Home > The trouble with debt.

The trouble with debt.

June 28th, 2007 at 05:11 pm

Debt owns you, yeah sure lots of big businesses and rich people talk about how they use debt to succeed, and I am happy for them (well not for the big business, but that is a whole 'nother story)

Truthfully for the average Joe, if something happens to the income we are screwed if in debt. On the other hand, simple bills (electricity, water) can be reduced or even removed. The debt I owe cannot.

Debt owns me, my husband has to keep working at least enough to pay off the debt we have (house and car) yet if he had the itch to stop working to be a writer and we had no debt, we could do it on what I could make. He could be home writing at nap time and/or while watching kids play instead of me (and he would be a lot better at it) But because we have a house to pay off and a car to pay for he is stuck working no matter how willing he is to sacrifice steak or two cell phones.

While I know paying of my house early earns me no extra cash on the bottom line, I am not looking at the bottom line, I am interested in being free, I want the freedom to choose the sacrifices completely, I want the freedom to offer my husband the chance to stay home. But because of debt I am not free to explore all options, due to debt of a house, we aren't talking ridiculous spending of youth, just a house and a car keep us from looking toward his dream. (this isn't to say we are never stupid with our money, just that no amount of smart money moves will remove the house and car debt in less than 10 years)

4 Responses to “The trouble with debt.”

  1. Aleta Says:

    Remember that when you pay off your house that you will still have to pay the taxes and insurance. Some people have that included in their house mortgage.

    I liked the book by Joe Dominguez Your Money or Your Life and that is one main point he makes in the book is about you being financially independent of your job and how you can do it with building capital.

    You might appreciate the book. It's in the library.

  2. princessperky Says:

    Thanks for the suggestion.

  3. Broken Arrow Says:

    What a beautifully written entry!

    It touches on exactly why it's so important for me to be debt-free.

    Because I want freedom too.

  4. scfr Says:

    Very well said! Being debt free is absolutely about more than just the bottom-line.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]