2813: Debt Freedom Is Great But Payment Freedom Is Better by Chris on Financial Independence

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Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 30 July 2024

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2813: Chris from KeepThrifty.com shares the transformative journey from debt freedom to the more profound concept of payment freedom. He explains how eliminating monthly expenses entirely, rather than merely paying off debt, leads to true financial independence and a liberating sense of freedom. Read along with the original article(s) here: https://www.keepthrifty.com/payment-freedom/ Quotes to ponder: "Payment Freedom is the freedom you feel from the complete elimination of a line-item in your budget." "We’d imagined the world of debt freedom to be a magical carefree place. So, we waited for the feeling of joy, excitement, relief, and freedom to come. Only, that feeling never came." "The thing about our debt freedom that we had been so excited about wasn’t about the end of paying interest. It was about the end of paying for housing." Episode references: The Power of Now: https://www.amazon.com/Power-Now-Guide-Spiritual-Enlightenment/dp/1577314808 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If just thinking about your bills makes you feel confused and disorientated,
0:05.0	like your head is full of Raspberry,
0:08.0	then you need Monzo.
0:10.0	Download your new favorite bank and pay bills from custom pots.
0:15.0	Money never felt like Monzo.
0:18.0	UK residents, T's and C supply.
0:21.0	This is optimal finance daily.
0:24.0	Debt freedom is great, but payment freedom is better.
0:27.7	By Chris of Keep Thrifty.com.
0:30.8	I'm your host and personal finance enthusiasts Diana Merriam.
0:35.0	Let's get right to today's post and start optimizing your life.
0:39.0	Debt freedom is great, but payment freedom is better.
0:47.0	By Chris of Keep Thrifty.com.
0:50.8	When we started this blog, we were debt free other than our mortgage which stood at
0:55.6	110,000 dollars a big part of our focus early on was achieving debt freedom. We viewed it as an intermediate step to
1:05.6	financial independence and eagerly awaited the freeing feeling we'd have once
1:10.8	we didn't owe anything to anyone.
1:13.0	Last summer we sold our house and moved into an apartment.
1:17.0	We used the proceeds to pay off our mortgage and fund our one-year mini retirement,
1:22.0	which just recently turned into two years.
1:25.4	With this move, we'd achieved the thing we'd been thinking about since the day we bought
1:30.0	our house, nearly 10 years earlier. We were 100% debt free. We'd imagine the world of debt freedom
	...

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