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From Burdened to Bold: How Eliminating Debt Can Transform Your Life
Welcome back!
Building Out is about helping people journey from employee to a place of time and financial freedom. On this journey, we often talk about the sexier world of investing, business and tax as a way to build passive income and the journey towards time and financial freedom.
But there is a 3rd key topic/skill you need to understand and master to be financially free. That is paying off your debt.
Personal debt can act oppositely to compounding returns and instead keep you poor by an ever-spiralling negative compounding that ultimately acts to hold you back.
It’s like building speed in a car but having the handbrake on simultaneously!
This blog article examines why debt is so common, the importance of paying it off, and two key approaches to starting this.
Why Is Personal Debt So Common?
The reality is that people take on debt for several reasons. This debt can often spiral if you need help keeping up with repayments.
Sometimes, debt can be related to life events such as job loss, paying care fees for elderly relatives, or a significant life event, which means quickly needing access to increased funds.
