How will it feel to be debt free?
When you close your eyes and imagine yourself as a debt free human, what comes up?
Imagine if you didn't need your line of credit.
Imagine if you easily paid your credit card balance to $0 at the end of the month.
Imagine if your home was paid off and you didn't have another mortgage payment ever again!
What does that freedom look like for you?
In 2014, I was hell bent and determined to rid myself of my student loan forever. I graduated in 2009, so I had 5 years of dragging around this anchor of debt. I felt guilty when I went on trips, I had limited cash flow and insecurity around trying to keep up with my seemingly rich, fancy ass friends. I knew I needed to make a change if I was ever going to survive (let alone thrive!).
I calculated how much I had to pay each month to eliminate my debt in 6 months. It was around $2000. As a single person living in Vancouver, this was a lot of cash! At first, it seemed easy enough. I took it day by day. But old habits die hard and temptations were every where! Pretty soon I needed something that I could come back to, that would keep me focused.
During one of my more insightful and desperate moments, I jotted down a list of the reasons why being debt free would feel so good. In the years since I've come back to this list a million times. It represents how I felt at that time in my life and how I want to feel forever. From paying off my student loan to paying off my mortgage, this is the list that keeps me grounded in what I want for myself and how I want to feel. It's raw & (mostly) unedited but I'm sharing it with you this way so you can see the stream of consciousness that brought me to my WHY:
Why financial independence?
- I am naturally independent
- I want to be very secure
- I want peace and security in my life, allowing true joy / enjoyment
- I want to own a home and be able to provide a frugal but excellently sufficient lifestyle for my family
- Control of my finances means my peace of mind
- I want to be able to confidently handle emergencies
- I want to have control over my time
- I want to choose how I spend my energy and where I work
- I want to have free time, outside time and time /energy / space to be present
- I want to own property and profitable investments, set up so that my investment income is greater than my monthly expenses
How will being financially independent make you feel? What grounds you in moments of chaos where you need to dig deeper to achieve your goals?