5 Career Reasons to Stay out of Debt – Part 5 of Financial Freedom Series

This series was prompted by a conversation with a friend. We spoke for a few minutes about being in debt and the pain that it causes. It was clear that this person has experienced a great deal of suffering as a result of poor money decisions. Now the process of fixing the mess has begun and it is not always easy.

My blog is called Workyoucanlove.com, and is devoted to helping people find the work that they were meant to do. The reason I talk about money issues and staying out of debt is so that people are free to do the work that inspires and motivates them. You see, bad money decisions affect our career path and sometimes force us into a life that we didn’t have planned. Here are some ways this happens:

  1. Being in debt keeps us working where we don’t want to work, because our debts don’t let us escape. People stay at jobs they hate, or undesirable jobs with lots of overtime, so they can make ends meet. This is actually very responsible and even admirable. However, if the reason we have to do this is because we didn’t take time to prepare, or we wanted too much too soon, then maybe we need to change our thinking about debt. Then we need to help our youth shape their future without relying on borrowing money.
  2. Another way that debt can affect our future is when we want to pursue a business dream. We may not have the available cash to start a business because it is all tied up in interest payments. The dream begins to fade when we realize that time is running out and we have too many debts to pay. This is a really bad trade-off for having lots of cool toys or a nice house, too soon.
  3. Being in Debt prevents mobility. In the company where I am an Operations Manager, there are regular job postings in nearly all 50 states. If I were a young person seeing these opportunities, I would be excited to move and tackle one of these challenges. This is not always possible when too much debt has kept you from saving, or you have bought too much house and now the market has changed preventing a sale. Indebtedness, just keeps you from being free financially, emotionally and sometimes physically.
  4. Too much student loan debt can delay or remove opportunities for more schooling. If this training is required for your future career plans, then those plans may be put on hold.
  5. We delay investing for our future because we can’t meet our monthly obligations.  This is scary when you calculate where you could be at retirement if you just started saving and investing early in adulthood. In the days where it is the most critical to begin investing, most of our young people are taking on debt and monthly obligations that prevent them from putting money aside for their future. This also forces them to work into their retirement years when they had dreamed of better things.

The bottom line is this. Our culture has conditioned us to expect to be in debt. We have to change this! We crave having the lifestyle of our parents and grandparents, but we want it right away. We are way too willing to buy things now and pay later for them. What we need to realize is that it doesn’t take too long before the benefits of debt free living will start showing up. If we can discipline ourselves to wait, before long it will be obvious that the path is a good one and young people will soon begin to see how much better off they are. It is well worth the sacrifice that is made in the early days. Parents, we need to get out of debt ourselves and we need to help our kids to live lives free of the burden of debt. I encourage you to help your teens with this process, and I will do my best to help you!

About The Author

Duane Rockensock

Duane (Rocky) Rockensock is a husband, a dad, and the National Reconditioning Manager for AmeriGas Propane. Since he was a teenager, Duane has loved hearing the stories of how people have started creative businesses or found ways to use their talents to accomplish amazing things. For that reason he started this blog to encourage teens and adults to find their purpose and to provide the tools and resources to make that happen!