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Debt Free Speech Essay

Imagine yourself 50 years down the road. Debt free. Ready for Retirement and not worrying about a thing in the financial life. Wouldn’t that be great rather than living like most of the world today. Filled with debt and nowhere near retirement only because they did not save and stay out of debt the correct way.

People these days are more in debt than ever. People from the age 41 to 46 are six thousand dollars in debt on average according to money.cnn. Investing 100 a month for 18 months with 5% interst will result in fourty eight thousand dollors when the 18 years is done. If us teenagers started doing that when we get jobs we will be rich and ready to live our lives. Not in debt.

Personal finance should be started at a younger age. People as young as the age of 17 should be financially responsible and educated to know how to manage their own money.

The main reason that people are in debt today is because they were not educated as kids. Most people today never had the classes that are offered today. That would mean they never knew how to save the correct way.

Being in debt is really bad for your family, friends, and mainly yourself. It will limit your opportunities in life. Say your kid wants to have a birthday party you will not be able to give him that. You also will not be able to go back to school, move houses, or make a change in your career.

Debt also makes you live with more hassle. Bad jobs, poor living conditions, broken down cars, and have callers wanting money for your unpaid bills. Would you really want to live your life like that.

Realizing you are in debt is the hardest part according to direct.gov. We will always feel that it will go away by itself, but the truth is that it will just hang around us till we pay it off. Lets say you took out a loan you might pay a lot more with the interest. So it would be best to just be paying a couple big purchases and one time so we don’t fall into bigger debt.

If we don’t pay attention to some of our big purchases in life it will probably come back to hurt you. So If we start saving at a younger age we will be able to pay off these big purchases with no debt from it.

The best time to start saving is our teenage years. A good reason for this is because we do not get taxed. We will not lose money from these tax collectors. It will also build up interest if it is not touched. Let’s say you put a hundred dollars in the bank today. In the next five years it will add up to be one hundred and twenty seven dollars and sixty three cents with a 5% interest rate.

So I think the best thing to do is to require some of these money savings classes at the high school level. Personal financing would be a great class to have. It will teach us how to manage check books, borrow loans, and handle large amounts of money. In this class teachers should be required to teach us about everyday business life from home life to job life. They will teach us why to stay out of debt and also how to save the correct way. When to use a credit card, when to take out a loan and many other of the big ways to make purchases.

A solution to staying debt free is staying credit card debt free. Not only are you paying for the product you are also paying the interest. If you don’t have enough money just save and pay in cash when you reach the amount needed so you don’t pay that extra middle man.

Loans are a big factor in lives these days. Vacations, electronics, and fancy cars are all things that we like and want but are not needed. Loans also build up interest and depending on the rate you could end up paying triple than you took out the first time. The only good reason to take out a loan is for buying a house, purchasing an affordable vehicle. You also will want to look around at different banks to see who will offer you the best interest rates.

Once you finally pay off your college debt the next thing that you will be saving for will be retirement. So pretty much you will be saving your whole life until you retire. If you would like to have a great debt free retirement life start putting small amounts in the bank after college so you don’t have to work forever and do the things you enjoy.

Saving is one of the biggest keys in life today. I cannot stress to you today how hard it is to save your whole life. Saving instead of buying right away, putting money aside, and finding the best ineterst rates are ways we will live life debt free. Lastly buying things we don’t need will be the hardest so try not to tempt yourself with it.

All in all wouldn’t it be awesome to live life debt free and do the things you always wanted to do. You can go to college, buy cars, houses and many other things. So if you learned one thing today I hope it is that we are going to be saving are whole life so you better get used to it and hopefully you learned how know the difference between a want and a need.


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