Personal Finance: Lesson of debt

The lesson of debt presents itself so you can firstly: Embrace it; take responsibility; take ownership; view it as a phase in life where you will learn invaluable lessons; respect the person, if any that is reaching out to take your hand; Meet your new commitments; keep your new promises; be a person of your word; start rebuilding your self-respect and integrity – this is your chance right here!
 
What you don’t do is: Take the situation for granted and ignore it; make like it does not exist and start mastering the art of living past it; take the person for granted that is supporting or assisting you, that includes their effort, time and commitment; if you must pay for this service, then do so with respect, because when you invest in your own well-being then you are investing in yourself and you will respect the outcome because the results will be tangible. But most of all, you will never repeat the same pattern again and making new debt will never be an option ; have a bad attitude towards your creditors; put the blame on someone else, except yourself; not being committed; not keeping your promises; being arrogant and egotistical.
 
The facts are clear when you are facing a debt-crisis because it is a direct indication of your wrong choices made, whether you were retrenched, terminated or find yourself on the wrong side of the lane.
 
The lesson is always to be prepared and ensure your nest-egg is nurtured in the background for unforeseen circumstances because you never know what lies ahead. It is nobody else’s but your own job to ensure your security, so quit blaming your employer, or recession, or anything else that was the cause of your bottom falling out of the bucket.
 
I will totally agree with you that it is hard to save, hard to not be a spend-thrift when money is so easily available and it is extremely hard not to become accustomed to plastic money or loans but it requires a unique form of discipline to maintain a debt-free or credit-free lifestyle. You will not be able to just buy things you don’t need when you have the urge, or splurge out on fancy items or occasions that serves no purpose, or try and impress high-flying friends because you want to keep up with the Jones’. There is a price to pay when you live above your means because at some stage, life cannot just support you.
 
So when you refuse to take heed life gives you more and more rope, in fact enough rope to finally arrive facing a debt-crisis and then the entire ball is in your court.
 
I detest people who act smart and who do not display gratitude after I have helped and supported them because it is a clear indication of their culture, view on people and life and it also tells me a story that their principle and ethics are wrong.
 
Like any other story that arrives on your doorstep, just know that it is there for a purpose and you have absolutely no idea that perhaps it is a phase in your life that will transform you onto your path of destiny. In other words what I am saying is embrace it, accept it as it is, find the positives even if it means you create a big picture, new story that you hold in front of you that will be your new future.
 
Here’s a phenomenon…
 
Wherever you find yourself today or whatever situation you are in, only you created this. So is it not apt to say that if you created this bad situation that you can start creating a new positive situation, aligned with who you really are, what your purpose really is and how you need to change your way of thinking, your habits, attitude and response to things and situations that will be the transformational keys to what you really want and hence fully support you on this road of debt-recovery?
 
As you think, so shall it be. Whatever is going through your mind right now are what you are creating today, tomorrow, next month and next year. Thoughts are things, they become reality and manifest because you manifested them, nobody else and here is the big lesson of debt where once the entire world shifted its paradigm after 2008, when people started taking different paths, creating different attitudes, unique to them and they found a new lease on life.
 
It doesn’t matter what you spent the money on, you cannot beat yourself into the ground, make yourself feel unworthy and worthless because nobody is that bad, and we are not born into this world bad so there is no such a thing. What exists are lessons and at most times tough ones and the reason for this is that perhaps you established a pattern throughout your working life of not focusing on the important facets of your life, where money and retaining money in your life is key.

So when you really take the time to reflect on those habits from the past you will exactly see why you are facing a debt-crisis and a huge lesson and if you are honest with yourself, you will know what changes you must apply in your life starting right now, to achieve the goals, desires and dreams you want in the future. Reflection stirs up many emotions and ultimately the only solution is to release them, let them go and if they are bad, send them off in a positive way and soon you will find that you healed your inner self and that you will be ready to face this lesson of debt and the journey that goes with it.
 
Finally, humility is the key to succeeding on this path and actually embracing the lesson for what it is because none of us are too good to face this, too proud and egotistical to drop our facades but this lesson ensures you do just that, you have no choice because it is the only solution.
 
[Note 1:  Theda Muller is a UAE-based author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis.
She also conducts webinars and workshops on debt recovery.]

[Note 2: The views expressed are the author’s own and do not reflect in any way, the views of Emirates 24|7. Readers are advised to carry out their own due diligence before taking any decision.]

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