Debt: The Silent Thief of Your Freedom
"Debt is the silent thief of your freedom and takes away your ability to make decisions freely. Here's why.
Chapters
00:00 Start Here
01:25 Your Future Income Is Reduced
02:32 Your Future Security Is Reduced
03:35 Major Life Decisions Have To Be Put On Hold
04:29 You Can’t Take As Many Risks
05:25 Taking Away Ability to Say No and Yes
06:10 You Can’t Fully Enjoy Things
07:01 It Negatively Impacts Your Health
07:37 It Creates Resentment
It is more normal in our society to be drowning in debt than it is to be debt free, and this is because we often view debt as the ticket to the good life; however, the truth about debt is the more you take on, the less freedom you have in life. Debt robs you of your freedom and lowers your quality of life. And in this video, I share 8 ways debt robs you of your freedom.
1. Your Future Income Is Reduced
When you take on debt, you are stealing from your future self. You are spending money that you have not made yet, which reduces your future income. This makes it harder to stay on top of your bills and live your life. Debt makes your future self figure out how to solve past mistakes.
2. Your Future Security Is Reduced
When your future income is reduced, it makes it harder to secure your future because instead of having 100% of your income to pay your bills and live your life, you have to use a portion to solve your past mistakes. This often traps you in the paycheck to paycheck life where you are unable to save and invest money, which stagnates your progress to bring more financial security into your life.
3. Major Life Decisions Have To Be Put On Hold
When you take on debt, you often have to put major life decisions on hold like buying a home, changing careers, or having children because you have to use some money to pay off debt. Your present day self has to fix past decisions, which makes you put life on hold.
4. You Can’t Take As Many Risks
Life is about taking risks and going into the unknown, but many people are unable to take risks because they owe something to someone. Whereas when you don't have debt, you are able to make your decisions more freely.
5. Taking Away Ability to Say No and Yes
Taking money seriously is important because money gives you the ability to say yes and no in life. However, when you have debt, you aren't able to say these words are freely and you have to take what you are given.
6. You Can’t Fully Enjoy Things
Having debt doesn't mean that your life is over and you can't do fun things, but it does mean that when you do something fun there is a tiny amount of guilt attached to it that it is not the best financial decision.
7. It Negatively Impacts Your Health
Having debt causes more stress, anxiety, and depression in your life that negatively impact your health. It takes away your peace of mind in life.
8. It Creates Resentment
When you have debt in life, you start to lose freedom in life, which creates resentment about decisions you made in the past, resentment to people who are succeeding, and resentment about society as a whole. It robs you of your freedom to experience more joy in life. "