If I Were Debt Free…#89
2008 July 17
Robin recommends to “make a new vow to remain debt free and write out a new budget! Now that you have everything paid off, you are going to need to maintain that freedom. Make a vow to yourself and your family that you are going to be able to stick to. Remember not to make unrealistic goals for yourself. That is just setting yourself up for failure.”
She is completely right. This is where it could get challenging if you don’t recommit yourself. We want to be debt free for life. That means we’ll still have to approach life with a plan. It would be so easy to slip back into debt if you let a case of the “I wants” get the best of you.
Have you ever had that nagging feeling that there was something more to do with your life? I don’t remember exactly when it started for me...
this is a good thing to remember.
i know a few people who got to the point of being debt free, and then they were thinking “uhm, ok, what now?”, and then either stagnated, or slipped back into debt!
i think in an earlier tip you mentioned saving up a few months’ worth of salary as an emergency buffer?
well, this is probably the best thing you can do next! i call it a “6 months of freedom buffer”.
having this buffer will give you peace of mind, and also allow you to take risks (e.g. by starting a business) to increase your income, or just do something you really like.