Past Due: Radio 171 – Should I Delay Debt Freedom To Be A Best Man?
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BJ and Sylvia wrote in from Germany looking for guidance on a dilemma: Do they attend BJ’s brother’s wedding (BJ being the best man, by the way) and delay debt freedom, or continue with their plan to become debt free and disappoint their family?
Talk about a can of worms! But hey, that’s life and money, isn’t it?
Because of the cost of travel back to the U.S., recent unexpected expenses, and changes in income, this is no little decision. Add to that the pressure of family expectations, and you have a recipe for major stress.
Today, we helped BJ and Sylvia by:
1) Discussing that there is an opportunity cost of getting out of debt – all those opportunities we have to say, ‘No’ to – and that we must assess just how much that cost weighs in our current strategy toward debt freedom.
2) Covering the four lists that everyone should make upon committing to getting out debt and controlling spending:
- List of goals for the next 6-12 months
- List of current expenses
- List of reasons to use emergency savings
- List of reasons to suspend the debt snowball
3) Unpacking the other areas where family and money tend to intersect – like Christmas, wedding and baby showers – and how to set the appropriate boundary so that you invest in those relationships without short-changing financial goals.
If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!
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