I have hesitated to release this episode, because talking about money can incite some strong opinions and deeply held beliefs. But, ultimately, mastering midlife includes finances and becoming debt free has been a goal of ours for a very long time (decades!). My wife and I finally achieved it and I wanted to share what we did different this time around.
In this episode, I discuss our approach and what worked for us, including:
- Why my wife and I chose to become debt free.
- Building a system that planned for unexpected or unbudgeted expenses.
- Seeing short term progress while staying focused on long term vision.
- Making rapid progress without feeling deprived or resenting our spending plan.
- Several ways we accelerated our timeline (including getting rid of $10,000 of debt in an afternoon).
This is merely a recap of our journey. Everyone is in a different spot and you might be able to do it more quickly, less quickly, or choose not to do it at all. And that’s fine. I share in the hopes that it might help someone, but no worries if it doesn’t resonate for you.
Also, this is ONLY about our approach to becoming debt free. It is:
- Not an argument for why you should be debt free. I can imagine several situations where it would make sense to maintain debt, ranging from a financial emergency to having specific financial plans.
- Not the only or even the best approach. There are probably much better ways out there.
- Not bout investing, getting rich, or planning for retirement. Nope. Those are all great topics, but I don’t discuss any of them here.
- Not financial advice. I’m not qualified to give financial advice and there is none here. Follow the advice of your financial professionals and do what makes sense for you and your resources, goals, and situation.
If you’ve become debt free yourself, I’d love to hear what worked for you. Especially, your approach to staying debt free over time.
Please share this episode with anyone you feel would benefit. Also, if you enjoyed this episode, I’d really appreciate it if you’d leave a review at: LoveThePodcast.com/MidlifeMastery
Let’s get started!
Imperfect Action! Podcast My other podcast. Providing ideas, information, and inspiration from entrepreneurs, bestselling writers, experts, fitness champions, and musicians who have ignored common wisdom and charted their own course.