No More Debt
It is time to get out of debt completely.
Most of us work full time for a company, own a company or work full time at home raising children. The latter is the toughest job of them all.
Then our check comes weekly, every other week or even monthly and we watch it literally evaporate. I pay my bills the first two days of the month and by the third day of the month I can’t believe where it all goes. Not all of it is debt.
I have a mortgage, no car payments (own both of my vehicles), and utility bills. Then comes all of the other “stuff” car insurance, medical expenses, groceries, association fees - on and on it goes.
My wife and I do not live an elaborate lifestyle. We have four children and it seems that regular life expenses eat up too much of my income for my liking. We are paying some debt off from a failed business which makes things more stressful right now. And we are a one income family, so in today’s world that puts us even further behind.
I make a good living, so I am not complaining, but rather venting. My wife is working on her novel and some other projects that will eventually bring in some income and that is great! This will take time.
I am an impatient person by nature and so I would like to see another reliable source of income coming in now. I have read all about “multiple streams” of income and understand the concept.
The time has come for an additional source of income. More than that, it should have the potential to grow way beyond my current primary income. This is actually one of my goals for this year. Turning it into a stream that equals or exceeds my current stream is not part of my 2006 plan. I have to be realistic.
I have tested several ideas and so far I am clear as mud as far as which direction I am headed. My family is away all weekend visiting her sister and brother-in-law. I had a meeting on Friday that I could not miss and a few other factors kept me home alone. I thought it would be a great weekend to make some real progress on this front and become that much closer to being debt free.
It is Sunday afternoon, and I have little to show for the time I have spent. I am frustrated.
I have studied several very successful entrepreneurs who have taken a passive income idea and turned it into a multi-million dollar venture. I see repeatable strategies in what they have done. Yet, I am stuck.
I have a vision of for several new sources of income, including my primary source, my full-time job. As the additional income comes in I will continue to pay off my house and the rest of my business debt. I want to be debt free completely.
Is this goal too grand? I do not think so. Many other people, no smarter than I am have reached these goals and surpassed them. So I know I can do it. I can become debt free!
I think I need to take a break today and do something that has nothing even remotely to do with this goal. Clear my mind and get recharged.
Comment by Dave
That sounds like a brilliant idea (steeping away from the problem for a bit). It works the same way in writing. Sometimes you are too close to the situation, and taking a step back like that will help clear your head, and help you refocus.
Sometimes you gotta climb out of the muck and take a shower.
Good luck with your goals.
Btw… the weekends with the family away rarely see me accomplish my lofty goals. I always manage to find some other way to piddle away the time.
Comment by Shane
You Can Do It.
(that was my Tony Little impression)
Comment by The Blogging Boss
Thanks Dave and Shane. The encouragement is timely.
Speaking of writing, Dave, how is is it going?
Eric
Comment by Ananke
I’d like to have an additional source of income too, but I just can’t seem to find something that’s right for me. Between working full time and going to school part time, there’s not much time left for anything else. Grrr.
Comment by Anonymous
Eric,
Achieving the goal of being debt-free is a lofty goal but is attainable. It requires a strong commitment from you and your spouse (teammate). I personally carry the stress of all the family financials while my wife and kids enjoy a stress-free lifestyle. I love this model and gain so much pleasure providing for my family (Ward and June Clever style). The investment into our kids is paramount in our life.
Dave Ramsey (www.daveramsey.com) entered our lives through the love of family members. Dave’s message is helping many to reach “Financial Peaceâ€. His strategy is to “Beat Debt…Build Wealthâ€â€¦ “The paid-off home mortgage is replacing the BMW…â€
It sounds like you are on the way but I would encourage you to give him a listen. His website has streaming audio from the archives and when you hear what people are able to achieve on 1/4 of salary that you are making (just a guess), it is truly inspiring and life altering.
My wife and I have teamed up to execute the plan and our relationship has grown to new levels that I couldn’t even imagine. We truly are a team in life!
Go for it!
Comment by The Blogging Boss
I live 10 minutes from Dave Ramsey’s studio, anonymous. My dentist is in the same building and so I see Dave doing his show in the lobby before I get my teeth scraped and cleaned. I always wave and he nods back, lol.
He seems like a good guy. I do believe in much of what he teaches. Afterall the guy has recovered from aloss much worse than mine.
Actually I went into his office 2 years ago when I thought we would lose the house and everything based on my one businesss going south. The problem with my experience was simple. I had no income coming in and about 8k going out a month, including business expenses.
I had no money to spare. The first thing his group told me was that their program could help me, but by the way it was $350. Today that would be fine. I am back on my feet and my income exceeds my expenses once again. But 2 years ago, if I had $350 dollars to spend it was for food to feed my family - really. It is only God that saved us from bankruptcy and losing all that we had.
You are right. Income is not the main point here. I am actively working on restructuring my business debt, which will get me paying myself more each month. A key to prosperity from another favorite of mine, Robert Kiyosaki.
Comment by Wil
I hope it all works out for you, Eric. If you keep looking for a way to make it happen, I’m sure you’ll find one that works for you.
Wil