Monday, 27 June 2016

DEBT EXIT - Far More Important Than BREXIT


Hot DIY bread @ 80 cents per loaf - cheaper than shop-bought and with no additives.


BREXIT be blowed. We have our own personal state of emergency – personal consumer debt.

Time to DEBT EXIT !

Seriously folks, debt is an emotional and heartrending state of affairs that takes the shine off life real fast.  Dealing effectively with our personal consumer debt will be REALLY TOUGH.  No sugar coating it, no it’s not easy-peasey, no the you-won’t-even-notice-it strategy will not work, nope debt consolidation does not really work either. Successfully getting rid of our consumer debt will be hard work and will sort the adults from the juveniles. Being realistic and brave is foundational to dealing with personal consumer debt. Our personal consumer debt requires some tough self-behaviours.


Whose financial habits are we mirroring?



Tough Behaviours Required To Lay The Axe To The Root Of Our Debt

ADMIT OUT LOUD (CONFESS)
Have an honest conversation about every single debt you have accrued with your significant other.  If you are alone, then do it with a trusted acquaintance that will talk straight to you (not someone too nice).  This will certainly be a tough conversation, a very tough conversation – stick to being totally honest. Honesty requires personal courage.

SHAKE SELF HARD BY SCRUFF OF NECK (WAKE UP)
Realise that our consumer debt is a true personal EMERGENCY. Mr Money Moustache originally coined this concept HERE (I am pretty sure).  This paradigm shift is vital to being emotionally realistic about personal debt and its true nature – no it is not a good thing and no, there is no such thing as good debt (more on that controversial statement another time)


STOP BLAMING OTHER THINGS AND PEOPLE (TAKE RESPONSIBILITY)
Fold your arms, stand up straight, purse your lips, squint your eyes and say “No”. Say it again… “No”...and again "No". Today we start saying “No” to ourselves. 
Leave the cards at home, do whatever it takes to build personal integrity when it comes to money. If our significant other is not on board yet, we might just have to tread this one out alone – so be it. So what. 
No more excuses (nobody really actually cares anyway have you noticed?) it is time to make a real life enemy…..something to loath and hate, plot against and connive ways to destroy and maim.   Our good character is at stake here. Debt is our personal enemy.

MAKE A CHOICE  (ALL ROADS LEAD TO ROME)
There are several ways to tackle debt, they mostly all pretty much work. Choose one and just do it.  Start today not tomorrow. Don’t dilly-dally over spending ages weighing up the pros and cons – take action now. Adjustments can be made later if necessary.  Oh – none of the methods are rocket science, so make sure you are NOT paying for a solution – so many (but not all) debt reduction companies are making a pretty penny from their clients and doing the hard character-building work for them whilst inadvertently treating their clients like juveniles by dolling out 'pocket money' (harsh, but Mr HM stands by that statement).


Delicious homemade carrot cake muffins from scratch


We are in this together folks – we have a real war on our hands that has a real enemy, real feelings attached, real sides to take, real casualties, real POWs and real victories to be won. 

Let’s DEBT EXIT – no need for a referendum, just start today.


Take care folks – but no more 'staying nice' when it comes to debt.


Mr HM

16 comments:

  1. Thankfully we paid off our house within a few years of my hubby buying it when he was single. Mind you, houses were a lot cheaper to buy back in the 1970s but people weren't earning the wages they are today either. We have ever had a credit card so no debt busting needed there. We have just 'made do' all our married life as that was how our parents lived too.

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    1. You're a great example for all of us Nanna Chel

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  2. Our consumer world shows buy it now, why wait, you deserve it, upgrade, have it in a different colour! Debt will always be a problem until you wake up, why work to buy things which will be out dated within months. Being debt free is the most powerful you can do in your life.

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    1. So true Marlene - it took me a lifetime to properly realise this, so passing on the message is a bit of a mantra now.

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  3. Hello Phil, I have been wondering what happened to you. Good to know you and your thought provoking posts are still around.

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  4. I have been paying extra off of our mortgage since I found Rhonda's blog in 2007. We had other debts at the time, but I was working and paid them all out and just leaving the house loan.

    Rhonda (plus other blogs I read, including yours) have helped me immensely on my journey. We have not much more to go on the home loan and then we will be debt free. Cant wait!

    Thank you for your continuing inspiration.

    xTania

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    1. The light at the end of the tunnel is in clear view by the sounds of it Tania - Your blogs attest to your commitment and also are a mutual encouragement to me in return!

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  5. Absolutely agree. I'm setting goals to be mortgage free because I want choices and freedom far more than I want consumer things.

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    1. The taste of freedom is so close hey?!

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  6. PREACH IT BROTHER !!! I couldn't have said it better myself. I get sick and tired of people telling me they NEED their credit cards to buy a car, buy their kids a car, buy TAFE courses for their kids, eating out when they have food at home, magazine subscriptions, ebay shopping, the latest gadgets etc etc etc. They want, want want.

    If we could pay off our house on a low income then anyone can. It's not rocket science but takes sacrifice and hard work. It's short term pain for long term peace of mind.

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    1. Wendy - you are super qualified to comment on this topic and your blog shows everyone that you daily put your money were your mouth is. Integrity A+

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  7. STOP BLAMING OTHERS AND PEOPLE - this is huge! There are so many people that blame everything and everyone for the debt they have, never taking any responsibility for the mess they have created. It is those people that have such a hard time cleaning up the mess.

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    1. I used to be one of them Mel....until I listened to myself. Meh.

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  8. We're down the track a bit... retired now, and have got rid of the debt for which I am extremely grateful, however we've been watching the Super disappear with BREXIT...still many good reasons to be frugal!

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