At the end of May, we purchased a 2024 Ford Expedition Max XLT. I promised my wife that when she had paid off her credit card debt that we would look at getting a new car. She had always wanted a new car, and I promised that she could choose a new car. We needed something bigger not just for our kids, but for travelling, and hauling items as the kids get older. It was truly a long-term investment and I plan & hope to hold this SUV for the next 10 years. Its size is perfect to suit our needs even though it’s a little tight in our garage. Although I said she could have a new car, for practical purposes, she chose the 2024 model, and it’s what she wanted. In your debt free journey, it’s important to keep your promises, and to not be rigid to life and in your marriage if you’re married.
You will come into situations where you will have to choose to get back into debt again. I am an advocate of the Three Paths: no debt, low leveraged debt, and self-lending. Self-Lending and No Debt are by far the hardest paths. I argue that when you reach the status of billionaire that you will have to have low leveraged debt. I don’t know any billionaires, but I do know high net worth millionaires who have access to debt as needed. As you grow in your finances, you will constantly have to choose which path you will walk. Personally, I believe self-lending is the way because you are the Bank and you have access to your funds and beholden only to your self and no one else.
Our first payment isn’t until July, but I’ve gone ahead and began attacking the debt. We’ve been debt free since November of 2023. For over a year we’ve been focused on just the mortgage and paying off any credit card usage as the situation arose. It feels unusual having debt again and I’ve had an emotional response being in debt again. This sadness and anger I feel is what will drive me to pay this debt off again. We’ve set up automatic payments so that the mandatory payment will be processed and come out without issue. Personally, I set up my payments with the lender’s website, and I do not use my bank/credit union’s online bill payment method. Certain financial institutions will either pay through ACH, but some only process payments by mailing checks as a form of payment which could cause a delay in payment processing. This delay could cause a past due payment. In the end I must work my plan again to become consumer debt free. Do you have a plan to become debt free again?
If you want to learn more about the self-lending principle or if you need a financial check-up, then contact me.
“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
Deuteronomy 28:12 NLT
http://bible.com/116/deu.28.12.nlt
I believe in your journey to….
A Debt Free Me
Pursuit of Excellence 