It is not easy to live a debt-free life, especially with today’s economy. But surprisingly there are people, despite their level of income have zero debts. The good news is that these individuals are not superhuman. And if they can lead such a life, so can you. These folks have managed to stay without any debts because of some traits they possess. Some are lucky to have been born and raised with financially responsible parents, who have influenced their behavior. But for many, their decision to live without debts was caused by many years of indebtedness and financial stress. Here are some traits that debt free people have in common.
1. They Have Self-Control
Debt frees make plans and follow them. They try to be accountable for every dollar they spend. They are not the people who buy products just because they are not sale that day. Living a without debts requires one to understand purchasing something is not going to solve all their debt problems for good. And hence these people are financially disciplined.
2. They Have Financial Goals
These individuals are wise enough to know that they must have objectives for them to know where they are headed to. It is important to understand that living a life without debts doesn’t happen by accident. It involves a combination of money goals and the will of achieving them. And their top objective is to live a financially free life.
3. They are Pragmatic
Managing to live a debt-free life requires some form of practicality. The reason why so many of us are stuck in huge debts is that we are materialistic. We see something, and we want to buy it, regardless of whether we will use it or not. Individuals who don’t owe anyone any money don’t delight in fancy things. Instead, they clearly distinguish what they want from what they need. For instance, they understand that a car is just for moving from one place to another. So instead of buying a Range Rover, they’d rather opt for a Corolla.
4. They are Patient and Responsible
Debt frees don’t look for instant gratification. If they hadn’t budgeted to buy for something, no matter how much they want to they won’t. Instead, they’ll save up, even if it takes them years so that they can pay for that particular thing. They also know how to prioritize things. They will buy what they urgently need, and if there is some cash remaining, then they can think of their wants. But all that has to fit within the budget they’d set.
5. They are Consistent
Becoming and staying debt free is a journey which requires dedication and consistency. They are successful because they come up with a plan, follow and execute it month after the other, and year after year. Of course, the journey is not easy, but the destination is lovely.
6. They are Smart
Financially free individuals don’t follow the crowds. The advertisements of products from manufacturers don’t easily convince them. They understand that debts are ugly and will ruin their tomorrow. Hence they try to make choices that will help them remain without any debts. Debt doesn’t have to be a powerful tool to dictate the life you lead. With debt-frees credit cards aren’t necessary for their daily lives. They treat debts like leftover foods. The same way you get rid of old foods is the same way they try to get debts off their lives.
It is not easy to change the characteristics of a person and their personalities. But it is not impossible either. If these people are managing, so can you. All you have to do is make that huge decision and take that bold step towards achieving and living a financially free life.