Friday, May 3, 2013

What Traits Can You Emulate From Debt Free People?

If you want to change your lifestyle for the better, you would naturally look for inspiration and guidance on people who are currently living it. So if you want to be debt free, it is only right that you look at the traits of debt free people and try to emulate them so you can achieve that same state in life.

You may be surprised that some of  the traits of financially independent people are quite common. In fact, it is possible that you already have some of them. However, you need to specifically apply these traits in your financial life for it to work with you on your debt relief efforts.

So what are the traits that you need to learn from debt free people?

First of all, they are self reliant. They dislike being in the mercy of someone else and thus will work at setting up backup plans for themselves. These people do not like borrowing from others just so they can get out of a tight spot. They will work hard to make sure that they are prepared for any incident that can compromise their income. Of course, that can be done through saving so you can expect that their self reliance dictates that they build up their reserve fund.

In line with being self reliant, debt free people are also self confident. They do not rely on material things to feel that they are successful in life. They are confident in their own capabilities and it is not based on their possessions.

Since a budget is necessary when you want to live a debt free life, financially independent people are also organized and loves to indulge in the details. Not everyone have this trait so you may want to work hard to get used to this. While there are people who are born to be organized, some people have to learn how. Simply use a budget plan to help you keep your finances on track. More importantly, make a commitment to follow through your budget and maintain it.

Debt free people are also patient. They do not see the need to use credit cards just so they can make instant purchases. They can wait a couple of weeks and months to save up for a purchase instead of borrowing money to pay for a product or service immediately.

Practicality is also a trait that you should emulate if you really want to achieve debt freedom. It prompts you to make smarter spending decisions because you automatically weigh if the purchase will do you good or not. Have a strong grasp of reality and know how much you can really afford. We all want to give our children everything that they want but the more practical approach is to teach them the value of money and smart spending.

Lastly, debt free people have a good sense of personal responsibility. This actually in line with being self reliant. They know that every decision that they make at present is their own accountability - regardless of who or what influenced them to make it. This prompts them to make smarter decisions in life that are rarely done impulsively.

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