How do you
envision your retirement years? Would you be the person who in his/her sunset
years is enjoying life in retirement fulfilling a Bucket List? Or would you be
the person who is spending his/her sunset years paying off debt accumulated
from decades of abusing easy credit?
It is easy
to accumulate debt in your younger years. The banks, credit card and financing
companies are in the business of selling debt. They make debt appear as an
easy, quick-fix solution to acquire whatever you need.
College education? Groceries? Even a cup of coffee – nothing is sacred. You can
acquire “stuff” with a simple swipe of a card or a signature. A credit card
gives you a false sense of entitlement.
and credit card companies open up a deluge of commercials and aggressive
advertising that are designed only for one thing – to trigger desire so that
greed can rear its ugly head.
know it, you are besieged with debt. It becomes overwhelming. You end up paying
for a home loan for the next 20 to 30 years.
starts to ring off the hook. Collection agents are reminding you to pay off
your credit card bills. The interest on the unpaid loans and other obligations
situation where your life revolves around the payment of debt, you are no
longer working for the security of your family or your retirement years. You
end up grinding out the 9-to-5 lifestyle by paying off the bank and other
retirement cruise to the Bahamas.
literally becomes ‘til debt do you part.
At an age
where you should be relaxing by the pool side with a Mai Tai in one hand, you
become more stressed out fighting out of the debt trap you created in your
even see the day that you are finally free of debt? And if so, will you live
long enough to enjoy the rest of your life?
saying is “Health makes wealth and wealth makes health”. The phrase means that
when you are young, you should stay healthy so you can continue to work at your
By the time
you are retired, you would have accumulated enough wealth to take care of your
expenses as you get older.
experienced seeing your grandparents and parents go through the ravages of
aging. The constant visits to the hospital, the occasional confinement, and the
monthly list of medications.
that magical retirement cruise, you should always save up for your health and
medical needs as you grow old.
How can you
do that when you are still paying off your debts?
are still young and able-bodied, avoid getting into debt as much as you can.
If you need
to pay for your college education, get a part-time job. Live a frugal
lifestyle. Raise money by selling stuff you don’t need. Work as a freelancer
and earn good money from home.
you need to buy a car? A car is a depreciating asset. Take public
transportation. Ride a bike. Join a carpool. Walk.
can’t buy a home yet, wait. There will always be opportunities in the market.
Stay with your parents or in-laws.
all, learn how to save. Create new wealth by investing your money wisely.
need debt to have a good life.
discipline and a sincere respect for hard work.