5 Key Characteristics of People Without Debt

5 Key Characteristics of People Without Debt

Between student loans, mortgage, and credit cards, it is very hard to find a person without debt. Yet, they exist. It does not mean they are wealthy or superhuman – just that they are able to utilize their resources well enough to avoid debt altogether. If you want to be free of money-related stress, you can cultivate the key traits below that are possessed by debt-free people.

  1. Goal-oriented

People without debt are aware that money goals are essential to achieving financial success. If you do not know where you are going, how will you get there? Start with aiming to get out debt and organize all your financial decisions following this objective.

  1. Disciplined

A lot of debt comes from being undisciplined. When you fail to follow your budget, you create debt. When you continue to indulge in niceties and forget to make temporary sacrifices, you create more debt. This is about discipline and consistency. Create a system that allows you to pay all of your bills and commit to it to stay the course.

  1. Non-materialistic

Rethink how you make purchases. Debt-free people are not interested in gaining stuff. Stuff means taking on new debt. When you are able to derive happiness outisde of things, you will be on the road to financial security.

  1. Shrewd

Marketing hypes and sales are sometimes hard to resist. But debt-free people are focused on saving money, especially when bargains are trumpeted at their faces. It does not matter how good the deal is – nothing beats not having debt and having more options in your financial life both today and tomorrow.

  1. Patient

Today, it is too easy to spend money. You just swipe, tap two buttons on your phone, or scan a QR code. It sounds convenient but it is essentially the problem – this has eliminated the gap between when you decide to buy something and when you pay for it.

For debt-free people, instant gratification is not a thing. In fact, they even pay with cash and save up for something that they want to buy. They have visions for the future and long-term goals that they constantly work on. If you struggle with debt, check your behavior, especially with impulse purchases. Remove your saved credit card numbers and make yourself work before giving your money away.