Saturday, September 6, 2014

Do You Have What it Takes to Get Out of Debt?

I'm not there yet.  It's been a long journey.  Debt elimination is a serious challenge.  It requires a lifestyle change.  If your debt has become a permanent member of your family, this post may help you.  Are you ready?

Sit down with your loved ones at the dining room table.  Imagine the cookie monster at an empty seat.  He's your debt monster.  Sure, he looks loveable and he's been with you for a long time.  The cookies he's eating represent your retirement income.  The longer he's in your life, the harder it will be for you to get out of debt.  Why do you and your family love him so much?  Doesn't he look adorable?  If you're going to defeat him, you need to change your attitude.  You need to see him as a monster.  He's your enemy.  Those cookies he's eating belong to you.  He's a thief.  Every member of your household needs to agree that the cookie monster has to go.

If you're like me, you have more than one cookie thief in your household.  They may try to team up and shackle you to your over-sized mortgage, forcing you to give them all your hard earned dough.  If this is what your household looks like, there's hope.  Make a plan.  You don't need to eliminate all the debt monsters at once.  Go after 'em one at a time.  Start with the scrawny one.  Stop feeding him.  Once you take away his cookies, he has no reason to stick around.  Don't feel guilty.  Someone will feed him.  They live in mansions and drive new cars.  There's always room in their budget for a new pet because these people love to borrow money.

What will your home look like when you become an empty nester and all the cookie monsters have moved out?  If you can visualize what your life will look like when you're out of debt, this may help you stay motivated until your last debt has been eliminated.  The pay-off is huge.  No auto loans.  No credit card bills.  No mortgage.  Freedom to travel.  And lots of cookies in the cookie jar to enjoy on rainy days.  I'm not there yet but every month another cookie monster moves out of our home.  Let me know if this story is helpful.  Your comments are appreciated.  Maybe you can forward it to someone you know who is too fond of cookie monsters?

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