In the United States, we have many freedoms. However, as we celebrate our independence, there is one type of freedom that eludes many of us, the freedom from debt. What would it be like to live free of debt and in a state of financial freedom?
Debt keeps you enslaved, and that enslavement can heighten your level of stress. When you are financially stretched, you could be worried about damaged credit, late payments, or picking up the phone to hear a debt collector’s voice. Living within your means, not relying on credit means you can live calmly and securely.
Save for a rainy day
A debt-free lifestyle means it is easier to save! Though it can be hard to become debt-free at the snap of your fingers, you can start by requesting the interest rates on credit cards to be lowered. That savings can also go straight into the bank or help you reach your debt-free goal faster by being diverted into repayment when you start saving and building an emergency fund. That equals more security!
Living a lifestyle without debt essentially allows you to choose what to do with your hard-earned money. Instead of putting out extra money to pay off debt, you can spend the money on whatever you choose. You may even find yourself a smarter shopper by spending money on necessities and waiting to make major purchases until you have the money already saved.
Think about how life would be if you had fewer bills and debts. Unfortunately, the reality is, the more debt owed, the more you have to work. Essentially, debt holds you, hostage! How great would it be to live with less debt and work fewer hours a week? With less financial stress to contend with, you will live longer and be healthier.
Debt can impact your retirement planning by limiting how much you can put away. By getting rid of debt and reducing expenses, you have more cash to divert to your retirement account. This might be the difference between retiring at 50 instead of 65!
If you are drowning in debt, and living in financial freedom sounds too good to be true, Miller, Hollander & Jeda may be able to help! This firm concentrates on bankruptcy law, asset protection, and financial problems. For more than 35 years, they have helped many clients get a fresh financial start. Call today for your free consultation at 239.775.2000.