5 Reasons To Get Out Of Debt Fast

Monday, June 11, 2007 at 11:00pm by Site Administrator

While proper bootstrapping practice typically does not put you into debt, regular entrepreneuring can. It’s exciting to think of all the opportunities our activities could lead us to, but being over-eager at the detriment of other aspects of life is not a prize. Sometimes, we just need to be reminded why not to hold debt. A few thoughts…

  1. Stay out of bankruptcy.
    Protect your home and other assets, which won’t have to be sold off at auction at a low return on the dollar, to pay off your debts.

  2. Better health.
    Debt does cause depression in some people. Getting out of debt usually results in less anxiety, more sanity.

  3. Save your marriage.
    A more peaceful family life. Is there a family you know that has never argued about the bills? Probably not. It’s normal. However, when it goes too far, relationships sour.

  4. Better quality of life.
    Spend less overall, have more money saved, and enjoy more out of life. Go on vacation more often or gift your self.

  5. Save for retirement.
    Experts have been saying that Social Security cannot be relied on after the Baby Boomers have all retired. Save now, by first paying off your debts. Then, whatever monthly amount you’ve been paying towards interest charges can now earn you interest with a safe online savings account. At least until you’re ready to reinvest it into your startup.

That said, Credit Card Lowdown has a list of who they feel are the 100 most influential personal finance bloggers. While many “pfblogs” are geared towards personal finance, when you’re an entrepreneuring, especially a bootstrapping one, you may find it hard to separate work and private life. So your finances for both facets are treated identically. In other words, go check the list out.


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1 Comment »

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    Comment by gennick — December 6, 2007 @ 7:42 pm

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