Topic: A debt free life (Read 378 times)

It is still a thing but these new generation will learn it badly soon  after going through about that mindset of having things instantly.

Do not worry if it is not a thing to most of these people. They will learn their lessons the hard way and they will then remember it because they want to change for the better.

Delayed gratification has worked for the most who has done it.

Delayed gratification is not even a thing anymore because the new generation of people wants everything instantly and now the options of taking loans also became easier and there is a dilemma that they need to carry such standards to be considered as living which is nothing but the illusion created by the influence of social media.

Someone can't move better if there's a debt remaining. People will justify having a good debt but IMO, still, that won't be a good thing unless you're able to cover that with your various sources of income.

Delayed gratification is one attitude and approach that will help someone to have a debt free life. Have a control at most times and always distinguish and think many times whether you need that something you want to buy, again, think many times.

It is easier when there is a cash flow but OP seems talking about taking debt to meet the cashflow due to lack of business/not enough salary in that case finding better ways to make more money is the solution. Try to avoid any unnecessary expenses until you get the privilege to spend on it which requires discipline as you said and also everyone in the family needs to be aware of the condition to move it forward.

The biggest advantage of being debt-free is the financial freedom and flexibility it provides. Without required monthly debt payments, you can redirect cash flow towards important priorities - be it saving more, investing for the future, or spending on needs that enhance quality of life.

Eliminating debt, especially high-interest credit cards or loans, also minimizes money wasted on interest charges each month. Those extra dollars saved can really add up. Additionally, not relying on borrowed money can prevent you from living beyond your means. It forces a healthier financial discipline around spending habits.

best way to get out of debt is to not get into debt

think about a reasonable amount that would cover a surprise bill..
EG imagine your electric bill doubled next month due to family using devices too much..
but instead of waiting for a bill and reacting. pretend it already arrived
put money aside as if you are paying off an excessive bill

save it

many people get into trouble because when surprise bills occur they didnt save for. they then cut back to pay it off. and once paid off they go on a slurdge and over spend on themselves to make themselves feel better and make up for the losses.

however if people save something. and build on savings they wont need to rely on friends/credit cards less

smart people would see something they dont NEED but just want. and instead of buying it. would put the value+5% into a savings account. because if they made the decision they think they can afford to buy it and repay a credit card+interest. then they can afford to live without it and utilise that amount into savings

if you are tonight tempted to uber-eats a $20 pizza and give delivery guy a 15% tip in 30 minutes. stop yourself. instead open your bank account app and put $23 aside into a savings account and then spend 15 minutes in your kitchen to make yourself something to eat. its both cheaper and faster then the pizza

these little $23 amounts soon add up, to cover real emergency bills to then not need to touch your credit card
do it with a few things you dont need which wont even last more then a bowel movement if you did have it.

budget your groceries.
do you need the top brand $5 ketchup or the $2 unbranded ketchup
do you need the 6pack of 2-3ltr pepsi or can you find alternative flavoured water

i must accept that I am the person that will not live without Debt or crediting but that does not mean it  is permanently

maybe after my children graduated from college? then i will end up borrowing money.

Not sure if this is really possible because everyone in this world has debt , some are bigger while others are lesser . I mean but one thing is sure that all of us has debt or at least use to have one and planning to have more.
well I am one lucky person having a little credit now and hoping that will not have more in the coming days because I know how much obligation and mind thinking when having debt .
depending mate,  because even if you are earning million dollars a month yet their expenses is above that then you will still be in debt.
sometimes it is not about how much you earn but how  much you spend.

I think there is no one in this world that truly has no debt at least not in money but in
 reality of life, because some borrowed money while others borrowed time and others even borrowed Gratitude so
which one are you referring ?

If this is about Money , then indeed that everyone has debt or at least once in their life tried
to borrow money so  a debt free life is mostly for those person that value their obligation in life so they can keep being
Hungry than disturbing others for gratitude.

Only those who earn 1000$ per month can stay debt free. And does everyone get paid like this? Every product in the market is priced out of reach. A middle class or a poor family will never be able to survive without debt unless they have a good source of income because they have a family they have to support themselves by any means necessary. A person's being debt free depends entirely on his source of income.

Govenment debt by Country
https://ibb.co/sm829gP

Wherever you are in this world, you are going to need money for survival, and the delusion of developed countries people are richer is common in other countries but the reality is the exact opposite of it. Even the percentage of homeless people US is similar to some other poor countries.

A debt is a tool to make more money but people who uses it for wrong reasons get into the traps of monthly debt and can't able to spend where they want to.

People can actually live a debt free life, not everyone associates with lending or borrowing, some people will rather live without something rather than going to borrow but if you live abroad or in developed countries, you cannot fully live a debt free life coz their economy revolves around credit facilities.

No one is above Debt but personally i will always pray not to run into one cause as a known fact it is easy to take a debt but very hard to pay it back when the time comes.

true but a lot of rich people are the ones who often have credit cards or are offered loans the most those are still technically debts that they have to later on pay as they work

living a debt-free life would be hard to attain to but i’m sure there are a few who have done it already and is still doing it this takes so much self-control and intensive planning you’re gonna have to plan your everyday expenses even the unexpected expenses in short it’s extremely difficult to do because life is unexpected and will often hit us with surprises

Definitely possible to live a debt free life.
Most at times it is not basically based on one having a well paying job or having a luxurious investment but mostly considered when one is been cut its taste of expenditures according to how he can afford hopefully conscious and limitations to expenses and also, when one is not jam-packed (surrounded) with responsibilities with no ease of satisfactory.

Though most at times trying to maintain a debt free life may cause on probably delays to proffers difficulties to financial exploits because at times when you want to live by budgets, no matter what the case maybe you wouldn't have to temper your savings depending on your plans and so this particular would warrant you to debt engagement not really because you don't have the money but you are acting according to budgets and plans.

It is attitude and character that brings them to debt , because they use and love having one but me? no since I got married never that i let my self borrowing from anyone or anywhere .
What I do is trying to fit my income to everything that we need and thanks to crypto world that i also gain some money to cover other expenses , now as a Investor myself i kept believing that I will never come to borrow no even owning a credit card.

No one is above Dept and as such i think everybody is a debtor. Reason because it's not every time you can boost of having physical cash to settle somethings you bought from your customer. It might even be that you have money in your account but can't send to him/her because they don't have bank account. So it will make you take things on credit. But some people has made it obvious that when ever they take a Dept, it becomes a problem for them to pay back without undermining the effect on the third party. No one is above Dept even the economy we are, always take dept from the neighbouring countries.

Taking debt to meet your daily needs is so wrong and you should not be practicing no matter what.

Debt is something that can be positive for a business but I won't even encourage anyone to start their business by taking debt cause every business has a chance to become a failure so debt for expanding an already existing business is a smart choice and rich people do it to avoid paying taxes.

The problem is that, when you accept debt soon in your life, then it is more difficult to escape, unless you have a good plan and everything goes according to it, which is not easy: people get unemployed, interest rates rise, cars break, renovations at home must be done...

About what you said, some people think that freedom is the ability to consume whatever they want whenever they want, regardless the money they have, so, for them, living in debt is a means to an end. They are different ways of seeing life, and in many western cultures it's the latter the most common one.

Life is in phases! At the stage of your rising, you might be living in debt and it's a bit understandable at that time. But you have to grow to a point where you deliberately decide that you will live a debt-free life.

It's very possible and there are a lot of people out there that are doing so well for themselves without being indebted to anyone.

If you are also contented wit the little you have, you won't be in debt.

Of course, there are a lot of reasons why people take loan funds from people ranging from solving life challenges to using them for business ventures.

It becomes very bad when you take a loan for personal consumption but if you take it for a business venture, it becomes a reasonable risk which to me is not a bad debt.

Well that's true. I can't avoid getting into debt either, my salary is good but it's still not enough. I'm also having a bit of a hard time budgeting because things are so expensive now. Even food increases every month but it's manageable and I believe that a person can really live without debt to anyone, you have to persevere and not give up. If you want to be free from this you must act.

I am one of the lucky few who dont have to stress about debt.  My house and cars are all paid off - no loans weighing me down and  and thank goodness I dont have any student loans either! I do have a single credit card, but I am careful not to let the balance get out of control.  Living debt-free on a single income is not always easy, but since I am not married anymore, it is manageable.  Sure I have to watch my spending and stick to a budget.  But not owing money to anyone? That is priceless.

It is very much possible to be debt free, I think the only one way at which a person is a debtor is due to emergency and most likely what u have in your emergency funds does not meet up the issue at hand then an extra cash is needed. And those debts are easy to pay off one's a person has a good paying job we should also remember at every pay of the month we always stack our emergency funds keep on stacking the money, we never know what the future holds

It is possible, but it largely depends on what country you are from and the socioeconomical status of each person. For example, here in Venezuela, people do not have access to debt, banks do not give loans and credit cards are de facto useless, because the maximum debt they permit is very low, just a few USD.
So because of that, people here are forced to pay with cash for homes and vehicles. I have personally met people who had to pay homes and cars with bills.

In consequence, even though it can be perceived as an disadvantage in some sense, most of the population in this country lives a debt free life.

Despite the hard economic realities across the world, there are people who are still living a descent life and are also not indepted to anyone, so it is very possible. All that matters is source of income, if someone has more than one source of income or multiple of it then there are high chances to level up with the economic challenges and give aids to others because there are people who still give aid because they have invested and diversified their source of income.

Debt is enslavement, so yeh it is possible to be free.

It is not easy to debt free with how difficult the economy is many countries, but at the same time it is possible to be debt free if you live a very planned life and make sure that your expenses is not more than what you earn. If you are debt free, it does not mean that you have never borrowed sometime to sort some bills, but what it means to me is that you are credit worthy and always quick to settle a debt whenever you have it. You plan your life well so you do not owe any debt.

It's possible to live a lesser debt life but if you can live debt free then you are one of the few people that are living like that.

Debt is one reasons why many people can't go up and recover because instead of paying the whole amount, they're only paying the interest rates that's staying there for so long.

While the loan sharks are taking advantage of the situation and does that.

Can anyone ever live a debt free life? Have found out from people around me that no matter how hard one try to stay out of debt you still find yourself in debt..maybe because of the economy all around the world even though some countries are far better than some. Jobs are not paying well enough, businesses are not making sales as it supposed to there by making it difficult for one to live a debt free life