Not surprisingly, the finest moments in our lives happen alone, usually when we come to a realization or some sort of conclusion. This type of "AHA" moment is rare but when it comes, there is a subtle but permanent transformation that happens from the inside out.
Being in debt is a decision. Not a conscious one, but deep down, you know you made the choices that lead to the current circumstances. This is what my father would tell me, he was never one to shy away from pointing out the blatantly obvious.
My salad days are over and back then, being green, I did make rash choices and sometimes foolish decisions with my finances. But I don't beat myself up about it too much. When you are young and single, your priorities are different and fiscal responsibility is low on the list of things I wanted.
Being in debt is a subtle kind of mental torture. I guess it depends on how deep "in the hole" you are. When debt becomes un-manageable, it is time to re-evaluate ones methods of decision making. I realized (at some point I guess) that having power over my own finances was a lot more valuable than I gave it credit for.
It's funny, people can tell you things, that to them is great advice, but until you go through the experiences and suffer through the adversity of the choices you make, until you come to the realization yourself, you literally cannot hear the truth. Yes being in debt is a decision and not something that happens to you. It is the "sweet" alternative to being poor.
When you make the choice to get wealthy...I mean really wealthy, you change in subtle ways. Your priorities shift and your capacity to tolerate boring stuff like financial responsibility becomes stronger. Going from debt to wealth is a choice. Poverty sucks as I am sure you are aware of, but if you are in debt, you are probably worse off than if you were just poor and living within your means.
I realized something that lead to my own fiscal transformation, and you are about to learn something unusual. By going into debt, you are actually on the right track. The way to wealth IS credit. Having good credit means you are good to borrow on wealth producing assets like houses.
But going into debt to buy cars and stereo's, big screen tv's and the like, that is where you go wrong.
The other type of debt that is worth going into hock for is education. If you find good instruction on how to build your income some time in the not too distant future, then this type of education is well worth the risk. Education and value assets like homes are the only things I will happily go into debt for.
My transformation happened from the inside out. It happened in less than 60 seconds. A decision was made and it was a small permanent decision. But you could say it had been brewing for the 10 years that I mis-managed my finances and suffered the stress of debt.
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