I’ll give you some advice that I don’t think you’ll be surprised to hear from me:
DO NOT LIVE IN DEBT!
Why?
BECAUSE IT WILL TURN INTO A HAMSTER WHEEL, NEVER BEING ABLE TO GET OUT!
Yes, some get out, but most don’t. And most who do get out, don’t do it till they are much older, having missed out on investing thousands, turning into millions.
My advice would be to live BELOW your means so you can pay off any debt you might have. Debt comes with interest. It only accumulates, which makes it harder and harder to get out of.
There are so many solutions to not borrowing. The ONLY thing I would even consider okay to borrow – money for a house. The #1 thing I would never advise borrowing money for - a car.
People BELIEVE they HAVE to go into debt in order to have a house, a car, an education, etc. It’s sad because I’ve seen so many people get to the point of “no return,” and it’s extremely hard to pay back money (and interest) on top of everyday bills. Not to mention, save for retirement or a college fund or a simple emergency fund.
YOUNG PEOPLE – You have an advantage! You have low debt, if any. You have several years to invest (you can invest little at age 22 and earn millions vs. investing at an older age). You have a chance at paying off your house in under 15 years (Read HERE). You can prevent future debt by living under your means. You can change the future of your children and your grand-children.
Where to start? This SITE is a great resource. And I don’t get paid to recommend it or advertise it. I just truly believe! See? Even my 1.5 year old likes him! I promise if you follow this advice you will be doing what is written in the top right corner of this picture.
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Great post, Olivia! I've heard a lot of great things about Dave Ramsey, but haven't read any of his books. Will have to borrow his books from the library!
Great idea to get from library. Total money makeover is my favorite of his.
Yes, yes and more yeses! I completely agree! My husband and I are so thankful that the only debt we have right now is our mortgage. We would love a new car, but it is not at all worth the car payments. The sooner you understand living within your means, the better!
Thanks so much for stopping by my blog and for your sweet comment!
Ashley you guys are smart!!! I love hearing of families that are in your situation. Love your blog name by the way…especially since I like a little coffee with my creamer! Lol