Top 10 Reasons to Become Debt-Free

Debt is a lot like smoking or excessive drinking.  We all know both are bad for you, but often it can take years, sometimes even decades, before cigarettes and alcohol start to have a significant effect on your health.  Short term it doesn’t seem like it could be a terminal decision, but as the years tick by the cumulative effects start to surface.

In much the same way as smoking and drinking play into your long-term physical health, debt can also affect your long-term financial health.  Few credible people would argue excessive debt is helpful to your financial future.  However, this hasn’t stopped many from borrowing heavily in the early years of their educational and professional career leading to decades spent paying off debt, and for some even into retirement. 

We’ve never met anyone who set a goal to retire with debt, however, we do know many who are still working and not retired because they have debt! 

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Busting the Millionaire Myths

A myth is a belief that is widely held but false, and in this post we aim to bust a number of myths related to millionaires.  Our purpose in doing so is to boost your confidence in becoming a millionaire long before you hit retirement age.  If there ever was a profession that should have the highest percentage of millionaires it’s doctors, and as we review the myths you will begin to see you can do this.  You can become not only a millionaire, but better yet, a debt-free millionaire!

 

What is a millionaire?

Before we address the myths, it’s essential to make sure you truly understand the definition of a millionaire.  This seems like something everyone should know, but many have a false definition of what it takes to be called a millionaire. 

The most common misinterpretation is that a millionaire is someone who earns an annual salary of a million dollars or more per year.  While earning a big salary could lead to becoming a millionaire...

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The 4 Vital Mindsets Leading to Debt Freedom

Mindset (mind-set) noun.  1. a mental attitude or inclination. 2. a fixed state of mind.

Every journey begins with a single step.  Getting free from your debt is perhaps one of the most challenging journeys you may ever take, but once you get started and begin to build momentum, fear and frustration begin to diminish and excitement and energy set in to power your future steps as you gain traction. 

Are you ready to take your first steps?  If so, let’s get started!

In this post we’ll discuss four vital mindsets that you need to begin the journey to debt freedom.  Even though we describe these as mindsets you need to begin the journey they will be a constant part of your path to building and maintaining wealth. 

 

Mindset 1: Decide you want to do it.

Do you remember the day you decided to go to medical school?  Without making that decision you would not be where you are today.  Your career as a physician...

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