Is there any season in your life that your earnings for this month is not already yours? Because even before it goes to your bank account, it already belong to someone else.. sad part is it’s not even your spouse but Creditors.
My husband and I experienced that, bad debt is bondage, it causes us a huge amount of stress.
But how did we acquire debts?
1. We buy things before earning most commonly in the form of “credit card debt” – we thought our income will remain at its peak and we kept on buying new stuff for our newborn Zee that time, but when I decided to become a fulltime mom and be on business hiatus, our income dropped real low and we couldn’t pay the full amount of our bill and ended up acquiring compound interest.
2. Became a guarantor – a very big mistake on our part, we borrowed money for other people’s emergency. Since we are the one who borrowed for them the moment they cannot pay, we don’t have a choice but pay for it to protect our integrity because we believe that having integrity is better than material riches.
3. Lack of income – we loss our emergency fund when my husband’s job went off-season and as I’ve mentioned earlier I was on a business leave and our businesses didn’t operate well when I was not around – another mistake that I wasn’t able to duplicate myself well.
That’s why 2 years ago, we’ve decided to change our lifestyle or should I say we are forced to change it.
(Less eat-out, no more cable tv, living with less and eating “tipid” meals)
Last September 17, Sunlife Brighterlife Institute hosted a course about “Debt” and the trainer was none other than Mr. Aya Laya, the man behind “Pesos & Sense”, He is a Certified Securities representative, a Certified Investment Company representative, a realtor, and a writer with an MBA from University of Western Australia. (credits to Pesos and Sense Website)
I am happy to share with you my take home learning from the workshop about Debt.
“Important things we should know about Debt” :
Debt is simply the use of other people’s money. Debt is not actually a negative thing. Debt can be used as a tool to make our financial life comfortable.
Coach Aya Laya discussed the two kinds of debts, Good and Bad Debt. Yes you heard it right, there’s such thing as good debt.