ABSOLUTE ASCENDANCY

Commencing operation . . .

Overview

Debt is one of many poisons which enslaves the masses. Sadly, most of the populous, myself included, have some form of financial obligation to pay off. In my case, it is my student loan and mortgage, which in the grand scheme of things is not the worst of reasons to get into financial debt. Falling into debt is terrible and let me tell you why.

The Problem

The issue with debt is that you give someone or something power over yourself. The most common cause of debt is financially based, but it need not necessarily be so. As soon as you position yourself such that you owe something to someone, you give them power over you. I don’t know about you, but I don’t like it when someone has leverage that can be used against me.

It is disempowering and degrading.

Yet so many people are in debt. In many cases, it is to satisfy a short term desire only to create long term regret. On one hand, I can understand that life is full of uncertainty and perhaps it would be a greater regret not to experience life to the full, even if that means shackling yourself in the chains of debt. On the other side of the equation, haste makes waste and patience pays.

Acceptable Debt

In my opinion, there are only three types of debt which I would view as acceptable.

1. Mortgage
2. Personal Development
3. Travelling

Mortgage

A mortgage can be viewed as a financial investment, so this is an acceptable form of debt in my book. Any kind of financial investment can potentially be an acceptable reason to go into debt. You lose money in the short term with the hope of securing a more significant gain in the future. Not a bad a proposition by any means for those who like to plan ahead.

Personal Development

The best investment you can ever make is on yourself. Whether it is to pay for a course or specialised training, going into debt to provide an opportunity for self-development is acceptable in my view.

Travelling

As the body ages, it can become increasingly difficult to travel, especially in later years. Because travelling is arguably time-bound and it often leads to enriching experiences, securing a loan to travel the world is acceptable from my standpoint.

I have travelled the world and competed in international Koshiki Karate tournaments, and I can tell you right now, those adventures have proven to be life-changing experiences for me.

The Solution

Do not spend beyond your means. It is that simple, yet I know of people who have burdened themselves with financial debt for the sake of short term enjoyment, only to create long term regret. Beyond the three acceptable reasons to fall into debt, you should abstain from entertaining the notion. If you are not careful, you could fall into a vicious debt cycle which perpetually worsens as time passes. Prevention is better than the cure, so do not get into debt in the first place, and you will be golden.

Conclusion

Debt is a deadly poison which can eat away at you if you are careless. If you cannot afford a flashy new car, buy an old one as it will do the job regardless. If you feel you need high-end materialistic possessions to impress people, then those people likely are not worth associating with in the first instance. Live well within your means, and you will lead a happier and more sustainable life.

Mission complete – Overlord Drakow signing out.