Get out of debt to unleash your inner money maker.

Debt , Chikwereti ,Chimbadzo or Loan , depending on how you would like to refer to it , comes at a hard to price. it can be addictive just like drugs are and letting the habit go is an uphill task. As hard as it might be to kick this vice , one can benefit greatly from the exercise. It brings peace of mind and freedom to make money.
When you have no debts, you literally do not owe anyone anything. Your money is yours to do with as you will.

Sure, you may feel you owe:

• Your parents for raising you
• Your friends for the good times
• A beer to anyone who encouraged you through the bad times
• Whoever gave you the spare bed in when you were between a rock and a hard place.

But financially speaking, you’re free. Many people get out of debt only to use that freedom to go straight back into the mire. They filled the void left by paying off their debts with… more debt.
A better plan is to keep up the momentum to start growing your finances, both by saving and investing the free cash, and also by increasing your earnings.

Make money for yourself, not some bank

I have heard many times from people who have gotten out of debt how liberating the experience is. They discover what I relish every day – that this month’s salary is going wherever I want it to go, not on paying for things bought and forgotten about years ago.
Debt-free, you can save up an emergency fund, invest to create a future income – or just treat yourself to a meal out or new pair of shoes guilt-free.
And here is the real bonus – when you are financially secure, you are also more likely to look for ways to make money.
Everyone knows the rich get richer but we never stop to wonder the reason why ? The rich have compound interest working for them instead of against them and that is the big reason why. Operating from a position of strength, you are more able to think of money as an opportunity and a tool, rather than as a burden. Your whole outlook on money and the language you use can change and that is the first step to getting richer.
I do not think it’s any coincidence that top personal finance blogs such as Get Rich Slowly, The Simple Dollar, Frugal Dad, and Fabulously Broke were all founded by writers battling with debt.
In getting debt off their backs, these writers learned a lot about money and themselves. And they have kept on learning long after paying off their debts.

What about my friend Tendai / Uncle Mudzimu / Donald Trump?

Sure, we all know a few people who (seem to) handle their debts and still grow their income faster than their repayments.
I’m not saying debt is always fatal disease. Rather, that it’s a hugely debilitating one, which can easily catch up and snuff out its victims.
How much wealthier would those income rich, asset poor debt jugglers be if instead of shuffling loan repayments they were investing ? Do they put their brainpower into growing their investments or creating a passive income stream?

The bottom line on debt

If you have got any non-mortgage debt even if you think it is balanced by assets , pay it off as soon as you can.
Yes, it can be hard to get out of debt. But all that really matters in life is health, friends, family, love, and useful work or another purpose you enjoy.
Plus beauty and truth, as the poet said.
And I would add nyama yekwaMereki.
The point is: Last I looked, getting into debt to buy an iPad when you can’t afford it just to have one before your friends was never on any philosopher’s list.

totamba magwana.