Have you ever wondered what it would be like to be debt free?
You probably realize that it would be a weight off your shoulders — no more stressing about credit card debt or worrying about what would happen if you lose your job — but there would be more to it than that.
So imagine this scenario with me for a moment:
You get your paycheck, and the whole check is all yours. Really yours.
It’s not earmarked for debt before it even hits the bank. In fact, you can do whatever you want with it. Anything! It’s like you’re a kid again — only a kid with a regular income.
Now sure, you’re going to use some of your income for your daily needs of eating, keeping warm/cool, and having somewhere to live, but that can be as much or as little as you like.
After that the choices are wide open.
Want to contribute 40% to retirement? Save up and buy a boat? Fly off on random trips that you can easily afford? Take your kids out of school for a year and volunteer in some obscure country? Work at a low paying job you love? Live off interest and dividends, and don’t work at all?
Go ahead. Dream.
The possibilities are endless when you get out of debt.
What will you do when you’re debt free?
I'm Jackie Beck, personal finance writer and creator of 
I am debt free except for a small mortgage. It will be paid off in less than six years. Being debt free gives you many more choices.
Nice. We could have a pay-off-the-mortgage race ;)
I don’t have any solid plans yet. I suppose that I would have to sit down and prioritize my life and figure out what I would want to do most. I know that I would do some traveling. I would also need to have some activity to occupy most of my days since I would go nuts just sitting around.
Traveling is my cup of tea. But being debt free doesn’t mean you sit around doing nothing — just like retirement doesn’t mean that. It just makes it a whole lot easier to do the things that are meaningful to you.
I enjoy traveling as well. I am debt free and it allows me to take a job that I enjoy more than one that has to pay the highest. I could probably find a higher paying job, but my current job will probably let me live a lot longer (since there is no stress at all). I plan to move on in a couple years, but I am enjoying experiencing new things and creating hobbies for the time being.
Sounds very enjoyable :)
I want to go debt-free too! So I am putting most of my paycheck to pay my debts and loans. I am hoping to go debt-free by June 2012.
Very cool!
I’ve never had debt unless if you count mortgage and car payments as debt. I always pay my credit card in full. I hope to never know the feeling of being in debt ever!
Yeah, I definitely consider owing money on cars and a house debt. Basically I consider debt to be anything I owe money on. If I’m obligated to pay it and can’t cancel at anytime (with or without a penalty), it’s debt.
Wow, the universe is an amazing place. I just finished writing my personal statement. I am following the Think and Grow Rich program. I am sure you are familiar with it.
After I hit my desired income, I was imagining being debt free and doing whatever I wanted with my earnings. I am going to put an addition on our home above the garage and do some landscaping as well. I have it all drawn out. I can’t draw, but I can see it in my minds eye.
There will be a lot of traveling. Looking forward to taking Tim Ferris up on his suggestion to live mini vacations in different parts of the world. Taking the time to enjoy and appreciate the various cultures.
There are so many plans. I could fill up your blog with the things on my mind.
Those sound like awesome plans! We plan to go live various places too in a few years. Should be fun!