Ray, how do you stay motivated on your debt free journey?
It’s tough for me to answer this question for others because for me, being motivated is hard wired. Growing up with three siblings, I have always wanted to be the best at everything I do. How does one become the best in any endeavor? Constantly learning, being open to change and putting in the work. The process keeps me motivated.
When starting out our debt freedom journey, we attached ourselves to Dave Ramsey's baby steps. His simple, methodical approach was what we needed to align us financially and keep us focused. I’ve honestly enjoyed the process of each baby step and ultimately how this has strengthened my relationship with my wife. Your debt free journey will teach you contentment, sacrifice, discipline and intentionality. This will bleed over into other areas of your life and have a positive affect in those areas if you embrace the self development aspect of the journey.
Now that we are in the investment, saving for college and paying off the house phase of the baby steps, it is now more of a grind because there are no tangible wins. You have to gamify each baby step. Increasing your savings rate, hitting investment milestones, studying the market, increasing the equity in your home, saving on interest payment milestones, etc. Now, I am spending even more time learning about personal finance, investing and the economy. This is to stay hungry, motivated, and create a legacy for my family. Find your why, and you won't miss a monthly budget going forward.