There are two sets of people in the world. People that believed in debts and others that think debts are not so good. Well, our environment also has a lot to do with this mindset. Getting loans in developed countries seems pretty easy. As a citizen, you have to do some things that will speed up your life and you need a loan for some.
However, there is something about getting things debt-free. Starting a business with a support fund from your parents or anyone is not be the same as starting with loans. Having good finance for education is not the same as going to school with a student loan. Buying a house full paid is not the same as a mortgage. While these help people that are growing slowly is also drawing them back at some point.
There is something wrong with normalizing debt. We feel everyone has a debt and we can go on in getting more to move on our life. I think you should ask yourself some questions before taking any debt. “Is it good to have this debt on me?”
Most of the time, the answer comes out yes because you may have no other means to pay for your school since education will allow you to leverage more on everything. You have the probability of earning more and it ends up being a good loan to carry. Using some moderate assumption, an average graduate in the United state earn more than $1,000,000 through their lifetime compared to a high school diploma. So, if you take a loan to expand your knowledge and improve your value, it seems something worth it.
However, taking loans on consumables doesn’t worth it. You take loans on cars, weddings or vacations doesn’t worth it. You will spend months or years paying back for a loan you enjoyed for a short period. You need to ask yourself some questions before you take any further loans. If there is no future value in anything you are doing, do not take a loan. It doesn’t worth it.
Do not normalize living with unnecessary debt. You should focus on making the right choices. If you have not saved enough for vacation, do not take one. It makes little sense to travel, spend and come back to work to pay for the cost of your 2 or 3 weeks’ enjoyment. Your choices will have a long time value on your financial state. If you want to be free, make the right choice.
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