Shackles
I had my first real "adult" job before I graduated college. I had been on the Walmart Management Training Program for months while finishing my degree. As soon as I graduated, they relocated me to Wyoming and I finally got an adult salary as well. I thought I was swimming in money and my appetite for things was about to be quenched. I rented a nice place to live, bought a TV, furnishings, an expensive mountain bike, and a new vehicle. I thought I had finally arrived at the age of 22.
A few years later my wife, Stacey, and I would be young marrieds with a young family, a nice big home, two new vehicles, a motorcycle, furnishings, etc. We had it all. Or should I say, the bank loaned on it all. I was pretty full of myself and decided to quit my job and start my own business. That was right before Y2K - big mistake. Right after Y2K much of the IT market I had been serving dried up. Two of my largest customers filed bankruptcy owing me tens of thousands of dollars. Suddenly we found ourselves with a large mortgage, two vehicle payments, credit card debt and two young daughters to clothe and feed without any income. For approximately twelve months, I couldn't make a go of my business. To make matters worse, I couldn't find a job paying what I thought I was worth or near what I had been making. I became depressed and paralyzed. It was as if someone had died in our family. I didn't know what to do and eventually took to working odd jobs, anything to provide a little income. We also borrowed from family to make ends meet and sold our new vehicles, motorcycle, and cashed in our retirement savings.
That was the hardest year of our marriage, but it didn't have to be. I had let my pride, my ego, and bad spending habits get the better of me and of my family. Hard as it was, it was also the best year of our marriage in that we learned a valuable lesson...not be shackled by debt, wants, and desires.
It took us approximately three years to pay back our debts to our family for what we had borrowed. We changed our spending and our savings habits. And over time, we have been richly blessed with enough, and at times with a bit of excess to enjoy some traveling, and some giving to others in need.
While the above illustrates tangible debt, but there is also intangible debt. My father taught me by example early on how to give and receive favors. At times someone might do something nice for our family, and in return, my father would always do something nice back for them. More often than not he would give just a little more generously than he had received, thereby repaying the generosity with a little interest. He was not in their debt; he was not shackled.
But what is wrong with debt? Debt binds us to the bank loan, credit card company or to the favor we received as easily as though they were shackles. We can't truly be free to make the decision we want and need to make, if we are bound by these obligations.
Moral of the story...avoid debt if you can, pay it back quickly if you can't. Whether it be loans or favors, don't be shackled.
A few years later my wife, Stacey, and I would be young marrieds with a young family, a nice big home, two new vehicles, a motorcycle, furnishings, etc. We had it all. Or should I say, the bank loaned on it all. I was pretty full of myself and decided to quit my job and start my own business. That was right before Y2K - big mistake. Right after Y2K much of the IT market I had been serving dried up. Two of my largest customers filed bankruptcy owing me tens of thousands of dollars. Suddenly we found ourselves with a large mortgage, two vehicle payments, credit card debt and two young daughters to clothe and feed without any income. For approximately twelve months, I couldn't make a go of my business. To make matters worse, I couldn't find a job paying what I thought I was worth or near what I had been making. I became depressed and paralyzed. It was as if someone had died in our family. I didn't know what to do and eventually took to working odd jobs, anything to provide a little income. We also borrowed from family to make ends meet and sold our new vehicles, motorcycle, and cashed in our retirement savings.
That was the hardest year of our marriage, but it didn't have to be. I had let my pride, my ego, and bad spending habits get the better of me and of my family. Hard as it was, it was also the best year of our marriage in that we learned a valuable lesson...not be shackled by debt, wants, and desires.
It took us approximately three years to pay back our debts to our family for what we had borrowed. We changed our spending and our savings habits. And over time, we have been richly blessed with enough, and at times with a bit of excess to enjoy some traveling, and some giving to others in need.
While the above illustrates tangible debt, but there is also intangible debt. My father taught me by example early on how to give and receive favors. At times someone might do something nice for our family, and in return, my father would always do something nice back for them. More often than not he would give just a little more generously than he had received, thereby repaying the generosity with a little interest. He was not in their debt; he was not shackled.
But what is wrong with debt? Debt binds us to the bank loan, credit card company or to the favor we received as easily as though they were shackles. We can't truly be free to make the decision we want and need to make, if we are bound by these obligations.
Moral of the story...avoid debt if you can, pay it back quickly if you can't. Whether it be loans or favors, don't be shackled.
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