When I became debt free, life changed, and I felt free for the first time since I was teenager.
That was, of course, when I started making money and subsequently spending it like crazy. Although I was raised to spend less than I made, I was undisciplined and did the exact opposite.
The older I got, the more money I made, and the more money I spent. When I was 18, it was clothing and going out.
By the time I was in my mid-twenties, it was a BMW.
Like most people, I kept growing into my salary. And the only thing that separated me from someone living in poverty was one pay check.
You see, with one pay check you can pay your bills and put just enough on credit to delay payment of other stuff by a few weeks. You can have a nice apartment, a luxury automobile and nice clothing as long as that pay check keeps coming.
You can create the illusion of success and prosperity, living check to check.
But savings? Can’t do it. Investing for retirement? Nope. Building an emergency fund? Not a chance.
And as soon as a crisis hits or that check stops coming, your position in life immediately changes. The risk you’ve lived with every day catches up with you.
When the padding separating you from risk is as thick as a tissue, it doesn’t take long for it to be in your face and into your wallet.
This was me, and I was only getting worse. Because I kept making more money, my mistakes simply got bigger and more grand. I was on the verge of experiencing some serious financial pain.
Thankfully, I avoided it because God intervened and gave me my wife. Today, we are debt free and we’re teaching others how to get out of debt, stay out of debt and build wealth.
I pray to God I never go back to way I used to be. Broke. Stressed out. Living on the edge. An illusion maker.
Sitting in our apartment complex garage right now is that BMW. Every time I see it, I’m reminded of what once was.
Question: Do you have a get-out-of-debt story? Share it here.