We all have answers to this question and most of them will be the same:
- we wouldn't accept certain jobs that we don't like
- we could focus on what we really love
- we would have more time for family
But how many of us are actually working towards paying off debt? I don't mean just paying down high-interest credit cards or paying to the principal of a mortgage (which is not necessarily the best thing to do in every circumstance).
I mean how many people are trying to get a better return on your money than the interest you pay on debt?
That's what entrepreneurs do: We borrow money at a specific rate and then try to get a return that is better than that, pay down the debt and re-invest the money until maybe we won't need to borrow any more.
Debt by itself is not bad; there is good debt and bad debt.
Good debt allows you to increase your earnings: e.g. Borrow $10,000 at 10% to produce 10,000 widgets, sell them for $5 each and pay off the loan, using the remaining $39,000 to pay for other costs and pocket the profit (or re-invest it in the business; although, if you can get your operating money at 10% and then make a 100% return on that money, you might as well keep using other people's money - OPM).
Bad debt is the debt that has a stranglehold on you and forces you to do things you ordinarily would not: e.g. You have $30,000 in credit-card debt, falling behind and so you take a second-job at nights to pay it down.
Ironically, you don't even need to be completely debt-free to do things differently, you just need to be freed of certain debt.
We are personally sitting on TONS of debt from Realvibez and that has forced us to accept all sorts of things that we ordinarily would not, but the day will come when we can say goodbye to those and focus on just what we really want to focus on.
We have had a plan on how to get there and are working diligently.
Do you have a plan?
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