What would your life look like if you could make every decision without worrying about debt?
Hey Moguls, Shaun McCloskey here, and I’ve got a powerful lesson today that I think will really put things in perspective for you. It sure did for me.
It’s all about living the life you want and avoiding the trap of doing what you’ve gotta do—but don’t love—to survive.
Ready? Here we go...
A Common Tale
I had a conversation with a friend recently that has really stuck with me. My friend’s husband works 7 days a week, with a minimum of 12 hour days. (Yuck!) This has been going on for about 5 months. (Super yuck!)
There’s more…
He works nights and his wife works days. Their 2-year-old daughter goes to the babysitter while mom is at work and dad is sleeping. And this isn’t the first time their family has been in this situation. They’ve been living this way on and off for years.
But why? Why work so hard and miss out on so much?
It’s not because he loves his job. It’s not a bad job, but does anyone really love their job enough to love doing it 7 days a week, 12 hours a day?
It’s because “you do what you gotta do.” To care for your family. To pay the mortgage on your house. (The house you only really come home to sleep in.)
But, I have a problem with that…
Not because it’s uncommon. My problem is that this is SO common. And it doesn’t have to be this way. Nobody’s gotta do that.
The Real Problem
Why is this such a common situation?
2 reasons…
First, we don’t plan the life we really want.
I sincerely doubt that when this couple bought their house they would have made the same decision if someone had told them what it would cost… how he would work more than 80 hours a week and their daughter wouldn’t see him much.
Rather than counting the cost—not just financial, but the cost of our time, energy and relationships— we just end up in a life we don’t really want, justifying it by saying we’re just doing what we gotta do to get by.
The second reason this is a common situation is because we let debt dictate our decisions.
Debt impacts us whether we believe it or not. It dictates where and when we work, and when we go on vacation – if at all. It tells us whether or not we can pursue our dreams.
But we won’t often admit it.
I spoke with a woman once who said she doesn’t think debt has any sway over her family’s decisions. But as we got to talking, she told me her husband desperately wants out of his job, but he’s still there because they need to make sure they can pay their bills on time. It’s too risky for him to quit.
Do you see it?
Debt has a hold over our dreams and our decisions. But again, we say we’re just doing what we gotta do.
A Way Out
There are plenty of people who’ve figured out how to love their work but also plan and make decisions that aren’t impacted by debt. They have time to spend with their families and pursue their dreams.
How do they do it?
I know a real estate investor who’s living debt free with very little overhead. He told me he only needs $1,500 a month for his family’s living expenses. That covers everything: food, utilities, even private school for his kids!
And he’s able to make decisions to build his business… he’s able to take risks, because he knows, if something were to go sideways, all he needs is $1,500 a month. And, if needed, he could always get a short-term job to make sure he has what he needs.
And he’s doing very well for himself. His business is succeeding.
Think of that...
Think of the risks you could take if you knew you were able to cover your expenses and not live paycheck to paycheck.
You wouldn’t just do what you gotta do. You would do what you love to do.
Care to Share?
How has debt affected your decisions? Share your story in the comments section below. We’d love to hear from you!
1. Prioritize – Make a list of the people and activities that are most important to you.
2. Plan – Write down an audacious goal describing what you want your life to look like in 3 years—or 1 year or 5 years—it’s your goal, after all.
3. Eradicate debt – Talk to a financial advisor or make your own plan to eradicate debt and pursue your dreams.
4. Stick to it – Reaching long-term goals, especially those that have to do with reducing debt, is hard work! Reread your goal whenever you’re feeling unmotivated.
Shaun McCloskey
is considered to be a very successful real estate investor, author and real estate coach by world standards, but he realized that he was working far too much and was too consumed by his real estate investing business. By implementing Lifeonaire life coaching into his own personal life and business, this is now a thing of the past. He currently teaches others to do the same.