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What Could You Do If You Had No Debt?

Dream with me for a moment. YOU have absolutely no debt.

Your car payment is forgiven, your student loans are no more, that medical debt is wiped clean – heck, even your mortgage is completely paid for!

How much extra money do you have now?

  • Car loan = $400 a month
  • Student loans = $600 a month
  • Medical debt = $100 a month
  • House payment = $1,200 a month

If you were completely debt free, you would have an extra $2,300 a month. 

What Could You Do If You Had No Debt?

Alright, so now you’ve got $2,300 a month coming in. What would you do with it?

You Could….

1) Take a vacation every month

If you had no debt, maybe you’d start the vacation of the month plan. For $2,300, you could go just about anywhere AND stay in a pretty decent hotel to boot.

2) Save up for six months and buy a nearly-new car

You know those people that think a car loan is just inevitable? Well, now you can laugh at them (secretly of course – no sense being rude). Instead of buying a new car and going back into debt, you realize that you could simply save up 6 months’ worth of your excess cash and buy a pretty stinking nice car outright!

3) Pay for someone else’s groceries…23 times a month

Have you ever come across a person in need at the grocery store? I’m sure you’ve been in this situation. The person at the checkout in front of you has nothing but the essentials, is trying to wrangle her four children, and then the cashier tells her that she doesn’t have enough money and has to put something back.

She starts getting red with embarrassment….

Any sensible person would offer to pay the difference right then and there, but why not just pay for it ALL? At most it’s probably $100. You have an extra $2,300 a month. You could do this 23 times a month if you wanted to!

4) Save for 3 years and buy an entire house with cash

This is my personal favorite. The average person takes out a 30 year loan to buy a house. If you were completely out of debt, you could buy an $80,000 with money left to spare! Can anyone say “rental house”?? This is exactly what Liz and I did, and we’re loving being landlords so much that we’re saving up to do it again!

5) Invest it and get ultra-wealthy

What if you really didn’t need the money right now (by the way…you’re completely debt free, so you really DON’T need the money!)? What if you just kept stashing this money away for the next 20 years? What do you think it would turn into?

According to the handy-dandy investment calculator over at, your $2,300 contributions each month would grow into $1,738,868.97 after 20 years. BOOM!

See how awesome getting out of debt can be??

So what about you? What would you do if you had no debt?

Get Out of Debt Money


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. I’m almost there! $164K mortgage will be paid off next year, 4 year mortgage. I’m so excited! Then, I’m just going to stash the cash for quite a while. Massive determination. I, too, have a passion…budgets and spreadsheets. I just made mine for all of 2021. I was actually kind of sad when I realized I wont have any more debt after next year. My beautiful spreadsheets!!!!!! I’d love to share it 🙂

    • Lol. Thanks for commenting, Tina! You can email me your spreadsheets – I’m an Excel nerd too! 🙂 derek @ lifeandmyfinances [dot] com. So excited for you to be mortgage free!! It’s AWESOME!!

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