Your friend just paid off their car. Your brother-in-law just made the last payment on his student loan. And you know what? Even your co-worker just told you that he has no mortgage! How is it that everyone is winning at this financial game and you’re still deeply in debt?? There’s just one difference between you and them. They have clear, defined, hugely inspiring reasons to get out of debt. You don’t.
101 Reasons to Get Out of Debt
If you want to get out of debt, but don’t have that one solid reason to do it, you’ll never do it.
There are three emotions that move you:
- Greed
- Fear
- Anger
The best reasons to get out of debt are triggered by two of these emotions – fear and anger. If you’re freaked out about what your debt will do to you and pissed off about how it’s kept you down all these years, then you’re ready to get started.
To help you figure out your reasons to get out of debt, I thought it might be helpful to put together a little list. Hopefully, in this list, you’ll find that thing that’s going to drive you into action. Once you do, keep it in front of you at all times. Write it down, keep a picture, do whatever it takes to remind yourself why you’re going through hell. It’ll get you through and to the other side to see the pearly gates and the streets of gold!
- Improve your credit
- Increase your cash flow
- Land a new job based on how much you like it, not based on the payments you’re getting behind on
- Stop worrying about the next unexpected expense
- Buy groceries without wondering if there’s enough money in the bank
- Stop worrying if you’ll have enough for rent next month
- Stop making decisions based on your debt rather than what’s best for your long-term future
- Getting the best medical treatment instead of worrying about the future bills
- Give to your favorite charities
- Become a living story to help others get out of debt
- To start investing for your retirement
- Go on a vacation and not come home with the bill
- Put your kids in private school instead of the sub-par public school that you’re assigned to
- Reduce your stress at work
- Stop fighting with your spouse about money all the time
- Help your ailing parents instead of putting them into a medicare nursing home
- Start investing for your kids’ college so they can have a life that’s different than yours
- Finally save up an emergency fund
- Buy real estate with cash (yes, this is possible)
- Buy a nice car without worrying about every single scratch
- Have kids without considering their cost and instead consider the joy that they’ll bring you
- Go travel the world for a year
- Retire extremely early
- Follow your passions without thinking twice
- Start your own business
- Buy your clothes based on style, not on the price tags
- Read a restaurant menu from left to right and actually order what sounds good
- Send someone you love on the trip of their dreams
- Buy a cottage on a lake (or if you prefer, in the mountains)
- Never talk to a bill collector ever again
- Start insuring yourself instead of handing your money out to everyone else
- Focus on what’s important instead long-term of what’s urgent in the moment
- Marry based on love, not on money
- Finally buy a smart phone
- Buy your dream house
- Give thank you gifts instead of thank you cards
- Buy your dream car, even if it makes absolutely no logical sense
- Stop worrying about the latte factor
- Set an example for your kids. After all, more is caught than taught.
Finally make money with money like the rich
- Become a member at your local golf club
- Get season tickets to your favorite team with cash
- Get that kitchen upgrade that you’ve been waiting for
- Buy that new roof that you so desperately need
- Show your parents/friends/family that it’s possible and they can do it too
- Finally get that family pet that you’ve been dying for
- Buy that property that’s been in the family for generations because no one else can
- Move out into the country and buy some money-sucking horses because they’re awesome (or so my wife tells me… ;))
- To finally break ties with your ex.
- To start a new life for a new you
- Avoid the embarrassment of talking about that thing you went into debt for
- So you can actually buy clothes for your kids when they outgrow them
- Go to Chuck-E-Cheese as a family without maxing out the credit card
- Buy the highest quality item instead of the cheap option you know is going to break in a day
- Finally get a decent haircut
- Stop getting taken advantage of when it comes to purchases and warranties (zero-down, zero-percent interest, gimmick warranties, etc.)
- Pay for Christmas in December instead of July the next year
- Host parties without forcing your guests to take their own sides and drinks
- Get out of your parents’ basement
- Buy a pool
- Make a game-room for your kids and their friends
- Buy replacements instead of spending hours fixing a $20 item
- Think about wealth instead of worrying about debt
- Leave millions of dollars to your favorite charities when you die
- Never worry about your car getting repo’d
- If you ever get cancer or a deadly disease, you’ll only worry about beating the illness, not about paying the bills
- Invest in a Health Savings Account to save on future taxes
- Start that collection you’ve always wanted
- Quit that job you absolutely hate
- Pay off your brother-in-law that keeps pestering you about the money you owe him
- Never worry about your house going into foreclosure
- Pay lower insurance premiums
- Get a better deal on your cell phone
- Reduce your stress, which will improve your overall health (and save you even more money!)
- Reduce your risk of depression
- Improve your self-esteem – you’ll smile more, walk straighter, and be more confident in your day-to-day life
- Make better decisions because your brain is clear of the debt
- Improve your relationship with your spouse – to get out of debt, you’ll communicate more, and once you’re out you’ll fight about money less
- When you can afford to buy anything, you’ll want for nothing
- You’ll be able to work less and see your kids more
- Make you more relaxed so you’ll be a better parent
- Become wealthy in your middle age to help your kids get a jump-start in life
- Get envitro-fertilization treatments
- Adopt children
- Stop trying (and failing) to do house projects yourself
- Being able to speak your mind at work instead of playing it safe all the time – which will probably result in you earning more money
- Stop giving all your money to everyone else in the form of interest payments
- Finally have time to relax instead of chasing your tail at every moment
- Never deal with a credit card company ever again
- Never have to call your wife to see if there’s $15 in the account for a cheap golf shirt purchase (I’ve witnessed this at T.J. Maxx…it was a sad sight)
- Start volunteering your time without worrying about money you might be missing out on
- Save up a pile of money for your kids to go to college
- Prove your parents wrong and change the family tree. You CAN be successful and win in life.
- Pay off those crippling student loans so you can finally move out and buy a house
- Avoid a looming bankruptcy that will kill your credit for 7+ years
- Allow you to stop playing, “beat the check” where you mail a check to pay a bill before the money is actually in your account. You figure you’ll get paid before the check arrives. FYI – this is NOT a fun game.
- Become a stay-at-home parent
- Avoid eating Alpo in retirement
- More vacations and more exotic vacations!
- Avoid the crushing result of job-loss while in debt
- By eliminating debt, you’ll open the doors for many future opportunities!
What are your reasons to get out of debt?
AUTHOR Derek
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.
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