This post may contain affiliate links. Please read my disclosure for more information.
I had a great talk with Millennial Money Man yesterday and my favorite piece of advice he gave me was to “write what you’re passionate about.” It took me literally five seconds to think of the one thing I’m really passionate about right now:
Getting out of debt.
A lot of people don’t understand why we’re doing this. They’re living great lives with money in the bank, shiny cars in the driveway, all with a six-figure negative net worth.
So why would I deprive myself in my 20’s, the “best” years of my life, to sacrifice 60% percent of our monthly income to pay the debt that’s very happily willing to sit there for as long as I want it to?
My Future Children
One of my goals is to foster and adopt children. I don’t have dreams of trust funds and private schools but I do see a lot of family vacations in our future. I want to make memories that I didn’t get a chance to make with my family when I was young.
And I want to teach my kids not just the value of staying out of debt but how to spend well and what it feels like to give generously. My parents never taught me personal finance and theirs never taught them. I want that cycle to stop with my kids.
Before I buy something nonessential I think about the interest accumulating on my loans. I know it sounds trivial but I think that whatever I buy costs 6.55% more because those dollars could be going to pay down my debt. It’s not just a reason I want to get rid of debt I use it as motivation. I walk around stores and know that just because something’s a great deal doesn’t mean it’s worth having if it keeps my interest increasing.
The idea of a 9 to 5 job has never interested me. I decided against med school because I thought being a doctor would take too much of my time away from my family and incur too much debt. So the thought of retiring early sounds fantastic. My mom started late and will be working well into her 70’s before she can retire. I’m starting now so that doesn’t happen to me.
I love the thought of us being empty nesters traveling to Europe, taking cruises, volunteering wherever we want whenever because we’re not bound to a work schedule!
And the more I read about people doing it, the more I know it’s possible. Getting out of debt started as a goal to save money on interest and has become a journey that’s taught me the value of financial freedom. So why am I wasting my best years depriving myself for “no reason?” Because it’s a lie that everyone has debt and student loans are good debt, or that you need debt to get ahead.
There are millennials with six-figure POSITIVE net worths and people retiring in their 30’s and 40’s. They’re not unicorns, they’re people who know the value of money and are working their freaking tails off to get what they want.
And I’m going to be one of them.
You with me?
If you need help sticking to your budget don’t’ forget to sign up for The Friyay Money Party to get your Free Budget Cheat Sheet with 10 hacks to help you stick to your budget.