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

  November 15, 2018  |    #Eliminate Debt

Want to become debt free?

Feel like you have a little too much debt? We know how you feel. At our worst, we had $51,000 in credit card debt. We wanted to become debt free and we did. Want to know how? Here you go!

1. Adopt the mindset to become debt free

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

Many claim it’s the “gay lifestyle.” A while back, a young Millennial asked in a gay FB group, “Why’s it so expensive to be gay?” We know what he’s 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 said “Enough!” We were depressed and pissed because our debt was keeping us from the life we wanted – the life we pretended we had. 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 for any change is changing your mind. There’s a big difference between wishing for change, believing you can change and taking action to make the change. That’s why starting with changing our thinking is key.

2. Have the vision to become debt free

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

When we got real about our $51,000 of 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 that $10,000.

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

What would your debt-free life look like? There’s freedom when you become debt free. You have more money and less stress. Can you visualize this for yourself?

Credit Card Pay Off Course

3. Be 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’s coming from and where it’s going.

Knowing where you are and where you want to go gives you a roadmap for making it happen. When we wanted to become debt free we needed that roadmap, otherwise, Sunday Funday, poppin’ bottles at happy hour and that Amazon addiction would stay the path of least resistance – especially when Visa and Master Card don’t say “No.”

Another great thing about the Benjis is we now spend with a purpose. What truly makes you happy, 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? Create a plan to do it.

4. Get ready. Get set. Go!

Where the hell are you financially? If you’ve read this far down, 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 your idea and make bank? It’s happened to us.

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

5. Have the audacity to do it

Think about 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 on Grindr or Scruff.

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

The same goes with your money. It’s not a marriage. So, take a few simple steps to become debt free? Your wallet, 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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