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We are talking to financial experts about their experiences with debt. These experts have been in your shoes and are sharing their stories and how their personal experiences with debt have shaped their relationship with money and led them to what they are doing today, helping others.
One of my close friends was a compulsive shopper and overspent, racking up lots of consumer debt and slamming her credit score. She couldn't even co-sign when her son needed to take out a college loan. Now she is in her mid forties and she and her husband are concerned about retirement. They aren't sure when they'll have the funds to stop working.
Personally, the only debt I've ever had is mortgage debt. One time I took out a home equity line of credit to purchase a car, which I paid that off early. Fortunately, I've always been a down to earth person and a bargain shopper. Although I enjoy beautiful things, I've learned to wait to purchase items I couldn't afford. I think it stems from when I was a little girl. At age 12 my friend Julie was going to a fancy hair salon. I asked my mom if I could go too. She replied that I'll have plenty of time when I'm older and earning my own money to splurge. Although I was angry at the time, I learned a valuable life lesson. I can wait and save up for what I want.
My advice to others is to understand the trade-off between buying now or delaying a purchase until you can pay cash. You can become wealthy if you choose to delay gratification and only buy what you can pay for. Carry a large amount of high interest debt and you are choosing to splurge now and jeopardize your long term wealth.
Barbara Friedberg Personal Finance.com teaches saving, investing, and wealth building strategies. As a portfolio manager and university Finance Instructor, I share proven strategies to live a wealthy life and become rich. Does your blog give you the opportunity to give back to others dealing with debt?
My passion for personal finance provides a platform to teach those with debt how to get out of debt, how to spend, how to save, invest, and become wealthy. I welcome the opportunity for personal questions from my readers and offer practical debt reduction and wealth building solutions.
Set up an automatic transfer into a savings and/or investment account directly from your paycheck. This is the best way to get rich and you won't miss the funds if you don't get your hands on them.
At CareOne we believe personal experiences are what make an expert. Please visit Barbra at her blog, Barbara Friedberg Personal Finance to find your way to living a life you're happy with, whatever that may be.