The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  https://boards.fool.com/welcome-walstib-the-folks-who-have-already-34115307.aspx

Subject:  Re: It's time. Date:  1/21/2019  6:03 PM
Author:  ThyPeace Number:  312369 of 312515

Welcome, Walstib! The folks who have already answered you are some of the best around (there are several more who will likely show up when it's not weekend anymore). They can punch your numbers into shape faster than I will ever be able to.

So I usually focus in other areas. In your case, my questions are family and motivation related. Family first: Where will there be cooperation and support from family, and where will there be resistance? Have you gone through all of these issues with your spouse in detail? Even if your spouse is "not the numbers type," it's important that you both see the numbers regularly and talk about plans for dealing with them.

Also, kids. Are the kids aware of the situation? Not necessarily in as much detail as your spouse, but in enough detail that they will understand choices related to purchasing, or not, things that they may consider extremely important? Since your kids are older, including them in the discussions is a great way to help them launch their own lives. As they see you digging out of the hole, they will learn tips and tricks that will help them avoid these things, or at the very least know how to get out if they do get in.

Now, let's talk consistency. $50k+ is a lot of money, but not as much as several people here have dealt with. I started out with more than $300k of debt, none of it associated with credit cards. (Mortgage, debts to various people who loaned me money in difficult times.) It took a LONG time to pay it off. The laser-focus thing is great, yes....

And it's even better when it becomes a completely automatic part of your life. It takes a lot of time to get to that point, but it's important because once saving is automatic, it compounds incredibly well.

Starting to get to automatic means building consistency. First doing the right things more often than not, then doing them 3/4 of the time, then 85% of the time, then 93%, then 97%, then 99%. (Most people don't need to get to 100%.) So what can you do to build consistency?

First, decide to post here Every Single Day. Might seem like a lot, and it is. But it's one measly post. You can talk about anything related to decreasing debt or increasing income. Choosing to make rather than buy your morning coffee. Choosing to sell one of those cars. Choosing to start making potholders as a second income. Whatever. The point is to keep this stuff in the front of your head and build a habit of looking for improvements. Maybe start with two weeks of one post a day. There are more things I can think of, but overwhelming newcomers is something that we do all too easily on this board.

I'll be here reading!
ThyPeace, looking forward to finding out what you're thinking about.
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us