Thursday, November 01, 2007

It's Not Just For Those "Other People"

I think there is the assumption among some people that paying off debt is only for people with high incomes. That assumption could not be more wrong.

Yes, having good incomes definitely makes it easier. But people with average incomes are doing it as well. Every Friday, Dave Ramsey asks people to call in if they have recently become debt free. These calls give me goosebumps! Most of these people have combined incomes of 60,000 or below. Here are some examples from recent weeks:

A couple making $40,000 paid off $35,000 in debt in just 10 months.

A couple making $42,000 paid off $60,000 in debt in just 18 months.

A couple making $50,000 paid off $ 48,000 in debt in just 12 months.

All three of these couples have children. They sold all of the extra junk lying around the house. They quit buying junk they didn’t need. They quit eating out. They didn’t buy any new clothes.

These people “lived like no one else” for 10, 12 or 18 months so that they can LIVE LIKE NO ONE ELSE for the rest of their lives. They no longer have payments. Say that again to yourself: No payments. Their paychecks are now THEIR paychecks, rather than the bank’s paychecks. They can do fun things with their money like save for college, go on awesome vacations with their family, retire early, and enjoy life.

We’re doing it and you can do it too.