4 Tips For Financial Peace
Jul 10, 2018
So, my wife and I have a goal to be student loan debt free by age 30! (We're 29)
So, let's have a straight up REAL talk about money & student loans. Money used to cause me so much pain. Have you ever felt an ongoing tension in your life because of it? Maybe:
- your parents used to fight about it every day
- you never seem to catch a break
- every paycheck seems to disappear
- too much month at the end of the money
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I could go on and on, but I can relate to ALL of those things. Until about 3 years ago, that was my life. I spent money like an idiot. I didn't save anything. I thought student loan debt was just something I'd have forever. I had horrible limiting beliefs about money.
Revamping my mindset about money (and student loans) took a LOT of work.
It wasn't easy.
But holy crap, it's changed everything. We have a goal of becoming debt free (92K in total) by next summer.
Here are 3 tips that have really helped us along the way! We really hope they help you!
1.) Focus on your progress, NOT perfection and NOT how far you have left to go.
I remember one time, Janiece and I were PUMPED because we budgeted $1650 toward loans in 1 month. A couple of unforeseen expenses came up, and that $1650 turned into $1400.
We sometimes struggle by feeling that if we don't hit the nail on the head, we've failed in some way. We needed to learn that our budget won't always be perfect, but instead, we should strive for progress.
But it's SO hard to feel that way when there's almost a $60K balance, right? $1400 toward that feels like NOTHING. Then negative thoughts creep in. Next thing you know, you make a payment and you feel SHAME because of it. WHAT?!
We're definitely still works in progress with this, but we've been focusing on the PROGRESS we've made instead of the DISTANCE we still have left to go.
Think about it: Would you rather dwell about your remaining balance? Or be PROUD that you made some damn good progress? Option B! Don't wait to be excited until it's done. Reward yourself for every little bit of PROGRESS.
2.) As hard as it is, ALWAYS pay yourself first.
I used to think that getting a raise would help me.
I was wrong. Have you ever noticed that when you get a raise, you're still in the same spot?
It's NOT how much you get paid. It's your behavior with your paycheck.
Create a system where you don't even see 10% of it. You need to save it. You'll probably argue that you need the money so badly. I used to argue that as well. But it's that type of scarcity mindset that got you to where you are! You'll find a way.
3.) Say no now, so you can say yes later.
Janiece and I have become good friends with Netflix and Uno. We have some fun things planned, but we've said no to A LOT. The word "no" can become a very good friend. In fact, successful people say no WAY more than they say yes.
I used to have a major case of F.O.M.O. and would say yes to everything. $20 here. $10 there. That adds up! Your friends will think you're broke. Your family will wonder why you won't travel with them. But it doesn't matter. YOU are the one that's becoming debt free!
4.) THE BIG ONE: Revamp your student loan mindset.
LISTEN: Loans are NOT something you need to have until you die. A lot of millennials that I know have an INCREDIBLY screwed up view on this.
I know lots of people who make the minimum payment so they can live a more grand lifestyle now. It's almost like they're convinced that loans are just something they'll have. The idea of financial freedom doesn't even cross their mind.
If you're one of those people, you are NOT stuck. You don't need to be in debt until you die. You don't need to be in debt until you're middle-aged. You can break free NOW.
Janiece and I made a decision that we would live like most people WON'T now... so we can live like most people CAN'T later.
We started this mindset at 27. We realized it'd be REALLY friggin uncomfortable until we're 30. But the idea of having FREEDOM from 30-90 feels SO much better than being a slave to money the rest of our lives.
OPERATION: DEBT FREE BY 30! Who's with us?!
Bottom line: You've got this. It's just a tweak in mindset!
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The 5-Step Framework for Serious Business Owners Who are Tired of Self-Sabotaging Their Success (and Sanity!) and Ready to Claim the 6-Figure Business Success They Deserve. www.bradbizjack.com/getunstuck
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