With the new year and the resolutions that come with it, I wanted to address one of the top new year's resolutions on most people's list: The elimination of debt. Debt has become something many people have just accepted as a part of life and they simply put up with the negatives it brings. Sometimes it takes recognition of the negatives to truly see the impact debt is having on our lives.
With that in mind, below is a breakup letter to debt. If eliminating debt is a goal of yours, write your own break-up letter as a way to evaluate all the ways debt has become a destructive force in your life. If the words fit your situation, feel free to sign your name and send it to your debtor. Although, I'm pretty sure they'll just toss it in the trash and cash your check.
When we first met you were intriguing and exciting. You opened up my world to things I never thought I would be able to afford. It was love. Your interest rate was low and inviting. I found myself daydreaming of the things I could get with your reward points. It was intoxicating and you were irresistible.
Well, debt, although our romance started with such flare, I soon began to see the baggage you brought to the relationship. You demanded more and more money each month. Your interest rates began to rise. I found that I was spending more on your maintenance than on the things I truly enjoyed. When you charged me that first late fee, after all we had been through -- it was just cold and cruel. You have changed. You are not the debt I fell in love with.
Our love has turned into fear and loathing. My heart used to race when I would see your invitation in the mail but now my mailbox is filled with letters from you demanding more and more. I have less cash, less time and less happiness with you in my life.
For these reasons and more, I am breaking up with you. I have determined to cut back on my spending and work a little extra so I can give you the money you are demanding so you can get out of my life. The sooner you can be out of my life the better.
So, debt, I'd say thank you for the good times but you have bled me dry for each one of them. It should be you thanking me for all I have done for you but I am sure I will receive no such letter. So until you are out of my life for good, please accept my accelerated payments and don't come asking me to get back together when I've paid you off because we are through for good.
Signed your former love.
Paul Anderson is an investment advisor and partner at Moneywise Wealth Management. He is also a host of the Moneywise Guys radio program on KERN 1180 weekdays 10 a.m. to noon. His email is Paul@moneywiseguys.com and website is www.MoneywiseGuys.com.
Advisory Services offered through: SCF Investment Advisors, Inc. Corporate Office: 155 E. Shaw Ave. #102 Fresno, CA. 93710 800-955-2517. These are Anderson's opinions, not necessarily those of The Californian or SCF.