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8 Benefits of Being Debt Free
Aug 18th, 2018 at 6:35pm
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8 Benefits of Being Debt Free

This is an interesting point of view:

The culture shouts of the benefits of debt and ostracizes those who consider alternatives. In all of our entrepreneurial endeavors the decision to be debt free has been the biggest step that helped us exit the never ending rat race. So, this is for the outsiders, those who aspire to be truly free thinkers…

8 things we have appreciated about being completely debt free for 5 years.

    Money earned is spent better than money borrowed. Heard the phrase: “Easy come, easy go?” Well, the opposite is true. People who work for their money and save it over longer periods of time increase due diligence, spend it more wisely, and generally expect more return from their invested time and energy.

    Being debt free allows you to change your mind. Debt reflects a long-term commitment. Five years ago, you probably would not have guessed you’d be doing what you’re doing now. Can you imagine where you will be five years from now? When we make financial decisions that allow for flexibility, we have more freedom. Without debt, you can move quickly and drastically. It doesn’t mean you need to, but you can. There are numerous times in the last ten years where I have realized I was making bad decisions for myself and family. What if I had to wait 30 years before making a change? I have loved the freedom of being able to change and experiment overnight instead of waiting to pay someone off first or get someone else’s permission.

    Being debt free allows you to buy more. See that little number on your bills called “interest?” That’s how much money is not available to buy more stuff. Interest adds up. People with debt can buy faster. People without debt can buy more. Not that more stuff is better but the choice is nice. Instead of giving money to large banks wouldn’t it be nice to buy a gift for a loved one, go on a trip with family, or help a friend out? It is not unusual for people with debt to spend 50% of their income on interest. That’s 50% less awesome stuff.

    Being debt free gives you more time. There are a lot of things you can buy with borrowed money, but time is not one of them. When our family lived in a one bedroom apartment, we could clean it in 20 minutes. Our five bedroom house takes about four hours to clean. Things can be nice. But things take time. Time to use, time to store, time to maintain. Everyone says they want more time. There’s an easy solution; don’t unnaturally inflate the amount of possessions you have.

    Being debt free allows you to prioritize. What’s the best way for you to spend $2,000? When you are in debt, this question doesn’t really matter because you have to pay your bills first. People without debt have bills, too, but they have less of them. With fewer bills, you can prioritize your income, and put your money into the things you think are important. This can be education, making movies, growing food, sitting on the porch with a friend, learning an instrument, fighting sex slavery, or anything else you think is valuable.

    Being debt free allows your imagination to run wild. When you have debt, you know exactly where your money needs to go. When you don’t have debt, you have no idea. And that can be scary. In fact, it can be so scary that it keeps some people from ever getting out of debt. When debt is gone, you’re able to consider options that seem impossible to others. Spending three months in New York, inventing something, running a marathon with your children, taking a train ride across the country, walking across the country, starting a business, making your house and your yard awesome … sky’s the limit.

    Being debt free makes it easier to say no. When you are accumulating debt, it is very difficult to know when to say no. The culture tells you that you need a new house, a safer car, and a new(er) wardrobe. Without a concrete limit to spending, the pressure is on you to come up with reasons not to spend. This takes a lot of effort. For someone who decides to live without debt, the line is drawn for you. Saying “no” to that vacation you can’t afford is easy.

    Being debt-free makes you a better spender. When people come to us with debt, the conversation is easy. We try and help them get out of debt. When people come to us without debt, the options are much more interesting. What is the best way to spend? This is not an easy question. You can save now to spend more in the future. Some spending can literally change people’s lives for the better, create relationships, change community landscapes, and create more jobs. Spending well is a skill. People without debt are free to improve this skill.

Living debt-free is not just a state of some, it is a goal for all. Regardless of your current financial state, we would love to see each person striving for the creativity and freedom that can be expressed in and through our finances. We hope this incomplete list helps you set a trajectory for your goals and gives you some dissatisfaction with the current options being promoted by our culture.


"Well, we don't rely on American banks. We have all the funding we need out of Russia" - Eric Trump, 2014
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Re: 8 Benefits of Being Debt Free
Reply #1 - Aug 24th, 2018 at 7:25am
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More on this topic later. For now, just car payments. I broke down in 1979 and took out a new car loan. Dumb move, never again.
Make you car payments to yourself. After you save enough, go buy the car for cash and feel the freedom.

Don't get me started on the taxpayer subsidizing banks and wall Street through their interest deduction scam.

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"There is no capitalism under Obama’s rule. He is a fu8&^ communist."
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Re: 8 Benefits of Being Debt Free
Reply #2 - Feb 17th, 2019 at 6:49am
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I paid off my house 4 years ago and my car two years ago, and now have no debts. Yay!  Smiley I've been saving and investing that money, and am able to choose where and how to spend. I always pay cash now, including for major dental work. I have and use a few credit cards, but I pay them off every month. There's a lot I'd like to do with home updates especially, but limit myself to one major project per year, based on priorities and ability to replace the spent money within a year. It works for me.

It isn't easy to get there, but the end result is well worth the effort.  Smiley

P.S. Great post, Ulysses!
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