1683: Should Repaying Debt Be An Obsession by JD Roth of Get Rich Slowly on Finding Balance With Your Finances

Optimal Finance Daily - Financial Independence and Money Advice

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🗓️ 18 October 2021

⏱️ 10 minutes

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Summary

J.D. Roth with Get Rich Slowly talks about whether or not repaying debt should be an obsession Episode 1683: Should Repaying Debt Be An Obsession by JD Roth of Get Rich Slowly on Finding Balance With Your Finances J.D. Roth has been reading and writing about personal finance for a decade. Today he’s financially independent, but ten years ago, his money life was a disaster, with over $35,000 in consumer debt. He started turning everything around in 2004. By being the boss of your own life, you, too, can be the master of your own financial fate. The original post is located here: https://www.getrichslowly.org/should-repaying-debt-be-an-obsession/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	It's a minimalist Monday edition of Optimal Finance Daily, episode 1683.
0:05.6	Should repaying debt be in obsession by JD Roth of GetRitchSlowly.org
0:11.4	and happy Monday to you on your host and personal finance enthusiast, Diana Merriam.
0:16.9	For now, let's get right to today's post as we optimize your life.
0:25.1	Should repaying debt be in obsession by JD Roth
0:28.8	of GetRitchSlowly.org. Some people never take control of their finances
0:34.7	because they're afraid that doing so would require them to give up everything they enjoy.
0:39.8	I don't believe that's true. Getting out of debt requires hard work and sacrifice,
0:44.9	but that doesn't mean you can't have fun along the way.
0:48.1	Aaron recently sent the following email, quote,
0:51.8	you paid off $35,000 of debt in just over three years. Does that mean that you were balls
0:58.5	to the wall dedicated and had no frills and were dour face the whole time?
1:04.0	Were you using every spare penny to pay debt? Did you give up all luxuries and all fun?
1:10.5	Did paying off the debt consume you? That's my greatest fear about the whole thing.
1:15.8	What makes it worse is that I'm serious about getting out of debt. I just don't want to be miserable
1:20.6	in the process, especially since I'm going to be married soon. Any encouragement you can give
1:26.0	would be greatly appreciated, end quote. When a person decides to make a lifestyle change,
1:32.1	financial or otherwise, there's a temptation to go all out. With the zeal of a new convert,
1:39.1	you leap headlong into a life of thrift, for example, giving up everything you valued before.
1:45.6	There's a problem with this, though. Most people who leap from a lifestyle of
1:51.1	deficient spending to one of extreme frugality find the water is very, very cold. It's a shock to
1:59.1	the system. It feels oppressive. They struggle to stay afloat, but before long decide they're
	...

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