|Preserving jars - time to take action me thinks!|
Somehow or other, having consumer debt for an entire lifetime is now normal. How did that happen without anyone noticing? I know, right? Horrors!
|My Fowlers Vacola set yet to|
Mobile (cell) phone plans seem to be the first debt that young adults cruise right into followed closely by a credit card. Both those alone are enough to keep a person in a lifetime of committed debt.
Next usually comes a car loan and later on a novated car lease. Car loans and leases are thoroughly sneaky things in that they can endure as a debt relay for our full working life. Did you know the same amount of money thrown at car lease/loans in a lifetime, if invested even conservatively, would amount to nearly $3,000,000.00 at retirement? Yep.
|Some light reading before lunch p'haps.|
Then there is the ubiquitous house mortgage where we pay top dollar for a fancy house to impress folk we do not even like and then redraw on the mortgage every 10-15 years to upgrade the kitchen and bathroom (all for resale value of course....snort!). Hopefully the mortgage gets paid by the time we retire - fingers crossed.
Along the way we usually amass a second car loan, another credit card or two, perhaps a personal loan or two and maybe even get convinced to borrow money to invest in shares - lawks!
|Extract of malt - puts hair on your chest according to my mother.|
Some even scrape together a deposit for a so-called investment property and get a second mortgage and then brag about their negative gearing around beers and BBQ's - Ahem....pretty sure if you are negative gearing you are operating at a loss - (never mind me now).
It is so easy to get stitched up by the great consumer debt life-cycle without even noticing - it is the new normal.
|Hot scones (biscuits) ready to consume with soup.|
Simple solution for consumer debt folks - DON'T.
If you find yourself up to the eyeballs in consumer debt you will need to show real courage, make a plan, execute the plan and get out of debt as fast as you can.
It will be down right nasty to execute....but freedom is always worth fighting for hey?
|Diluting hair conditioner|
Again, very simply ... DDD. (That means Don't Do Debt).
Take care folks and stay nice.