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The Joy of Being Debt-Free

by Irene A. Majchrzak

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Published on this site: May 4th, 2009 - See more articles from this month

Being debt-free! What would that mean for your life? It could mean the difference between a good retirement and a great retirement leading to more freedom to have the things you want. Gaining prosperity will no longer be incredible to you - it will simply be who you are.

There are three basic scenarios people find themselves in. Each scenario describes the differences in financial viewpoints. Universally, all potential retirees share the same need to learn how to increase their resources and decrease their liabilities. You will have the luxury to create a plan that will give you significant knowledge of your debt, opportunities to develop discretionary income and a strong focus on your financial goals.

In the first Scenario if you are in your 20's or 30's and more than 40 years away from retirement, accumulating money is only one aspect of your achievement. Controlling debt is the other side of the coin.

You have to understand that retirement is your own responsibility, learn that your youth assures you the benefit of time to double or triple the money you save and realize you have the awesome capacity to stay out of debt and achieve the success of amassing wealth.

In the second Scenario retirement is viewed as a continuum; a circle that includes saving money, controlling debt, and preparing for the future. If you are, 40 and looking forward to retirement in 20 years there are fewer pensions to rely upon. Therefore contributions to 401(k)'s, IRA's, etc. become your lifeline to retirement requiring the understanding of propelling yourself into a mode for accumulation of capital. Secondly, consider how obligations have made it difficult to find the discretionary income you need to fund retirement and thirdly, that you are still in a great position to double your pre-tax savings and achieve your goals.

Retirement from the perspective of our forefathers was seen as an ending. Very rarely did men go back to work. If you are 65, retired or very close to retirement, you will remember your dads and grandfathers leaving their jobs with their pensions and/or social security intact. Today we need new strategies.

To live your dream of retirement you want to realize the many opportunities you still have to increase your retirement wealth. Consider a fiscal review to adjust your investments, your budget and your debt and you will have the income you need for the next 25 or 30 years of your life.

Ultimately, you will give yourself the major attribute of fiscally successful men and women, your ability to stay out of debt.

Irene A. Majchrzak helps people retire debt-free with a sense of well-being and the freedom to have the things they want. Get her free ebook, Debt Free to Retire, by going to http://debtfreetoretire.com.

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