A vital part of sticking with any goal is to know your “why”. Having a clearly defined vision of why you want to achieve something, will sustain you during hard times. Writing down your goals and knowing your why can help you create opportunities when faced with oppositions.
My long-term goal is to be completely debt-free, including the mortgage, by the time I turn 50 (I’m currently 43½). Honestly, I’m aiming for 47½, but I’m allowing an extra grace period so that I don’t drive my family crazy. I can be a bit headstrong at times and if left unchecked I’ll put on blinders and just go for the target. Sometimes disregarding other important aspects and that can have a less than positive impact.
Unfortunately, life didn’t stop happening when we decided that we wanted to pay off credit cards, cars, student loans, and the mortgage. We are still faced with costly expenses like payments to the orthodontist, car maintenance, and house repairs. Thankfully, our plan for accomplishing the goal of debt freedom includes having a health savings account (HSA) and sinking funds. By having a well-thought-out plan in place, these situations are more of an inconvenience instead of catastrophic.
Recommended reading: 100 More Reasons Why I Love My HSA
3 Steps to Overcome Emergency Fund Hang-ups
So, why am I eager to get out of debt?
Being in debt does not align with my ultimate desire to live a comfortable life, with plenty of options. I must admit there was a time when being in debt did not faze me. I was perfectly content with it, as long as I could make the payments on time (even got an excellent credit score).
I now realize that constantly servicing debt steals from your future and the future of your children. Being bogged down with debt can rob you of the ability to prepare for your retirement years and interfere with saving for your child’s college education. Also, poor money management skills are passed down to children, unless they are somehow taught otherwise. Not to mention the negative health effects and the strain on relationships that debt causes.
With today’s modern technology and everything moving so fast 24/7, it’s easy to get caught up in the daily grind. You lose track of time, and ten years have gone by. To reinforce my why, and enable me to look beyond today I often ask myself, “What would my 65-year-old self say about…?”
So tell me, what goals are you striving to achieve? What keeps you motivated when things get tough (your why)?
“Every wealthy family had that one member that broke the chains of poverty for future generations.” ~Nicky Verd
