Photo courtesy Kevin Makice
I just read a very disturbing answer to a question on LinkedIn. Matt Wegner of Matt Wegner Financial Coaching (and Grate Outdoor Solutions, LLC by the way), asked in the LinkedIn Answers section whether it is possible to live without debt. Two of the answers (at the time of this writing) said that it is not possible. One of them was particularly disturbing to me.
One of the negative responses to the question was from someone with many accreditations listed after their name. I guess those are supposed to indicate that he is very intelligent. Unfortunately, he’s flat out wrong. He says that the only people that can avoid debt and having a FICO score are those that are either totally destitute, those that have inherited wealth, or crooks who work outside the legal system.
You don’t have to listen to the Dave Ramsey or Clark Howard shows for very long to find numerous stories of people who don’t fit these categories. The majority of the people who are getting debt free would be considered more in the middle class than at either end of the spectrum, and they are definitely not crooks! These are people that have been participants in the FICO system and have decided to get out. They’ve seen that true freedom is found in being debt free.
I’ve also read stories of young people who have gotten very serious right from the start about their finances. They’ve decided to never participate in this flawed system. They have worked hard and sacrificed right from the start, and they’ve rewarded themselves by buying a house on the 100% down payment program. No FICO score or credit check required! They may not be part of the independently wealthy crowd right now, but they’re definitely on their way!
Don’t pay attention to all the fancy letters after a persons name. The only thing it tells you is that they’re good at taking tests. Analyze what they have to say and weigh that against what you know to be true. Is it easy to live without debt? No. Is it possible to live without debt? Absolutely!