Comments on: A Life Without Debt: Learning to Live With Fear

By: Larabelle

Larabelle — Sun, 25 Apr 2010 11:08:47 +0000

I completely understand how your friend feels. In the past I lost my job and although I was in good fiscal shape I felt like the rug had been pulled out from under my feet. I had lots of doom and gloom thoughts of being destitute. It was totally irrational as I knew that God would bless me with another job (which he did) and I was working in a field which was in high demand. But I still had those feelings.

By: CindyM

CindyM — Fri, 16 Apr 2010 11:47:10 +0000

I think when your job is threatened, many things change in your mind about the future, especially for those of us who have always been diligently frugal and maybe have never been in bad debt. It is very disheartening, depressing and so hard on the ego. It stays with you even when things do turn around. I was out of work for a month last year, decided to put my house on the market and moved into a very low-rent place. I did land a good job again, feel very fortunate and hope it will last me until retirement. Who knows? My real estate agent assured me my house would go quickly. Guess what? It hasn’t and I’ll be moving back into it shortly. Yes, I jumped the gun and it hasn’t cost me much. I have emergency savings. But I have yet to stop thinking about how different I feel about the future and life in general now, though I have to say, I’d never freak out and go berserk with the charge cards no matter what happens.

By: Nichole@40daysof

Nichole@40daysof — Thu, 15 Apr 2010 14:25:31 +0000

Your friend’s fear is a little irrational, but I can understand it. I listen to Dave Ramsey’s show a couple of times a week and I have noticed over the last six months that the number of calls from people who are back in debt after being out and having an emergency fund have increased. Sure, a lot of times they did something stupid. But sometimes it’s just bad luck during a bad economy.

By: Broken Arrow

Broken Arrow — Wed, 14 Apr 2010 14:52:13 +0000

Very interesting. The guy in the article fits my thinking to some degree as well.

Yes, I too am fearful of losing my job and having to float on my savings, but at least my fear is relative to the perceived risk at hand? In other words, I was much more fearful when I was laden with debt and little savings. If I should manage to get to a point in my life where I know the savings is extremely healthy and is able to float me for the rest of the way, my fear should hopefully subside completely….

By: Gail

Gail — Wed, 14 Apr 2010 13:38:04 +0000

A coworker I used to have went on a complete binge, and I’m sure completely tapped out all her credit cards, within a month or two of filing for bancruptcy several years ago. I think her attitude was she might as well get it while she could as she wouldn’t have to pay it back. While she wore brand new clothes all summer (from the spree) I got through the summer with the same old clothes, and the next summer and the summer after that, etc. in those same old clothes. At this point she has probably gotten herself to the point of another banctuptcy while hubby and I make conscious choices to handle what we need to on as much a cash basis as possible, so what would be scarey for me is having to put anything on a credit card at this point as we aren’t up to debt free YET. I want to keep digging out even if it feels like a teaspoon at a time. I literally forget at times that we have money in IRAs and a mutual fund as I generally only look at the old checkbook when evaluating our position because those two items aren’t to be touched until forced to by retriement.

By: Kevin

Kevin — Wed, 14 Apr 2010 05:43:07 +0000

the love of money is the root of all evil-Jesus
money isnt evil but the love of it is

By: Kevin

Kevin — Wed, 14 Apr 2010 02:04:52 +0000

Good point on having “something” to lose. What your friend needs to work on is passive income. It’s one thing to have savings to dip into (this guy is already a step above many people), but when you have passive income to take care of you, then you TRULY have broken free of the rat race. This is my own personal dream as well…

People with no wealth or income have pseudo-freedom (nothing left to lose). People with wealth but no passive income become misers. People with both wealth and passive income … are the ones that are truly free.

By: NJDebbie

NJDebbie — Wed, 14 Apr 2010 00:19:34 +0000

I know exactly how your friend feels. The thought of having to live off our savings terrifies, me but comforts me at the same time. It’s a weird situation; almost surreal.

By: Rick

Rick — Tue, 13 Apr 2010 23:15:04 +0000

I have friends that react the same way. My friends that are in debt don’t seem to worry about the economy. They go along and buy things as if there is no recession.
On the other hand, my friends that are sitting on ton of cash are shaking in their boots.
I tell tham that having a cash cushion should make them feel more secure, not afraid of a finacial disaster.

By: cm

cm — Tue, 13 Apr 2010 16:54:54 +0000

Your friend is irrationally fearful, and he should not be used as an example of normal thoughts of the debt-free.

Yes, sure, a little concern over protecting one’s money is normal. We can all get twinges of mild fear when we hear about layoffs or the risk of inflation or whatever. But when the cushion between where we are now and indigency is as large as your friends, being terrified is completely irrational, to the point where he should get help with it.