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Episode 240 - Investing in Your Future Self

Personal debt can be a major barrier to achieving your future goals. Have you dreamed of taking a vacation? Buying a home? Starting a business or new career? Having your kids attend college without taking on massive student loans? Or are you hoping to retire comfortably one day? Debt can make those dreams seem impossible and out of reach. It weighs you down, steals your financial freedom, and limits your options. 

 

Benefits of Debt Freedom Your Future Self will Thank You for:  

Freedom and Flexibility: Debt-free living provides the freedom to pursue your passions, take career breaks, and explore new opportunities without financial constraints. 

Peace of Mind and Security: Eliminating debt reduces stress, enhances peace of mind, and allows you to focus on your future goals with a clear perspective. 

Retirement Planning: Being debt-free enables you to save more aggressively for retirement, ensuring financial stability and security in your later years. 

Changing Your Family Tree: Getting out of debt not only benefits you but also has a positive impact on your family and friends. It sets a foundation for a financially secure future for generations to come. 

Investing in Your Future: 

Getting out of debt is an investment in your future self. It's about unlocking a future filled with freedom, security, and the ability to pursue your dreams. By prioritizing financial literacy and taking steps towards debt freedom, you are setting yourself up for long-term success. 

Conclusion:

If you're feeling overwhelmed by debt and unsure where to start, remember that it's never too late to take control of your financial future.  

Resources Mentioned
Get better results with your finances in 30-60 days - GUARANTEED. Watch this video to learn how! - https://www.debtfreedad.com/payoff-debt-in-60-to-90-days 

Free Tools and Downloads at www.debtfreedad.com

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Episode Transcript: 

Ryan:  

Personal debt can be a major barrier to achieving your future goals. Have you dreamed of taking a vacation, buying a home, starting a business or new career, having your kids attend college without taking on massive student loans? Or are you hoping to retire comfortably one day? Debt can make those dreams seem impossible and out of reach. Debt weighs you down. It steals your financial freedom and limits your options. But the good news is breaking free can be incredibly empowering, and today I'm going to explore some of the ways getting out of debt helped me and can change your future for the better. My name is Ryan Nelson and I paid off $160,000 in debt over eight years while raising three kids.

Ryan:  

One of my favorite quotes is from Back to the Future, where Doc Brown tells Marty at the end of the third movie your future is whatever you make it, so make it a good one. Most of my life before the age of 40, the future I was making wasn't very fun. I was a live in the moment kind of guy. You only live once, so you may as well enjoy it and, to be honest, in the moment we did have a blast. But my future self was constantly disappointed and angry for that future I was creating, not only for me but for my family. So naturally, as many of us do, we would go live in the moment to make those feelings go away, and they did go away, at least for a little while. But I remember vividly my brother, Brad, the debt-free dad here, told us he was going to get out of debt. I laughed at him. That is probably what we all do when we hear something. You know somebody say that. I told him how dumb it was. And the old excuse you know what Everybody has debt. But then I watched as he created a new future for himself and his family, a future that was built on his terms and not what others expected. To be honest, as an older brother I was kind of pissed off at him for proving it can be done. It's not fun when someone takes all of your excuses and throws them in your face and says you want to bet? Watch me do it. And then they go do it. So eventually, my wife and I we got on board and we followed in my brother's footsteps and let me tell you, my future self has never been so happy that we did it. There are so many amazing benefits to being out of debt, so let's go through some of the benefits that I found for myself that I think will also your future self will thank you for so.

Ryan:  

Number one is freedom and flexibility. Debt can feel like a prison. It limits your choices and it restricts your ability to take risks. Being debt-free opens doors to new experiences and opportunities. Imagine finally taking that career break you've always dreamed of, or pursuing that side hustle without financial worries. I was laid off over a year ago. I was able to join my brother here at Debt-Free Dad to help others, instead of being forced to take a JOB to pay the bills. There were many times in my career of 20 years that I had an opportunity to shift gears, but I couldn't take that risk. Being debt-free has allowed us to say yes and take some risks we would have otherwise been unable to take.

Ryan:  

Number two is peace of mind and security. Debt can be a constant source of stress, and it was for us. Getting out of debt provides a sense of peace and security, allowing you to focus on your future with a clear mind. Before we got out of debt, my wife and I fought about money all the time. Since then, we rarely have a big disagreement about money, except for times when I want to buy something she thinks is stupid, which, I agree, is probably often. Debt is also a major source of stress. It impacts your physical and mental health. Getting out of debt reduces financial anxiety, frees up mental space and allows you to focus on what truly matters. We have often seen people excel at work or other activities once they are out of debt.

Ryan:  

Number three is retirement. Debt can significantly delay your retirement dreams. Being debt-free has allowed us to save more aggressively, ensuring we are able to retire when that time comes. And I know, depending on your age, this may seem like not a big deal and a long ways off, but let me assure you your 30s and 40s are going to fly by and before you know it, you're going to be thinking about retirement like we are now. And number four is huge. It has the opportunity to change your family tree.

Ryan:  

Getting out of debt and educating yourself on personal finance not only benefits you, but your family and friends. I am proof that seeing my brother kick debt is the reason my family is now debt-free and we have gone on to help people in our family. My kids are all graduated from college or on track to graduate debt-free. My oldest just moved out at 24 with no debt, a car that he's paid cash for, and he's doing great. He's saving for retirement already. Remember, getting out of debt is an investment in your future self. It's not about deprivation. It's about unlocking a future filled with freedom, security and the ability to pursue your dreams. If you're feeling lost and you're not sure where to start, we want to encourage you to head over to our website, debtfreedad. com, and we have a number of free resources on our website to help you get started today. Thanks so much for listening and we will catch you on our next episode.

 

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