Five Characteristics to a Debt-Free Life That You're Missing

Hey, before we get to today's content... You might notice something a little different. If you must know, no I did not sit in a tanning bed too long 😂 I got a little too much sun on Father's Day! Now that that is out of the way, let's get to it! 😀

Imagine this: you waking up tomorrow and you have NO payments! No more credit cards, no car payments, no more student loans, no personal loans from a friend or family member, no payday loans, and NO MORE STRESS! Imagine waking up tomorrow not owing anybody anything! Wow! What a feeling that would be, right?

I know you may be thinking, “IMPOSSIBLE!” And at one time, I felt and responded to that question the same way. However, over time, and with a lot of hard work, and by following a simple process, I paid off all of my debts and I am writing this blog post as a DEBT-FREE individual. It’s been more than five years since I paid off my last debt, which was a personal loan from Grandma of $5,000. I can’t tell you how good it felt that day to hand her that check. The weight and stress from all those payments was immediately lifted from my shoulders and I was FREE.

Since that day, I can’t tell you how fantastic and easy life has been. Are there still bumps in the road? Absolutely! That’s life. However, what used to be an awful and stressful crisis when I was broke is now nothing more than just a small inconvenience because I took control of my money.

If you’re feeling like I did all those years ago—stressed out, worried, tired of living paycheck-to-paycheck, tired of being broke, tired of working so hard and tired of feeling deflated when all of your hard-earned dollars disappear on payday, I want you to know that there is hope! The journey out of debt isn’t an easy one, but it is a possible one. Normal, every day people with normal every day incomes are taking their financial lives back, and you can, too! 

I want to give you five tips that will lead you to a life without payments and no stress when it comes to money. I’ve helped individuals and families save and pay off millions of dollars, and it’s these characteristics I see the most in people who are successful in getting out of debt. Also, as a financial coach, it’s sad, but I rarely see these tips shared in the media. In my professional opinion, these are the characteristics needed to build a strong foundation and to reach a debt-free life. 

Why?

Getting out of debt is the hardest thing I’ve ever done. I used to be a smoker, and this was harder than quitting smoking. For this reason, you need a BIG FAT WHY! Why do you even want to get out of debt? Reduce stress? Start a business? Get a different job that pays less? Stay home with your kids? Travel more? Chase a dream? What is your why and purpose? You need to spend some time on this question. The bigger your why, the easier it will be! Why do you need a WHY? Because it’s going to be super easy to give up and quit and go back to broke town where most of your friends and family live. Social proof, marketing, and just the downright availability of debt will suck you in. How do I know? Because I experienced it myself many times while getting out of debt. That was until I had a big enough why, that changed everything for me, and it will for you, too!

Patience

The good news is you're already being patient in a way. Your patience has led you to being broke. You didn’t get into your situation overnight, did you? Heck no, you didn’t. It was one decision, one day, one month, and one year at a time that led you to where you are today. That takes a lot of patience, right? You didn’t even know you were being patient, but you were. Now, you need to become intentionally patient. One of the secrets of the wealthy and those who call themselves millionaires is patience. It’s going to take you a good amount of time to get out of debt, and it’s going to take you a good amount of time to save and become wealthy. Patience is key in your success with money. We are a GET IT NOW society, but that thinking won’t work here, so get used to it and dig in, because this is going to take some time. 

Discipline                                                                                                   

You don’t suck at money because of car payments, credit cards, student loans, and the fact that you’re not good at math. You suck at money because of YOU! That’s the truth. It isn’t anyone’s fault that you’re broke, but your own. In most cases you willingly signed up for the mess you now find yourself in. The good news is that you can change your behavior and what led you to where you are today. But it all comes down to discipline. You can’t sort of get out of debt. You can’t sort of save money. You can’t just do this stuff when you feel like it. I'm here to tell you that you will rarely FEEL like doing this. You have to wake up and intentionally handle your money different EVERY SINGLE DAY! You have to tell yourself NO and stick to your plan. No whining here.

Consistency

As I mentioned with patience, you are already doing this, your consistent bad choices have led you to where you are today. But, now we need to flip that and begin to make consistent good choices that will change our course and point us in the right direction. Good choices are like rowing a boat. If you make good choices, think of it as putting the oar in the water and the boat moves and you get closer to your destination. If you don’t make good choices, the boat doesn’t move and it actually begins to drift to destinations you never intended to go. Again, this has to happen every single day, not just when you FEEL like it. 

"What you know is keeping you broke! It’s what you don’t know and what you aren’t doing that is keeping you from a debt-free and stress-free life."

Your Way Doesn’t Work

It’s always fascinating when I work with individuals and show them how to pay off debt and live a debt-free and stress-free life, but then they debate or argue that their way of doing it is better or more convenient and will produce better results and they change the recipe. Your way doesn’t work and your bank account and debt is proof of that! I used to be just as stubborn when I started my journey, but all that did was keep me broke that much longer! What you know is keeping you broke! It’s what you don’t know and what you aren’t doing that is keeping you from a debt-free and stress-free life. I encourage you to get some help. Getting help will give you faster results and will provide the accountability that many of us need in order to have success. And let go of your habits and your opinions and listen to the professionals who have a proven track record of helping people crush their debt! 

Many people are looking for the secret sauce. I just gave it to you for FREE! If you begin following these tips and guidelines, you'll be amazed at the improvement you'll make on your journey to a debt-free and stress-free life!