photo from pfala
I am just wondering how many of us reading this post is still in debt.
It doesn’t really matter if the planning is still going on, or it is already over.
Money is spent (lots of it in fact!) and debt comes along to make friends with us.l
I am one of them, but fortunately it is a debt owed to my parents and there is no interest or dateline.
Phew! What a relief!
But I know many young couples out there who are deep in trouble. I started their newly marriage life full of debts. They spent carelessly on their new house, their new cars, their newly furnished house interiors, their lavish honeymoons to Europe (while staying in the best of all the hotels) and spending beyond their means, as if there is no tomorrow.
Now, you know why they are in debt and the education debt elmination is so important.
Now, what are the 3 benefits you can have if you eliminate debt right now.
1. You get to start afresh. Imaine moving on to your new phase of life still carrying on to a boulder of debt? And do you know that one of the main source of spousal dispute is due to debt and poor family finance.
Clearing your debt can definitely make your relationship less strained.
2. Learn with your spouse. Having finance education is as important as eating food everyday. I am saying that it is really important. This is called financial IQ and it is one of the main things I would highly encourage all newly wed to learn.
If they do not know anything about money management and debt elimination, it is never too late to pick up now, right now!
3. Your children are going to benefit. Imagine daddy and mommy debt free. This will help your children to have a better life. Plus, the golden chance is for your children to learn from their own parents to manage their own money.
I know you may be saying “Oh they are still too young to learn.” They are not. Money education starts young and it is the best gift for any child.
It hurts to see many parents spoon-feeding their kids, even before they earn their first dollar, with credit cards and lots of allowance.
So educating your children on “eliminating debt” will put them in the top 10% ahead of the other kids.
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