If you are pursuing financial independence (FI) you know that debt if not your friend. Debt is owing someone something. In financial terms, it’s typically money. When your goal is financial independence having debt just slows you down. One of the goals to make FI achievable is to eliminate all debt including your mortgage. You do not want to owe anyone anything. Having debt is an anchor just like how it drags a boat. The math is simple. If you…
Who likes debt? Too much debt can get you into so much trouble and leave you in a position with no room to breathe. Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. In other words, you owe money to someone. Find ways how to avoid getting into debt. Most of us has, at some point in our lives, have had debt. Examples of debt include auto…
One thing I despise is debt. It gets in the way of all my plans to pursue financial independence. Debt means you owe someone something and in this case, I’m referring to money. You owe money because you borrowed money whether it’s a car loan, student loan, mortgage loan, second mortgage loan, credit card balances, 401K borrowing, or any other financial obligation you may have. Before thinking about financial independence you have to become or get very close to a…