If you’ve consumed enough personal finance books and blogs, you’ve repeatedly read that being debt-free opens you up to a world of new possibilities and opportunities. That not carrying the burden of unnecessary debt allows you to make choices and take risks that just wouldn’t be possible otherwise. Also, that having money in the bank to cover unexpected costs or gaps in income gives you the breathing room necessary to try new things.
Whenever you read stories like that on PF blogs, it can feel like touchy-feely academic hogwash. The entire concept of “opportunity” is so esoteric and vague that it’s hard to work it into a financial philosophy that is otherwise so well defined and measurable.
Late last year, I shared my story here on GRS about my climb out of debt, getting married, and building a solid financial foundation for my family with the goal of reaching a full year of expenses in savings. I mentioned briefly how paying off the debt and building just the six months of savings opened up many new opportunities, but I didn’t really specify what those opportunities were.
At the time, I thought they would be chances for Elisa and me to travel and experience new places and meet new people around the world. That we’d be able to buy a home in a few years without it draining out bank account. I thought it meant maybe going back to school for a masters degree. Funny enough, it meant none of those things.
Before I get into all of that, an update on our story…
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Tags: New, New Opportunities
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