Slaves to Debt
I wasn't sure I should write this post today. On one had it feels a bit self congratulatory, a little too smug. On the other hand, it involves a realization that figuratively floored me when I started to wrap my head around it.
Back in May when many tokens were hitting ATH's, I made some pretty important moves with my holdings that gave me the opportunity to eliminate all of my outstanding debt with the exception of my mortgage. While this was obviously a very bid deal at the time, it has taken me nearly two months to fully realize the significance of that move.
It was just this past weekend that my wife and I got home from doing some camping with our friends and it suddenly dawned on me right before bed that we had gotten paid on Friday.
Sure, there have been times in the past that it briefly slipped my mind that it was payday, but last night it hit me quite differently. This was less of a passing "oops, I forgot" and more of a blatant indifference to the fact that we had gotten paid.
We still need those paychecks for things like utilities, groceries, credit card (which we pay in full each month), and of course the mortgage. This time as I said, it was just not that big of a deal.
I've still got the event on my calendar every two weeks showing that it is payday. I can remember when I would be looking at that date with great anticipation. I remember well the juggling act of figuring out what I had to pay today and what I could hold off until that next pay date. It was quite stressful at times, frustrating at others, and occasionally seemingly hopeless.
Now, not so much. Just that same indifference.
Like I said, I know this sounds smug, but my point isn't to talk about how great my life is.
My point lies in the realization of how greatly we are slaves to debt. When you are in that position, it basically defines your whole existence. Money isn't just a tool you use, a means to an end, it is what your whole world revolves around. Maybe it just seems that way, but I hope you understand what I am getting at.
I know many people in the world live paycheck to paycheck, or in many cases they aren't even able to accomplish that. I had never really considered my wife and I to be in that position until I realized how much I didn't miss or care that it was payday. Don't get me wrong, I have bills to pay today and I will get those sorted out at some point this morning, but again, that indifference is just very pervasive about the whole thing.
I really hope (and believe) that crypto is able to put many more people in this position of freedom. Maybe financial (or fiscal) apathy is a better term. I don't know, but it sure feels good!
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Many congratulations. Paying off debt sucks big time!
Having said that I've got debts besides my mortgage, but assets I could cash in to cover them, which I'm fine with!
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I bet your splinterlands deck would go a long way, if you decided to cash in on it.
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Might go a longer way in a year or two.
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I think a lot of it has to do with what you are comfortable with. It just feels like a bit of a no win situation when you are in that position sometimes.
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Big congratulations to you Sir. There's nothing sweeter than that confidence.
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Thank you! Yes, it is really nice!
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That's awesome you paid off your debt. And good job on leaving the cheapest debt to last, the mortgage.
My interest rate is so low on my mortgage now, I redraw it and invest it, yes its some risk, but feels great making money off the banks money. I find you can achieve higher interest on stable coins than the mortgage rate. look at HBD now at 10%.
Yeah, HBD is on fire right now! Pretty exciting. That is a good point about pulling out your equity and reinvesting it!
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Having walked the path of both failure and success, I can understand. I get money coming in now I dont even really pay attention. Yes I am aware of my checking account since I have to pay bills but I know my future isnt there.
With crypto, we see our fortunes starting to explode. Depending upon where one is, it might not rival the traditional world at this point but it will. Those in the poorer countries are already surpassing their potential and making more with crypto then elsewhere. We will see this spread.
Keep stacking and good things happen.
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Stacking is definitely the plan! That is a good point about people in other countries. They are likely experiencing a freedom they never could have imagined.
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Mortgage debt sucks but renting has its own problems.
We just did a mortgage refi right before rates started creeping up and opted for a 15-year mortgage rather than the traditional 30-year one.
I wanted to roll into a 15 year, but the rates were still a little too high. It would have only saved us a little bit over the course of time.
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Congratulations. But the slave to debt is what am currently facing and looking forward to being free from it. I work a lot with the thoughts and feelings of “when will the next Bill” so I can get ready to pay it off.
I know that feeling well! I think a lot of people are in that same situation!
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CONGRATULATIONS!
SWEET!
Hahaha... well done!
Thank you!
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Welcome to the revolving debt-free club!!!
Hahaha,,, good times!
Yeah, I know I am just one major malfunction away from being back in debt again :P
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Don't worry!
It takes a "break" from "malfunctions"... so it's a matter of luck the first months.
Let us hope you would be given that break ... to give you months of saving up for emergencies.
I'll cross my fingers!
(And I'll say a little prayer too!)
Thanks, I appreciate that!
I've only been a slave to debt for less than six months in my entire life. I don't own much though, living below the means, but hating debt and banks.
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That is awesome. I can totally understand your reasoning! I hate owing money to anyone!
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Is this means below the minimum wage?
I (also?) live under the minimum wage.
I think getting rid of the debt was a good idea. I don't really have any debt right now and I don't really consider my credit card one because I pay it off each month.
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I feel the same way.
Many congratulations to you and your wife for making those moves. We're brainwashed into thinking debt is necessary and, I tell you, you don't realize how it adversely it effects you subconsciously until you're free of it. It is a heavy weight lifted and it makes you see the world and life differently.
I would totally agree with that. I hope more people can be free of that falsehood about debt being necessary.
Proper earnings would. Just/only a few cents (what most people earn with most of their posts) would not.
It all adds up over time. It takes a lot of work too. I built my account for 3+ years to get to where I am today. Some people might get lucky and have a big win, but I think the real benefit to people will be in smaller sustained passive streams.
I am trying to build my account for more than 4 years (since 2017.05.17).
Congratulations on paying off your debt... it's definitely a great feeling to NOT be worried about various debt payments, and always being on time, and all that stuff.
We managed to become "all cash" and then realized that our credit scores started tanking as we suddenly had no debts and no "active" accounts... so now we charge various things on various cards every month and pay them off in full.
Again, not because I feel "smug" but as another illustration of how debt enslaves us: If you have NO debt, you also get (kinda) screwed if you DO have to borrow money in an emergency.
That is a really great point. We still use our credit card regularly but like you pay it off in full each month.
Congrats. I'm happy for all of us that one more of us can see the trap we've been led into, and is on the way out of it.
Yes, hopefully others can find their way as well!
Good for you! I totally get it, although I have some other things to pay off, I know the feeling of suddenly not having a longer month than paycheck lol. It's a strange feeling to be able to do some extra stuff like eating out more and still not being close to 0. Its a great feeling :)
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Yes! That is exactly it! Just being able to have that breathing room is amazing.
Yes, it's a good feeling! You can be proud of yourself..
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One trick is always to buy asset instead of liability. Crypto is one mode of appreciating assets. However, I had heard some people lost millions because they put everything into one crypto, lately is onto luna and/or UST.
I fracking love it, I think I may talk somewhat about this when I do my post shortly.
!BBH
!ALIVE
!CTP
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Looking forward to it!
Because this is such an awesome post, here is a BBH Tip for you.
. Keep up the fantastic work
Well done on making the transition. It is truly a debt system but I believe there are still massive opportunities abound for everyone to live great lives with some self-control and discipline.
ListNerds brought me here. :)
Self control is key for sure! Something so simple yet so hard to attain.
Been living from paycheck to paycheck until a year ago.....so happy that its no longer like that
I am happy for you too!
Congratulations on eliminating all your debt. That is an accomplishment we all can appreciate. Thanks for sharing.