How much are you really worth? Think to yourself. What comes to your mind first? Is it your bank statement or the people in your life or the possessions you own? If you owe debt, is it an asset? Our goal is to reassess how we value ourselves genuinely. For some, this may be a dollar figure next to our name, for others its experiences or time you spend with loved ones.
The purpose of Time Money is to help you better evaluate and utilize your time, the most precious asset in existence. Many cultures have a similar expression that in one way or another translates to Time is Money.
It is commonly understood that if you have more assets than liabilities, then you are wealthier. In other words, if you do not owe anyone anything (debt free), then you are free to spend your time as you wish. However, if you are like most people in the United States, you are inadvertently burdened by some form of debt. Whether it’s student loans, home mortgage, credit cards, medical bills or car payments – your choices for spending your time become much more restricted. If this is you, do not give up.
How To Deal With Debt
In that respect there is always a path to come out of debt, but it requires accepting the realization that debt is, in fact, a potential danger that you take with you on a daily basis and it often times can be your greatest foe. Many view debt as a part of life, but is that really the proper way to look at it? You do not have to buy anything that you have not yet earned. But every life circumstance is different, and there are situations where you are in one way or another forced into debt. The goal of this article is to help you realize that debt, while being a status quo for many, is in fact something that should be viewed, managed and understood carefully as it is directly impacting your quality of life. Debt can help you take advantage of bargain prices, whether you are purchasing a car, house or other assets. However to do so appropriately, to appreciate all the risks, requires an understanding of the economy, and the business cycle. Just because it is easy to pay off debt today, does not mean it may be easy to pay it off tomorrow.
Can You Be Wealthy and Have Debt?
So, can you be rich and have debt at the same time? It’s counter-intuitive for this to be possible if you consider it. As people, our goal, no matter what our financial circumstances are, is to increase the value of our time, to have more choices, and more freedom with our life and decisions. So, if you are on a daily basis constrained by an obligation to spend your time and your money as payment for debts owed, then is it possible that you are limiting the value of your time? The longer you hold debt, the greater a burden it becomes as a function of compounding interest.
What if you did not have to pay off debt? What if you owned everything in your life? Will you go through less strain consequently? Will you be able to spend more time doing things that made you happy? Would that be the time you spend to increase the quality of your life? These are the questions that you should ask yourself. At the end of the day, it’s in your control to get rid of debt if you have it.