Truth and Lies about Debt

Dave Ramsey said, “Being willing to delay pleasure for a greater result is a sign of maturity”. But, it’s also human nature to want something and want it right away. This can be defined as a sign of immaturity. Almost everybody has come across a child that yells and screams uncontrollably because they have been denied something that they want. This indicates that the need to get something that we want right away is ingrained in our nature. What’s more, we practice a culture that teaches us to always live the present. That’s why we get into debts to obtain what we want even before we afford it.

The accepted lie

A friend of mine once said, “Nobody becomes rich without taking loans or stealing”. And, this has become an accepted lie in the contemporary society. The lie has been told loudly and long enough to become a myth that is currently accepted as a fact. Thus, the principle of repetition, longevity, and volume has twisted and turned the lie or myth into a way of doing things that many people accept as right.

Living the lie

Today, debt is ingrained into the contemporary culture to a level where many people can’t envision a good house without a mortgage, a car without a car loan, or quality education without a student’s loan. Essentially, debt has been sold to the modern population to a level where folks no longer visualize the freedom of living without debt payments. We live like slaves that are born in slavery. We are slaves that can’t visualize freedom from debts.

The truth

The truth and reality is that debt brings adequate risk that offsets the advantage that can be enjoyed from leveraging it. Unfortunately, the academic garbage that is spread by sophisticated financiers is that the rich have prospered by using other people’s money. But try this approach and you will learn your lesson the hard way.

Perhaps, to understand why you should avoid debts you might want to know what the scripture says about it. Proverbs 22:7 says, “The rich rule over the poor and the borrower is salve to the lender”. So, why buy the lie that you can’t get rich without taking loans yet the consequences have always been the same since time immemorial?

It’s unfortunate that many people in the contemporary society take loans to buy things they don’t need with money they don’t have just to impress the people they don’t like. This gets them into debts while robbing their financial freedom.

True emancipation

True emancipation comes when you get paid for your work, not when you work to pay loans with ridiculously high interest rates. Debt is not a prosperity tool. It is a method that the rich and wise use to amass more wealth. Just like the scripture says, the borrower becomes the slave of the lender. And, the worst happens when you tie up your earnings to a debt and spend it on things that don’t bring you more money. You end up being frustrated and working for somebody else longer. So, why don’t you strive to achieve true emancipation? Work, save, invest, and enjoy fruits of your hard work! 

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