I want to be debt free. But sad to say, I can’t be unless I win the lottery. Many of my goals and dreams require that I have some form of debt or a boatload of funds. There are some people who would have worked for many years, saved every dime and bought major purchases cash. And I hope to be one of those persons one day.
Debt can come in many forms – a loan or mortgage from a financial institution, family member or friend, a credit card bill, hire purchase arrangements or even a medical bill. It can be as small as ten dollars or as large as ten million dollars or larger!
Many people believe that you’re only in debt when you owe thousands of dollars. But the truth is that there are some people in this world who owe maybe a thousand dollars and have difficulties getting rid of it. Some people’s expenses are way more that their salaries and they find it difficult to make ends meet.
One problem that a lot of us have in common is the fact that we can’t seem to get rid of our debt. And if you have one income which you depend on to pay your expenses, things will be a bit more difficult. Some single parents are struggling with small bills because they have to take care of their children and pay all of their bills on their own.
But debt is not necessarily a bad thing. Going into debt, usually gives one the opportunity to gain a much needed item. Popular items include land, homes, cars and education. I believe that if you’re going into debt willingly, make sure that it’s something that will add long lasting value to your life.
I want to be debt free, but I know that I have to put in work to get there.