The Many Meanings of D.E.B.T.
Aside from the word money, in general, the word debt
seems to have more emotion wrapped around it than just about any other word I
know. The general theme is always the same:
bad – bad – bad.
According to Dictionary.com, however, it has a pretty
simple definition:
- Something
owed, such as money, goods, or services.
- An
obligation or liability to pay or render something to someone else.
- The
condition of owing.
When you ask people what debt means to them, you get
responses such as:
“Owing for
something you can’t currently pay back”
“A hole I’m
stuck in”
“Something to
avoid”
“A burden”
And, this one
which seems to sum it all up nicely:
“Evil”
One thing for sure, there is a lot of judgment, a lot
of confusion and a lot of fear around debt.
It’s like one of those things that everyone wants to avoid talking
about, avoid having, and are ashamed if they have any. The only type of debt that seems to have made
it into main stream language of acceptance is mortgages. It’s almost cool somehow to have a mortgage
and to discuss the rate or size of a mortgage payment. But, never (heaven forbid) would you ever
actually disclose the actual amount of a payment, or the amount outstanding, on
your mortgage. These are always summed
up as ‘huge’ or as passing comments like, “that’s as big as my mortgage.”
There are also the ever popular comments like “I’m in
debt up to my eyeballs.”
Or the badge of honor: “I have no debt” or “I have no
mortgage” (albeit, credit card debt and a line of credit secured against your
home, but not your garden variety mortgage).
Everyone has their stories, phrases, experiences,
definitions and emotions around debt, and I’d like to suggest that it’s likely
because somewhere along the way it’s because of this:
You first got debt because you wanted:
Direct
Entrance to
Better
Things
But, without a map found, you missed the sign that
said:
Don’t
Enter
Before
Training
And when you get the training you will find that debt
really is the:
Driving
Energy to
Buried
Treasure
Debt is not evil, it is not bad, it just is. When you learn how it works and how to use
it, you will find it to be an extremely powerful wealth building tool.
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Money
expert Tracy Piercy,
CFP is the
founder and CEO of MoneyMinding Inc., a wealth building system that
turns
conventional money wisdom upside-down. MoneyMinding offers a turn-key
marketing
and coaching program for advisors who understand the importance of
empowering
their clients with education, and are looking for a system to
streamline their
client financial education process.
To
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more and receive the free Fast Action Tips & Solutions, visit www.MoneyMinding.com.
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© 2000-2008 Tracy
Piercy, CFP
Written permission is required for reproduction. Thank you.
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