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A Dream or Debt?


3 Things About Money left a comment on my post asking if you fantasize about being out of debt. It brought up a good point.

I totally fantasize about being out of debt. Of course, I imagaine buying a new car and a better house and then…I’ll be right back in debt. The fantasy is really useful as a way to notice how much more emotional work I need to do so that I never go into debt again.

One of my big dreams is to have a house on the lake or have a house with a lake view. Where I live, that can be accomplished for $150,000 – $300,000 dollars. Unless we have a HUGE jump in income or win the lottery…we are going to have to take on more debt.

I always thought…if we just paid off the debt we have now, we’d be able to afford buying the home of our dreams. But with a home that expensive, we’d be in debt more than we are now (our total debt is shy of $91,000). We would probably be able to afford the mortgage payment, but how would it feel to be back where we are now with total debt?

What will win? A dream…or debt?

I think I have some more emotional work to do as well 🙂


  • Reply Maria |

    A book that I am currently reading “How to get out of debt, stay out of debt and live prosperously,” talks alot about the emotional sides of money. It’s based on the principles of debtors anonymous and at first I didnt want to read it, but I just bought my own copy for $1.85 on Amazon.com because I have a strong feeling that I’m going to have to refer to it for a VERY LONG TIME.
    It’s very straightforward and I think you might really enjoy it!

  • Reply D |

    I don’t think “dreaming” or “fantasizing” are bad things to do. I feel it is good to always be moving towards a goal. Goals are created through dreams and fantasies.

    You have to be able to picture something in your mind in order to have it full filled in life. With out our dreams we may as well chuck it in. Dreams keep us alive and motivated.

    So, hold on to your dream of a home with a lake view. I know you and your family will see this dream become a reality. When the debts are gone and you roll your dollars into your house to pay that off, which I suspect you will do. You are just doing so well. You are going to find yourself accumulating wealth by leaps and bounds.

    Acquiring that home is not going to be the debt nightmare you are living now. It will be a decision carefully thought out and deliberately acted upon. I even venture to believe that when it does happen, you will owe a manageable amount and the home will be a home and not a “debt monster”.

    Keep dreaming/fantasizing and planning for the future.

  • Reply Jason |

    Imagery is very powerful. Anyone that has ever accomplished anything first dreamt of it, and then imagined. Your dream is not a fantasy…it will be a reality.

  • Reply Kelly |

    I so agree with “D” about the debt not being the same. Myself, I would so be okay with a bigger mortgage than all this little credit card debt. It’s a savage monkey on our backs! Keep your dreams right in front of you..it will inspire you, encourage you, and help you through this!

  • Reply Jen |

    I don’t consider a mortgage the same as general debt, and definitely not the same as credit card debt! It’s your house, your home. And owning a home is so important for building wealth that I feel that the debt in a mortgage is justified.

    Having said that, though, a mortgage is still a debt, and taking more than you can handle is always a bad thing.

    Perhaps your fantasy isn’t so much a desire to take on more debt but a feeling that if you get rid of your current debt you’ll be free to pursue your dreams? As D said, once you payoff your current debt you can put more money towards the pre-paying your mortgage, and that will help a lot in eventually buying your dream home 🙂

So, what do you think ?