My Three Promises
I recently had the pleasure of spending time with a young adult in a decent amount of debt—car, student loans, credit cards—you know, the normal stuff! It was my first time meeting her, and I thoroughly enjoyed spending that time with her.
Much of our time was spent formulating a plan to get out of debt and creating financial momentum to do so. The problem with so many people who are in debt, including Sarah and me when we first got married, is that the situation feels too heavy. The minimum payments feel too intense, the disposable income too little, and the mountain seemingly insurmountable.
After laying out the plan, I made her three promises. These are the same three promises I make to all my clients beginning a debt payoff journey, and they are the same three promises I'll make you today if you find yourself in debt.
Paying off debt is very simple. We list the debts in our desired payoff order (I prefer the smallest balances first). Each month, we pay the minimum amount due on each debt. Then, we take any remaining extra income and pay down the next debt in our sequence. Repeat this process each month, moving to the next debt each time one is paid off. It's simple!
Paying off debt is very hard. It can be a grind. Month after month after month. It's a thankless endeavor, and there's nothing enjoyable about it. At some point, it becomes a mental game. Can we stay focused? Can we stay disciplined? Can we keep our emotions at bay? There are so many other things we'd rather do with this money each month. Are we willing to make the necessary sacrifices? It's hard!
Paying off debt is so, so worth it. It's impossible to explain the amount of peace, freedom, and satisfaction we experience upon paying off our debt. It may have felt like we were carrying 100 pounds on our shoulders, but after paying it off, it feels like we actually shed 500 pounds. It literally changes everything! That moment of debt-payoff freedom becomes a significant inflection point in our lives, and we realize things will never be the same again. It's so worth it!
I lived this journey personally, and I've walked alongside dozens of families in their own journeys. Don't overcomplicate things.....it's very simple. Don't let someone tell you it will be easy.....it may be one of the hardest things you ever do. Don't underestimate the impact it will make in your life....it's will change everything!
Not only CAN you do it, you SHOULD do it. Strike that. You WILL do it. You got this!