Managing Your Debt

We all have "debt" and not all of it is financial

May 24, 2023

Hi there, and Happy Wednesday!

Elizabeth and I don’t have any debt.

No mortgage, no car loans, nothing.

We use a credit card for most purchases and pay it off in full every month, racking up reward points along way.

But I still have debt.

I have technical debt.

There are some things I’m very skilled and knowledgable in. Yet there are many, many more things about which I have absolutely no clue.

Ignorance debt. I don’t know what I don’t know.

Other forms of debt…

I often feel like I have time debt. There are many days where it feels like 24 hours just isn’t enough!

For instance, how is it almost June!?!?

Some of you may have investing or retirement planning debt - not from a financial perspective.

You’re brilliant in your career and successful by any measure. You’re a loving spouse. A caring parent.

But all the moving parts and considerations that go into a thoughtful, personalized retirement plan seem beyond your reach.

Or it feels overwhelming.

Health debt?

Are you “borrowing” from your health to “pay” for other things in your life?

We often go into health debt for our work, our relationships, and other things that feel more important at the moment.

Sleep debt…

Sometimes I borrow from my normal sleep schedule to do other things.

Some of my clients are supremely capable of managing their own financial plan, investments, taxes, and more.

But there are other people and things that are more important to them. So they hire me to help.

Or they hire a CPA to help with their tax prep.

All this to say, there is no perfect plan.

There is no such thing as being truly debt-free, at least from the perspective I’m sharing with you above.

We all have to make choices.

We have to prioritize.

Something like this:

Call it debt or pick another term if you prefer.

Just know that however you tackle these choices and decisions, never lose sight of the fact that you do have a choice.

You’re in control.

Even if you’re still “in debt.” 😉

Suggestions? Requests?

As I’ve shared before, I write this weekly email for myself, first and foremost. It helps me clarify my thinking. Having said that, I’d love to address topics that are helpful to you. So please hit reply and let me know if there’s a question you have or a topic you’d like me to address in a future email. Thanks!!!

The next version of retirement

I wrote last week about the origins of retirement thanks to a man called Otto. Here’s another take on how retirement might - or possibly should - evolve into something different and better in the future. Let me know what you think.