tend to play smaller the older we get? How are we content living paycheck to paycheck with a piling amount of debt?
There are many reasons why massive debt feels normal to us: our relationship with money growing up, the socioeconomic and racial problems that plague society, widening wealth gaps, our overspending peers, among many others.
I used to normalize being in debt up to my eyeballs. I pushed the “what’s the max I can afford?” mentality to the limit.
Eventually, it all came crashing down.
I woke up when I was sued for a $30,000 student loan debt with less than $3,000 to $4,000 saved.
I panicked. I couldn’t sleep. I didn’t know where to start. I just knew I had to act now to get this weight off my back.
Paying off the $30,000 debt was just the beginning.
I promised myself to crush it all and realized a few things along the way:
1. You deserve to NOT be stressed about money.
Most Americans are stressed about their financial situation.
It causes sleepless nights and negatively impacts your mental health and self-esteem.
Working towards debt freedom will help alleviate that stress. It’ll empower you to feel like you have more control of any unknowns coming your way.
2. Debt freedom gives you options.
Whether you want to quit your job to pursue your passion or spend more time with your child, debt freedom will bring these options to fruition.
Think about it: the fewer expenses you have, the less money you need to get the lifestyle you envision.
Becoming debt free allowed me to save up a bunch of money, quit my job, and pivot careers.
With $57,000 of debt looming over my head, I couldn’t see anything beyond paying off the debt. I wasn’t passionate about my job, but it felt like my only way out to pay off that money.
The closer I got to being debt free, the more options appeared.
3. You can save for your future.
Imagine a world where you don’t have to be 65 to retire. Imagine having enough in your bank account for a year of emergencies—losing your job, getting sick, or taking extended leave.
Becoming debt free makes you more money than you think. The more money you put towards retirement today or into a high-yield savings account like the one Varo offers, the more time it has to gain interest, which will build your finances over time.
Debt freedom is a no brainer. There are a million reasons you should become debt free. These are just my three most significant reasons.
I encourage you to figure out your big why’s and get after it. Just remember, becoming debt free is a whole mood, it’s a marathon, not a sprint.
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