I’ve been following the Debt Free Community hashtag on Instagram (#debtfreecommunity). I’m fascinated with being debt free. I’ve gotten to edge of debt free at least three times in my adult life…meaning I was free of all debt except a mortgage payment, and then I sunk back into the abyss. I’ve done my numbers, and by my calculations I can be back on the edge of debt free again in 2021. It could be sooner if I decide to find additional income, which is highly recommended within the community.
Everyone is so open with their numbers. They list every debt down to the last penny. All activity towards debt payment is recorded and reported. I haven’t felt comfortable enough to be a contributor. They also provide helpful hints and valuable information. It’s not just an act of paying down debt, it’s a lifestyle. One has to change their mindset about debt and spending. Being in debt prevents people from being able to save and invest.
I don’t follow any particular program. I’m just flying by the seat of my pants and picking up ideas from my readings and from the debt free community on Instagram. There are many different programs out there but it seems like a majority of folks follow Dave Ramsey’s 7 Baby Steps Program.
The goal of most everyone in the debt free community is to be become financially independent. Financial Independence (FI) doesn’t necessarily mean filthy rich. Each person defines what that means for them. Basically what FI means is that you have enough money to live off without having to ‘work’ anymore. You may still choose to work but it would not be mandatory for your survival.
In my next post I’ll delve deeper into getting out of debt and financial independence. In the mean time I’d like to hear your thoughts. Let me know in the comments.