Saving or Spending in Life? (Answer may surprise you!)

Last week when I was having a family gathering that included my parents we stumbled upon discussing why debt is a good thing. My mom criticized me for being overly worried about debt and trying to explain to me why it is wrong of me of trying to avoid it. At the time I was so shocked by her remarks that I could not come up with a rebuttal. Now after somedays I got enough time to think through what I had said as a response but instead write it here in a post. (Not to say my mother would ever read this, but at minimal writing this will help me to react to her the next time this sort of thing happens again.)

I value my freedom to choose what I want to do with my life so I do not want debt. To be in debt would mean I would have no choice, but to work as many hours as needed in order to pay off the debt, even if I do not want or cannot physically work. Freedom is not free. In order to have the choice to work when I want and where I want I have to be financially stable and that includes not owing anyone money.

The definition of debt is to borrow from my future to spend now. I have dreams and ambitions to do many things in my future. I want to travel around the world and have time to learn programming and play a ton of video games. In order for me to have a chance to achieve these dreams it would mean I cannot take away what I will have in the future and be conservative with what I have now. The less I use today can then be saved and be enjoyed at a later date.

This leads to the term "instant gratification". Many people today want faster services and results. Its the digital age. Not wanting to wait for a movie to finish download, to wanting a big promotion and salary pay raise before getting white hair. Or simpler want to drive a sport SUV instead of a second hand sedan. Getting the latest smart phone instead of a old and refurbished. Gone are the dedicated time and effort to nurture one's nest egg and out with how to live happy by looking wealthy.

Instant gratification is unjustifiable if I have to steal from my own future. Living minimal and being careful about my own expenses allow me to shape my life the way I want to live. Overly spending to live beyond my means cannot be sustained. I will not throw away my freedom to choose what I want for the sake of just appearing to be well off. I rather be well off by knowing how much I have and how much I can spend.

People who do not have a plan in life in later years are the ones who tend to likely never be able to retire. I see it first hand as I lived through the 2008-09 financial crisis. I lost my job right out of college and remember how depressing it was when I had no money and no job prospect for several months. I will never take for granted what I do today as I know I can easily lose it tomorrow. I have a plan and I know as long as I stick to it I can complete it. A job is paramount to me building my wealth and reaching my dream of retirement. Saving for rain day will prepare me for future economic downturns.

Pushing away the bad influences with the theme "debt is good" and pushing away instant gratification is what I have been doing ever since I figure it out. In order to live happy I need financial freedom and little to no debt. This gives me the flexibility to do more in my later years and I expect to live a long life as do many other people would to.

Would you consider debt a good thing to have?

Thanks for reading.