We hate debt. I mean, we really, really hate debt. We’re with the Debt Free Guys on this: we don’t think that debt and quality of life have to be synonymous. Debt just isn’t necessary for the life we desire.
Thus, our completely crazy, lofty goal to become completely debt free in 2016 encompasses a number of decisions in 2015 that are crazy to some.
UPDATE: We’re 100% debt free as of March 2017!
What have we done to pay off thousands of dollars in debt since the start of this blog?
- Downsizing to our 536 sq ft house and selling much of our stuff
- Cutting the junk and restaurants from our budget and diet
- Working extra hours in the evenings and on weekends
Wow! If you told me in January 2015 that we would have moved and paid off a ton of debt by October 2015, the conversation would have gone something like this:
You: “Good job paying off so much debt!”
Me: “Thanks! Wait, why?”
You: “Because you want to be financially independent.”
Me: “Since when?”
You: “Since you set the goal in April.”
Me: “That sounds awesome!”
Why is this so incredible to me? At the start of 2015, we did not have any financial goals.
By April 2015, we decided to set two big, huge, ginormous goals for ourselves: eliminate all of our debt and achieve financial independence. And we knew that our previous efforts to reduce our debts didn’t work so well. We had to learn, grow, and make big changes to get there.
And we have! We’re on our way and we couldn’t be more excited. I espouse our new financially philosophies at every moment, much to the chagrin of others, I imagine. I’m just so excited, I want to shout it from the rooftops!
Reaching debt-free status in 2016 has us wondering…what are we going to do once we’re out of debt? Over a campfire this weekend, we talked a lot about what we are going to do once we’re debt free. And we talked about what we aren’t going to do; I thought it would be fun to share what we aren’t going to do with our money once we’re debt free.
What We Won’t Buy When We’re Debt Free
A yacht or a boat
Recently, there was a story in the local paper about a local couple who had won the lottery in 1988 and how they spent their lottery winnings. Here’s my favorite quote from the story:
“You know what a boat is, don’t you? A boat is a hole in the water that you keep throwing money into.”
Ok, Frank. No boat!
Last week, a couple of co-workers and I were having a debate about whether or not we want to be rich. Two out of three of us said they wanted to be rich while the third person in the conversation declined.
Can you guess where I stood? Mo’ money, mo’ problems. I don’t want to be rich. Well, to make a long story short, they basically said I didn’t love my kid because I wouldn’t be able to buy my kid a pony (I don’t even have kids). Odd conversation.
A new 4,000 sq ft house
We just downsized. I suspected that we will never, ever upsize. End of story.
Luxury automobiles or a monster truck
For me, a car gets us from A to B. I neither desire a luxury brand nor do I see depreciation as an investment. Bridget Casey says, “Never go into debt for something that won’t make you money.” Wise.
Collectibles, aka knick-knacks, aka trinkets
The Beanie Baby craze of the ’90s is why I don’t collect anything. Ever. Period. Cray.
Anything gold-plated or jewel-encrusted
I hear it’s a thing to have items covered in Swarvoski crystals. Pass.