Debt is a mindset problem

[WonderSeeker]

Love the way this guy explains it.

It's taken me years of trying to fix my debt to stop making the same foolish mistakes and start prioritizing it like my life depends on it.

I have 65k (50k alone in student loans) and am following a plan to get it all paid off in 3 years.

Lifestyle-wise it's not gonna be super fun, but it will be worth it.

Nothing is worse than being at net-negative.

It prevents progress in so many ways.

[NewKidOnTheBlock]

Yeah, pretty much it is all mindset. It tends to be either a massive overestimation of one's actual needs or mistaking liabilities for assets; or both at the same time. Foolish credit card debt is a clear representation of the "things you don't need" whilst... some other things are in the second category LOL don't wanna dishearten someone

[WonderSeeker]

23 hours ago, NewKidOnTheBlock said:

Yeah, pretty much it is all mindset. It tends to be either a massive overestimation of one's actual needs or mistaking liabilities for assets; or both at the same time. Foolish credit card debt is a clear representation of the "things you don't need" whilst... some other things are in the second category LOL don't wanna dishearten someone

Have you dealt with debt before?

I wanna know other people's stories

I think it's a common problem that enlightened people on this forum have and don't wanna admit in front of their enlightened friends 

Edited February 17 by WonderSeeker

[NewKidOnTheBlock]

56 minutes ago, WonderSeeker said:

Have you dealt with debt before?

I wanna know other people's stories

I think it's a common problem that enlightened people on this forum have and don't wanna admit in front of their enlightened friends 

Yeah if you are looking at the "from rags to riches" type of stories related to dealing with debt, I'd only ever dissapoint as I've never been on the bottom and will only ever manage to stay in the middle class. My choices of debt are purely rational and completely conservative and risk avoidant, so someone else might chime in with a more interesting story I suppose; althought I very much doubt this type of content produces these types of impulsive people. I think there was a mod on this forum who took on a 10k loan for some sort of marketing course or whatever, did not pan out very well from what I've gathered lmao

[LordFall]

Yes, I'm like $25K in debt rn I talked about it on my journal thread here :

For me it's like a cornerstone of my personality. I have a hard time saving and tend to impulse buy stuff or even just invest it in smart things but that aren't fully sound. 

My biggest breakthrough lately is managing my money in multiple accounts and stacking my liquid cash in cash etfs that take like 2 days to cash out it's harder for me to impulse buy. I'm an entrepreneur so if I don't misuse my money I can always make more of it and that's held true but it's' unreliable and inconsistent. 

It's something I would like to solve and have solid consistent cashflow and a control on my finances 12 months from now.