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5 Basic Steps to Become Debt Free You Haven’t Taken

  May 31, 2018  |    #Eliminate Debt

Want to become debt free?

Feel like you’re drowning in debt? We know exactly how you feel. At our peak, we had $51,000 in credit card debt. We wanted to become debt free and we did. Want to know how? This is how we started.

1. Adopt the mindset of becoming debt free

Designer clothes. Grand vacations. Homes in the chicest of neighborhoods. Happy Hours that last more than an hour. Sound familiar?

Many would call it the “gay lifestyle.” In fact, several weeks ago a young Millennial asked the question in a gay FB group, “Why is it so expensive to be gay?”

We absolutely know what he was talking about because we once felt the same. Maybe you do, too.

Trying to keep up with gay money was making us two unhappy homos. We were the gay-cliché of looking fabulous but being fabulously broke – like those shacking up four boys to a two-bedroom apartment in L.A. but driving Beemers and Audis.

Sound too familiar? Yeah. Us, too.

One night sitting on the dining room floor of our basement apartment, we decided we had enough. We were depressed and pissed because our debt was keeping us from the life we wanted – the life we pretended to have. We couldn’t live that way anymore and knew something had to change.

We had to change. Maybe you want something different, too?

The first step in ours and any change starts with changing our mind. There’s a big difference between wishing for a change, believing we can change and taking the action to make the change. That’s why starting with how we think is the key.

2. Get the vision to becoming debt free

Many of us today can’t even imagine a life without debt. Whether it’s student loan debt, credit cards or medical bills. Debt is a constant in our lives. It doesn’t have to be.

When we got real about our $51,000 in credit card debt, we had to picture what a debt free life looked like. For example, we were paying $10,000 a year in interest to credit card companies. Stupid, right? We started to picture what we could do with an extra $10,000.

It was FUN imagining it. We talked about taking real vacations, ones that didn’t cause a credit card hangover when we returned home. We talked about moving out of our basement apartment and buying a condo.

What would your debt free life look like? There is real freedom when we become debt free. We have more money. We have less stress. Will you create your debt free vision?

3. Becoming friendly with the Benjamins

Like Macklemore sang in Thrift Shop, “Only got $20 in my pocket, I’m, I’m, I’m hunting. This is fucking awesome.” You can have a lot of fun when you know where the f*ck your money is coming from and where it’s going.

Knowing where you are and where you want to go gives you the roadmap for making it happen. When we want to become debt free we need that roadmap, otherwise, Sunday Funday, poppin’ bottles at happy hour and that Amazon addiction become the path of least resistance, especially when Visa and Master Card don’t say no until it’s too late.

The other great thing with living off of Benji is we can spend with a purpose. What truly makes you happy? No, not temporarily happy. Not a slight buzz from a couple of cocktails or Starbucks-happy.

What, days or weeks later, makes you smile? Spend your money on that? Let’s create a plan to do it. Let’s take those steps together.

4. Get ready. Get set. Get going!

Where the hell are you financially? If you’ve read this far you might have an idea, but as we all know, an idea ain’t worth jack if you don’t do anything with it. How many times have you thought of a great business idea only to see someone else later do something with that idea and make bank? It’s happened to me.

Getting real with your financial state is a great motivator in planning to do something and here are a few simple tools to help you.

5. Have the audacity to do it

Think back to your last amazing first date. How did it happen? I’m not talking about the logistics. I’m sure some of those are too personal to share, except for on Grindr or Scruff.

Think back to how it all began, though. Who asked whom? Which one of you had the guts to ask the other out? After that date, weren’t you happy? (insert mischievous grin)

The same goes for your money. It’s not a marriage. So, take a few simple steps to become debt free? Your wallet and maybe even your husband or future husband will thank you. Cuz there ain’t nothing sexier than a man with his shit together. And that shit includes your money.


5 responses to “5 Basic Steps to Become Debt Free You Haven’t Taken

  1. We love following a process of continuous improvement with respect to our finances and goals. But the best thing we did for our finances, way before downsizing, was setting a goal! Can’t stress goal setting enough.

  2. “Nothing sexier than a man with his shit together”. That’s an interesting statement considering I’ve been single for so long and have only ever had my shit together. Dudes are a lot more superficial than your financial success in life. I speak from experience. Interesting article though. You definitely have to have your head in the game. Mine was raised in the game so I didn’t have as much of an issue at my start. It feels good to have a paid for $45k car while making double house payments. But it would probably feel better had I started in your situation and shoveled my way out as Ramsey might say (the man does love his shovels). Then again, I drove a 99 Cavalier around for 9 years. I technically didn’t start out this way and dealt with my own hardships. Anyhow thanks again for the article.

    1. Well, I’d add a confident man is also super-sexy. Yes, we need to have our heads in the game. Hopefully, that’s becoming more apparent and that more of us, gay men or otherwise, are doing it. Thanks for reading and commenting!

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