What Does It Mean To Be Debt Free?

So let’s chat about what it means to become debt free. Is this an achievable reality? Can one truly become free from all debt? If so achieved, is it then possible to remain without debt?

To be completely debt free means to owe nothing; no auto debt, no credit card debt, no educational debt and no mortgage debt. I believe that any person can become debt free, no matter what their current level of debt. Of course the first step would be to clear out the smaller debts, before attempting to take on your house mortgage.

And this is very achievable. You will have to have a big vision and some definite goals and time tables in mind. Again, a lot of your success will have to do with some very small decisions that you will be making every day.

To become completely debt free and remain so for life, certain areas of your life must be confronted in an honest, open and accurate manner. Some of these areas include…the spiritual, attitudinal, the habitual, the practical and the personal.

Addressing only selective areas of your financial life will not get you to a place of becoming debt free. You must be willing to tackle each area and come face to face with the glaring reality of your past decisions and past choices….you know the daily choices one must make. This also means a new determination to change past spiritual decisions and a change of attitude toward money.

It means that old habits have to be reversed and new practical steps taken; not only to repay existing debt, but to avoid new debt. It means a new lifestyle change and the acceptance of personal responsibility for every financial decision.

So bloggers…do you think that becoming debt free is a positive goal for one to pursue?

Content © Rich Brott, 2011

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Reader Comments

In our personal life we have recently become debt free. While preparing for our tax man this year I had to question my decision to aggressively pay off my house mortgage (I have to admit that it felt good writing that last mortgage check). I have very little interest right off and have done very little or no investing in the stock market aside from maxing out a 401k. I have to stop and wonder if I used some of my home equity to invest wisely, could I have done better than the 7% interest I was paying while righting off the 7% on my taxes.


Thanks Ken, for your comments. When I think of successful business entrepreneurs, I think of you. You are truly a great model for all of us.