I like the short, spontaneous posts better than planning out what I want to talk about. I look at the posts in my queue and just think "ugh, these topics are boring and dusty." Yes, personal finance can be very dry and boring. Personal finance has not really ever been sexy. In the most recent years, personal finance has gotten a glow up with more individuals learning about the FIRE (Financial Independence, Retire Early) movement but to become "financially independent" it is a slow, long process. There is no Instant Pot recipe for financial independence. It can be frustrating for those whose ultimate goal is to become financially independent because the main pillar of financial independence is to become DEBT FREE. I think it is an aspiring goal to become financially independent and it is one that I eye constantly BUT is being completely DEBT FREE really attainable? Zero Debt forever? So my opinion is mine entirely and I am open to others opinions as well. Take what I say as opposition to the "traditional" path some have laid out.
This topic got me thinking alot this week because the personal finance crowd (followers of D.R., OG FIRE leader Mr. Money Mustache, and others alike) will shame others who are trying to build wealth and get out of debt. Yes, doing both will slow the progress on the other and can feel like a vicious cycle. It can feel counterproductive as well because individuals are not able to pour more resources into one, singular funnel. I am one who will say that is fine. I argue this because making a small emergency fund is great to set aside and chip away at debt. [I will insert another but here] BUT this create the making of crash financial dieting. The laser focus eliminating debt takes is admirable but can be so draining. Large debts, like student loans and mortgages, can be tackled in record feats and are utterly rewarding. The drawbacks I have are feelings of scarcity as you are very limited on what you can spend your money on (if you even can on non-essentials). Although paying down debt requires discipline and creativity, these create decision fatigue because everything is being re-evaluated and finding ways to make more money to pay off the debt. My major qualm with becoming "debt free" is how many individuals actually stay debt free forever? I mean I love reading on Business Insider and Yahoo Finance about individuals and families who paid off thousands of dollars of debt. Reading those stories inspired me and produced feelings of shame because I would think "what is wrong with you? why can't you get you financial act together?" I also look at these publicized success stories, or IG reels, as showing only 1 type of picture, SUCCESS. These stories don't show the years long struggles and levels of fed upness individuals go through to have their epiphany of wanting to change. These stories don't complete many follow-ups either of "Where are they now?" highlighting that some of these individuals may have gotten caught up with the parts of life that require an expensive, impulsive decision to be made like traveling for a family death, long-term financial hardship due to medical reasons, and the list could go on. Having to use a credit card to cover expenses does not make ANY one a failure at personal finance. Seeing one person's story doesn't sum up their life.
I really hope I am not in debt by the time I retire but I am also comfortable with the idea that I may and I am 100% fine with it. BYE BULLIES! I know life is too complex and precious for depriving ones' self for years. If being DEBT FREE FOREVER is your dream then I am definitely not trying to get in your way. I do hope this is the grace pass someone needed (I know I needed it) to take the ups and downs that life doles out.
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