Personal debts may continue to be big problems for us and they have affected people in both developed and developing countries. These debts can make it more difficult for people to make repayments, which can be combined with interest, penalties and late fee. Financial planners would advice that we should have self-discipline, good record-keeping habits and determination to be completely debt free.
Obviously, these qualities alone won’t make us debt free, but it can bring us quite far in terms of financial organizations. In fact, these steps are important to make us debt-free over specific period of time.
Without adequate efforts, it may not be so easy to become debt-free. Many individuals and families have been working hard to free themselves from debt, but they may eventually lose their resolve. Debts and credit uses may begin to creep back into their financial habits. Eventually, they would find that freeing themselves from debt feels like yo-yo diets.
Marketing messages include a lot of emotional hooks that can trap us back into highly-consumptive lifestyle. We will buy, buy, buy and buy just to keep up with the Joneses. In the highly commercialized world, we should have a powerful defensive tool that others can’t take away or defeat.
The secret ingredient in becoming debt free is by having right kind of knowledge. We all know that knowledge is power. Fully-informed thinking process can make huge differences in our lives. Ongoing motivations are needed to make us debt-free. Money is actually a neutral instrument and an easy-to-understand language. It’s as easy as children’s game and even illiterate people could easily understand it.
But over-time, money loses its value and this is called inflation. This means, wealth is more about money. It is our actual ability to make more money and it won’t erode over time due inflation or other factors.
We should try to be prosperous and happy through good ways. Prosperity is more than an abundance of possessions, which are consisted of only worldly goods. It is more about our ability to put spiritual and personal values at the forefront. Money will have its value eroded and we can control it only having proper ability to make more and more of it. A combination of peers pressure, family influence, media attraction and commercial factors could shape our financial and thinking habits.
These are things we should consider when we want to be debt free.
To be entirely debt free, we should focus on intangible spiritual and personal well-being. This way, we could find that astounding things will happen. This would help us to redefine success. Without these, we would lose momentum and motivation to become debt free. Material wealth will take an entirely new dimension.
It is more than just about expensive vacations, large homes, fancy cars and large amount of money in the bank account. We have the right to be free of these financial pressures. We should have an expanded view of wealth and money, which allow new insights to flow continuously.