If I asked you to list characteristics of debt-free people, what would your answers include? You might be surprised at common characteristics or traits debt-free people possess.
1) Set goals – Have you ever met someone who is sets goals and makes every effort to achieve those goals? People who possess this trait focus on what they want then take the steps to reach that goal. Debt-free people has to set a goal to get out of debt then implement the action steps for obtaining a debt-free life
2) Have confidence – With this I don’t mean arrogance, just confidence. There is a difference in the two. To have confidence means they don’t put there trust and self-confidence in material possessions. That don’t care that others may not understand why they don’t buy a new car every two or three years. Older used cars are not a problem to people who are confident. I have driven my car for 7 years and dread the day I have to purchase another car. My car has dings, dents, scratches and the paint is pealing in stops, but it doesn’t bother me. It gets me where I need to go.
3) Possess patience – Now, this can be a difficult trait for some people, myself included. I used to think I had to obtain everything now, which is called instant gratification. Over the years I have learned to be patient. It takes time to build get out of debt and build wealth but it can be done. Becoming debt-free requires patience and persistence, so don’t give up. The budget will change as you become financially independent.
4) Will make sacrifices – Anyone who is debt-free has had to make sacrifices along the way. You have to realize that you have to give up some things temporarily in order to gain your financial independence. Once you reach your goal, you will be able to pay cash for items or for investments. The sacrifice is normally a short-term process. Just think about those people who are physically fit. They didn’t get that way without making sacrifices but the sacrifices paid off for them.
5) Think of family before themselves – Debt-free people realize they want to give their family a better life meaning being free from the burden of debt. They don’t just think of themselves but their family and even future generations. Getting rid of the “me” mentality is key to putting others before yourself. We all can be selfish from time to time but we should keep that emotion in check. It can be dangerous if it gets out of control.
Debt-free people come from all walks of life and all socioeconomic backgrounds. Millionaires may make less than $75,000 a year or make hundreds of thousands of dollars a year. There is no one size fits all for a debt-free person, put possessing these few characteristics can be helpful. Determine to get out of debt-free and work on the traits that will help you become debt-free.