Rid Yourself of Debt and Live Financially Responsible
Debt. It can be a wonderful tool or a terrible task master! Unfortunately, for many people, they casually court debt as if it is something simple and compassionate
instead of recognizing it as what it really is—ruthless, cold, and indifferent. What gives debt all of its teeth? It is nothing less than “interest.” Interest is what makes
debt so powerful. With this more accurate under standing it is easy to see where the attribute of debt, interest, can be a very handy guy to have on your side or a very formidable foe to fight. The following explanation of interest sums up the nature of debt nicely:
"Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours; ... it never pays taxes; it buys no food; it wears no clothes; it is unhoused and without home and so has no repairs, no replacements, no shingling, plumbing, painting, or white-washing; it has neither wife, children, father, mother, nor kinfolk to watch over and care for; it has no expense of living; it has neither weddings nor births nor deaths; it has no love, no sympathy; it is as hard and soulless as a granite cliff. Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or crossits course or fail to meet its demands, it crushes you" (J. Reuben Clark Jr. in Conference Report, Apr. 1938:103).
Sadly, too many people find themselves slaves to this monster called debt instead of truly enjoying life. Debt and money problems rank up there among the top reasons why there is so much of divorce, unhappy homes, marriages, and even suicide. These are just some of the reasons why it makes sense to rid yourself of debt .
The following three key suggestions can help you change the tables of stress-filled worry to peace of mind. They are proven remedies and can make all the difference in the world.
Suggestion #1: Do not, ever, go into debt for consumer goods or purchases. By “consumer goods or purchases” I mean perishable items that have no intrinsic or substantive value for your well-being, or that can add value to your situation. For example, food, toys, trips, jewelry, entertainment, wants, etc. All of these things, while pleasurable and nice, do not add any value to your need or betterment in life. Good examples of items worth going in debt for might include vehicles for transportation, a home, and an education. All of these examples are necessary, or “critical” to insure for a better quality life in the future. Other than for these kinds of critical items you should adopt the practice of “don’t buy it unless you can pay cash for it.”
Suggestion #2: Develop a modest and workable budget and stick to it. Budgets help define what is and what isn’t necessary in your day-to-day living. Budgets position you where you can identify real needs and differentiate them from the wants. More financial problems and serious debt come to individuals who do not learn to identify needs from wants than just about anything else. Establishing a budget will help reduce common financial mistakes that many fall into who otherwise would not have done so with a good budget outlining their spending habits.
Suggestion #3: If you are in serious debt trouble, it is not easy to fix the problem on your own. You can get help from qualified organizations that will put you back on track to achieving your financial goals. These institutions have leverage and the ability to work with you and your creditors. Take advantage of these kinds of services and put them to work for you.
Following these simple yet powerful suggestions can put you on the road to a much more stress-free life. The peace of mind that accompanies those who “owe no one anything” is a great feeling. It empowers you to make better choices for your life. Instead of reacting in crisis mode, you will find that you can make decisions based on purpose and meaning. Start today to rid yourself of debt and live free again: .
"Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours; ... it never pays taxes; it buys no food; it wears no clothes; it is unhoused and without home and so has no repairs, no replacements, no shingling, plumbing, painting, or white-washing; it has neither wife, children, father, mother, nor kinfolk to watch over and care for; it has no expense of living; it has neither weddings nor births nor deaths; it has no love, no sympathy; it is as hard and soulless as a granite cliff. Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or crossits course or fail to meet its demands, it crushes you" (J. Reuben Clark Jr. in Conference Report, Apr. 1938:103).
Sadly, too many people find themselves slaves to this monster called debt instead of truly enjoying life. Debt and money problems rank up there among the top reasons why there is so much of divorce, unhappy homes, marriages, and even suicide. These are just some of the reasons why it makes sense to rid yourself of debt .
The following three key suggestions can help you change the tables of stress-filled worry to peace of mind. They are proven remedies and can make all the difference in the world.
Suggestion #1: Do not, ever, go into debt for consumer goods or purchases. By “consumer goods or purchases” I mean perishable items that have no intrinsic or substantive value for your well-being, or that can add value to your situation. For example, food, toys, trips, jewelry, entertainment, wants, etc. All of these things, while pleasurable and nice, do not add any value to your need or betterment in life. Good examples of items worth going in debt for might include vehicles for transportation, a home, and an education. All of these examples are necessary, or “critical” to insure for a better quality life in the future. Other than for these kinds of critical items you should adopt the practice of “don’t buy it unless you can pay cash for it.”
Suggestion #2: Develop a modest and workable budget and stick to it. Budgets help define what is and what isn’t necessary in your day-to-day living. Budgets position you where you can identify real needs and differentiate them from the wants. More financial problems and serious debt come to individuals who do not learn to identify needs from wants than just about anything else. Establishing a budget will help reduce common financial mistakes that many fall into who otherwise would not have done so with a good budget outlining their spending habits.
Suggestion #3: If you are in serious debt trouble, it is not easy to fix the problem on your own. You can get help from qualified organizations that will put you back on track to achieving your financial goals. These institutions have leverage and the ability to work with you and your creditors. Take advantage of these kinds of services and put them to work for you.
Following these simple yet powerful suggestions can put you on the road to a much more stress-free life. The peace of mind that accompanies those who “owe no one anything” is a great feeling. It empowers you to make better choices for your life. Instead of reacting in crisis mode, you will find that you can make decisions based on purpose and meaning. Start today to rid yourself of debt and live free again: .