Only gone and blinking done it! Decades of debt finally all gone, all paid down, every penny. I await a bill for some car repairs but otherwise and aside from a mortgage and regular bills, I owe nobody anything. The money in the bank is mine to do with as I please. I cannot remember back when this was the case previously. It has been my constant companion, my lullaby at night, my alarm call in the morning, it has been my travelling companion and as close to me as my own heartbeat. It has been a motivation to focus on what matters. We had a good life none the less but this is a legacy I didn’t want to pass to the next generation. I wanted the next generation to be free to take chances and be bold if they choose to be. It would have been easy to pay off minimums for the rest of my life and ignore the freedoms afforded to those who are not thus shackled. Easy. The hard decision was to live up to what I though was right for us. To actually decide that my life work until it was completed was to be free of things which erode my freedom to choose, and debt was right up there at the top. Each month it would eat away at my disposable income. It was a constant reminder of mistakes made. It annoyed me.
If you are minded to make the same decision and become debt free, hats off to you.
If you are minded to make a different decision and stick with minimum payments, more power to your elbow.
Shakespeare in Hamlet wrote:
“Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry. This above all: to thine ownself be true,”
The whole phrase resonated with me but it’s the “This above all: to thine ownself be true” part which always rang in my ears since my days at the Provo Missionary Training Centre (MTC) and our District Leader, David Muntinga would repeat this phrase out loud to himself frequently. It stuck like an earworm and shaped my personal philosophy. So, thanks Dave!
My philosophy is based on strength of character, freedom to choose, kindness where possible, resilience to weather the storms, and a passion to embrace opportunities.
I think the experiences we have gone through as a family, particularly in the last 4.5 years should act as a cautionary tale to young people making life choices!
At any point we can make a different decision and choose a different path. The principle is called Agency. We all have it and it is like a muscle in the body, we either use it and it strengthens or we don’t and it weakens. Making a different decision feels awkward, clumsy and ungainly. It is not a pretty sight at first but I liken it to watching a class of 4 year old children learning ballet who look like cats on roller-skates at first vs that same group 5 or 10 years later with a gracefulness which is inspiring. Work through the kittens on roller-skates phase, it doesn’t last forever.
If I had my time over, these are some of the things I wish I’d adopted earlier.
- Choose your path of study – does it get you where you need to be for your next life steps? Does it open or close doors?
- Choose your career well – will it provide for you and your dependents. The higher qualified you are, the more freedom there is to make your own schedule. Qualify young, qualify highly.
- Choose your partner well – if you choose to have a partner do they have complimentary goals and philosophies, are they equally carrying the load, are they easy to be around, can you talk about the specifics of budgeting without fighting or someone becoming moody?
- Choose your financial strategy early in life – are you a spender, are you a saver, what did your parents do and did it work for them, if you don’t know about money, learn! There are endless resources available online or in your library. How many hours can you put in to your career. Do you have other priorities which draw away your attention. Is your strategy working for you?
- Choose to budget – know what is coming in and what is going out. Know the dates of payments. Write it down.
- Choose to recognise the true cost – I mentally add the time away from my family to earn the money and the tax already taken by the government into the cost of the product and think to myself “is it still worth it?” Conversely, if you have financial woes and plenty of possessions, know their value and sell them! Generate revenue, get back some of the cash and pay down expenses.
- Choose to find the best deals for you – as contracts come to an end, shop around. As birthdays come up, buy early and allow time for shipping at a reduced rate. As utility prices fluctuate, move deals or suppliers. As tools become needed for a DIY project check the internet vs the high street prices and make good choices.
- Choose to cancel duff subscriptions – FREE MONEY! Who doesn’t love free money. That’s what it feels like when you find a subscription you’d forgotten about on your statement and cancel it down.
- Choose to continue learning and growing – there will be wise people around you in your life, listen as they chat, ask questions when appropriate, learn from them, use them as a mentor.
- Choose to ask for help – if you are in over your head, ask for help. Call the companies and tell them. Tell a friend. Approach organisations who manage these situations daily. You are in it on your own, your choices got you here and your choices are going to get you out of it, but if it all gets too much and you need expert help, ask.
- Choose to build a reserve – if you are debt free, build a slush fund, a reserve, a cushion, whatever you want to call it, to fall back upon in tough times. Tough times always come. It’s prudent to have done what you can to make those times a little easier.
My experience has reached the Build A Reserve phase. It is quite exciting to build rather than be repairing. Feels completely different and it is actually a little scary which is silly. What if I do the next phase wrong! Anything new can be daunting so I choose to push through, carry on learning, carry on listening and carry on trying to make good choices. I may never rival the likes of a billionaire, people who I do not envy at all, they worked hard for what they have and I am pleased for them, but I can build from this point forth and can be pleased that I got my little family this far in the journey. It is hard. Oh so difficult in ways that I cannot find words to articulate. It is possibly one of the most challenging experiences of my life. I’m hoping that the effort one day feels worth it. Right now it is all a little raw and a little new so I have to let it settle in to the new normal before I can speak on that with any degree of confidence. This is my new Kittens On Roller-skates phase!
Now hopefully you’ve had a charmed life and never have to consider much of the above. You people who are adulting successfully have been a quiet inspiration over the past few years so thank you.