Financial Freedom is a dream for every dad out there. Think about it, financial freedom means freedom of choice and time.
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You and your wife have great kids, a comfortable home and one car (or two). Oh wait- I forgot the flat screen TV (at least one), the boat (possibly), that must-have yearly family vacation, the brand new, front-loading washer and dryer (come on, it’s the only way laundry gets done properly), and anything else that will make your life more convenient. All on credit. It’s the American Way. Even if the debt to have all of these nifty “things” keeps you up at night, it’s ok because you and your family are happy because they have it all.
Debt and Stress
Probably not. More than likely, the stress from the debt of having it all makes life pretty uncomfortable. But there is another way. Vincent Pugliese, author of “Freelance to Freedom,” has been there. After seeing his own father struggle with the loss of a business and then watch him struggle again through mountainous debt, Vincent decided he would never let that happen to his own family. However, even with that promise to himself, he had to find a way out of debt after college, and the birth of his and his wife’s first son. Like an epiphany, Vincent and his wife decided together that they would make sure they did not live the normal debt-laden American “Dream”.
Have A Reason for Financial Freedom
Vincent and his wife knew they wanted to be able to do what they wanted, when they wanted without being burdened by a mortgage or other impending debt. They wanted to be able to raise their children the way they felt was best without the cloud of debt above them. This was their “why”.
Getting the Spouse on Board with Financial Freedom
No plan goes well without team effort. Vincent and his wife were both in Board because fulfilling a plan like this would mean short-term sacrifices on both parties-maybe cutting out those extra lattes from Starbucks every morning or finding a way to curb eating out.
The Financial Freedom Game Plan
With those elements in place, it’s time to decide how to go about getting out of debt. Set short-term and long-term goals like “we want to eliminate credit card debt within two years.” With this goal in mind, look at your current income and expenses and see how much more money you can throw at your principal balances. You’d be amazed how quickly those balances will shrink.
Vincent and his family achieved their goals in ten years. They paid off their debt, got rid of their mortgage and were able to do everything the family ever imagined. Sounds simple because it is. You can get yourself out of debt, it takes self-discipline and a “why” to make it happen.
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Originally published on The Good Dad Project
Photo courtesy of author