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Debt-Free and Bored: How to Manage Life After Debt Freedom

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debt-free and bored

You are probably still daydreaming about what it might be like to be debt-free. Surprisingly, many of the people I chat with once they reach financial freedom, find it a bit boring. That is usually the case with reaching a goal. What does the villain do once he or she finally conquers or destroy the planet? Here are a few things to consider if you’re debt-free and bored already.

What it Means to be Debt-Free and Bored

You may be thinking, “how can you be bored with being debt-free,” but it is possible! The road to debt freedom is anything but boring, it may even be exciting once you get the flow going. So, once you pay everything off, some individuals find themselves wondering, what next? You dedicated your time, energy, and made sacrifices to one day not have the heavy burden of debt over your head. But now you suffer from boredom or feeling empty because in your unconscious mind, you naturally miss the challenge and constraints because it became part of your life.

Many people actually slip back into debt at this point (almost as if they are looking for another financial challenge). They’ll begin doing things they never would have done before paying things off. So, why now? We could get into neuroscience, dopamine, biochemicals, and how the brain respond to sudden changes that reduces stimulation, but to keep this on the surface, you’re simply bored and looking for another rush.

Financial freedom is a great feeling but it also removes structure from the financial management aspect of your life if you’re not naturally good with money. When doubling down and budgeting to pay off debt, you knew where where funds were being allocated and typically have a few problems to solve. But, once you’re debt-free, things can get a little boring after a while. You may now start wondering if you could now finally afford that new vehicle or vacation. There is nothing fun on your credit report to look at, and you start to get an itch. What you’re doing here is looking for activities fill the void left after destroying your debt.

How to Remain Debt-Free and Feel Excited

If you want to stay debt-free without the urge to accumulate unnecessary and uncontrollable debt, it can be difficult.  Here are a few things you can do if you find yourself debt-free and bored…

  1. Plan something you have to save for. Whether it is a vacation or a new car, you can always find something exciting to save up for. If not having a new financial issue to solve is the problem, finding a reason to save can help with your boredom and return to a more frugal mindset.
  2. Try your hand at real estate. If you don’t know where to start, check out currently discount courses from renowned author and real estate investor Robert Kiyosaki.
  3. Become an even smarter shopper. There are tons of freebies and great deals to take advantage of in the credit card points and airline mileage space. The Chase Freedom Unlimited is my favorite no annual free credit card. You can earn a $200 bonus after you spend $500 on purchases in the first 3 months. Simply use the card to cover your everyday purchases and you’re well on your way to pocketing $200. Click here to view all the benefits and sign up today.
  4. Take on DIY projects. Homeowners can take advantage of the freed-up cash they have from paying off their debts to make some improvements around their home. Maybe not that dream bathtub you’ve always wanted or  a full kitchen rehab, but small beautification projects and updates within budget can bring on a renewed feeling of accomplishment.
  5. Invest. Generally, once you’ve paid off your debt, you can start looking at different ways to invest and to accumulate wealth. The stock market can be an exciting rollercoaster ride if you’re feeling bored and need a new challenge.
  6. Bet on yourself. Maybe you’ve always wanted to quit your job and travel or start your own business. Without any debt attached to your name, you can bet on yourself. Take some of that extra cash and put it towards your next adventure, whatever it may be. Start a website or a blog.
  7. Donate. Now that you can, responsibly donate some of your money to good causes. Take time out of your day to volunteer your time assisting the needy. Help a loved on or even strangers struggling with their debt. Tell your story to others and provide inspiration.
  8. Find new challenges in life. You aren’t bored because you’re debt free, you’re bored because your brain crave a new focus. You placed all your eggs in the debt reduction basket and now have no use for it as you’ve reached your goal. Try a 26-week savings challenge that could make you $10,000 richer in 26 or 52 weeks depending on your allocation.
  9. Cash Free Debt Free. As the term suggests, one of the best ways to prevent a debt relapse is to remain cash-free. Not cash-free as in the lack of income, but cash-free as in keeping your money occupied and out of mind. If the stock market isn’t your cup of tea, try high-yield savings accounts and CDs. Raisin.com provides exposure to FDIC insured institutions offering high-yield interest rates above 5%. I like Raisin.com for its easy to use interface and access to multiple institutions to diversify your funds without creating multiple accounts across different banks. Click here and enter my referral code earlm014354 to earn up to $125 in bonus cash when you sign up and meet the deposit requirements.

 

40 Funny Debt Free Quotes With a Twist to Keep You in Good Spirits

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40 Hilarious Debt Free Quotes to Brighten Your Financial Journey

 

There is no doubt that debt and financial challenges can sometimes leave you feeling hopeless and depressed. Worrying over uncontrollable aspects of your finances consumes energy and rarely ever yield solutions. Focus on what you can change, and nurture a more balanced financial outlook. We aren’t quitting our day jobs anytime soon to start a rap career but here are 40 debt free quotes that rhyme.

 

 

From low to high, credit score’s a sweet blue sky

 

Debt-free and dandy, let’s toast, pass the brandy

 

Financial freedom rhymes, the melody of good times

 

From bad to fab, credit score ended rehab

 

Debt-free focus, like magic, hocus-pocus

 

 

No debts, no frets, just plenty chicken nuggets

 

Debt-free zone, where bills dare not roam

 

Credit score on fire, financial desire, I should retire

 

Debt-free bliss, no more budgeting amiss

Broke no more, debt shown the door

 

Debt-free living, the best way of giving

 

No debts, no tears, just laughter for years

 

Debt-free, no pain, all gain

 

In debt’s rearview mirror, life’s getting clearer

 

Debt-free delight, sleep well at night, no frights

 

Credit score fun, life’s a pun, debts on the run

 

No debts, no strife, just laughter for life

 

 

 

 

From debts, we’re free, let’s raise a cup of tea

 

Debt-free ambition, fueled by funny intuition

 

In debt’s escape, joyous laughter takes shape

 

Broke no more, freedom’s knocking at the door

 

Debt-free dream, silliness and chocolate ice cream

 

No debts, just cheer, let’s celebrate with beer

 

Financially wise, laugh lines in our eyes

 

Debt-free we roam, making memories to call our own

 

More money saving, no more ramen,  lobster craving

 

No debts in our hood, just chilling, feeling good

 

Debt-free and fancy-free, living life with glee

 

No more bills to dread, finally a comfy bed

 

Bills, we shun, living large, having fun

 

No more empty wallets, Dubai trips, I got it

 

 

 

No more being broke jokes, just stocks and 401K growth

 

No more broke endeavors, just yacht parties, steak dinners

 

No more coupon clipping, old rip van winkle sipping

 

From Wallet so thick, no more nickels to pick, I’m feeling slick

 

Debt no more, life’s a grand tour, financial freedom encore

 

No more broke nights, I’m loving these first-class flights

 

Debt-free shenanigan, 71st floor office life, gray cardigan

 

FICO score to the top, no flop, millionaire status, my next stop

 

From debt’s despair, financial flair, life’s finally in repair

 

 

 

Conclusion

Laughter is important as it promotes emotional well-being, reduces stress, enhances mood, and even strengthens social bonds.  Stressing over money issues is counterproductive to one’s well-being. Instead, focus on proactive financial planning, seek advice from professionals, possibly take on an easy remote side job, and adopt healthy money management habits.

 

 

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Is Cash App Safe? 6 Steps to Protect Your Money From Scams

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In 2022, Cash App experienced a data breach which affected more than 8 million users. It is nearly impossible to completely remove risk when conducting electronic funds transfers regardless of the use of cutting-edge encryption and fraud detection technology that Cash App implements to keep users’ funds safe from scams and other fraudulent activity.

From data breaches to Cash App glitches, here are 6 steps to take to reduce the likelihood of being a victim of fraud or any kind of unauthorized access:

  1. Regularly monitor your Cash App account. Stay vigilant by regularly checking your Cash App account for any suspicious activity or unauthorized transactions. Report any discrepancies or concerns to Cash App’s customer support immediately.

 

  1. Use two-factor (2FA) or multi-factor (MFA) authentication to add an extra layer of security to your account. This will require you to verify your identity using another email, a phone number, or another form of verification method you agreed to.

 

  1. Create strong passwords. Do not use weak passwords that can be easily guessed using your public personal information.  Avoid using the same password for multiple apps and email accounts.

 

  1. Keep the app updated. Turn on auto updates if you do rather not check for updates on a regular basis.  Missing updates containing security and bug fixes may leave you vulnerable to security breaches.

 

  1. Don’t fall for phishing scams. Look out for attempts to trick you into disclosing your personal information. Avoid clicking on suspicious links or providing even basic contact details to unverified sources.

 

  1. Do not install apps from unknown sources. We often go down a rabbit hole looking for an app to execute a unique task or add a feature to our smart devices. You can use Google Play Protect to checks your apps for unusual behavior.

 

How to Report a Cash App Glitch or Unusual Activity 

If you encounter unusual activity or suspect that your account may have been compromised due to a scam, report the issue to Cash App’s customer support immediately.

To report a glitch, visit  the Cash App support center within the app or visit their official website. Provide a detailed description of the issue, including any error messages or unusual behaviors you experienced. Attach relevant screenshots or transactions to support your claim.

 

Is your Cash App Balance FDIC Insured?

For your Cash App balance to be FDIC insured up to $250,000, you must have a Cash Card, or are a sponsor of any active sponsored account. Cash App also states that Bitcoin and investment balances are not insured by the FDIC.

Keep in mind that being FDIC insurance does not mean your account is protected from fraud on individual transactions. FDIC insurance covers your funds up to $250,000 in an event where Wells Fargo, the bank holding your Cash App balance, goes out of business.

There are other avenues for holding individual cases of fraudulent activity or scams.

Self Inc also offers a FDIC insured Credit Builder Account which allows you to build your savings and credit score at the same time by reporting your monthly deposits to the 3 big credit bureaus; Equifax, Experian, and TransUnion.

 

Is Cash App Safe?

You may be wondering whether or not Cash App is safe considering the large number of scams out there as well as the possibility of a security breach. Rest assured that Cash App is relatively safe and there is a very low chance of you being a victim of a Cash App exploit if you take the 7 steps above.

Block Inc, formerly Square Inc., and owners of Cash App, meets the international standard for managing information security as indicated by their ISO 27001 certification. They also utilize industry-standard cryptographic protocols and message formats such as SSL/TLS and PGP to transfer data.

However, safeguarding your Cash App account data as if it was your very own bank account add an extra layer of protection.

 

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5 Things to Avoid to Live Debt-Free

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<p>Reaching financial freedom is far from easy. Only 29% of Americans consider themselves to be financially healthy. Once you obtain debt freedom, you want to be able to stay there. So, there are several things you’ll want to avoid to live debt-free.</p>::Pexels

Reaching financial freedom is far from easy. Only 29% of Americans consider themselves to be financially healthy. Once you obtain debt freedom, you want to be able to stay there. So, there are several things you’ll want to avoid to live debt-free.

1. Budgeting is Always Crucial to Your Financial Health

You had to budget to get out of debt. That doesn’t stop just because you no longer have creditors to pay off. In fact, budgeting is even more important once you’ve paid everything off. If you don’t set a budget you run the risk of racking up debt again if an emergency arises.

Remember that your budget needs to be 100% cash. Don’t consider your credit cards or any other form of money spendable.

2. Overspending is a No-No If You Want to Live Debt-Free

That directly ties into overspending. If you start considering the money available on credit lines to be spendable, it is more likely you’ll restart the cycle of debt in your life. You certainly don’t want that after all of your hard work to get where you are.

Instead, plan for bigger purchases and save up for what you want. You should also have a set budget for recurring expenses and other plans. Don’t deviate from that budget.

3. Don’t Stop Saving Your Money

Saving money isn’t just important during your debt freedom journey either. As mentioned in the point above, it is important to save money for large purchases and planned expenses. However, it is also always a good idea to keep money saved.

Having an emergency savings fund will keep you from tapping into credit lines if something comes up. Additionally, saving money can help you secure your financial future and ensure you’ll be able to retire someday.

4. Giving Up on Investing Isn’t an Option

When it comes to saving for retirement, you should also continue to invest while you live debt-free. Even though you may not have as much cash flow or you may be tempted to spend cash, it is a good idea to invest in a diversified portfolio.

Not only will this allow for you to have financial freedom throughout the rest of your life but it can help you expand your current finances. Avoid being afraid of the stock market once you’ve paid off your debts.

5. Neglecting Insurance Will Cost You

Renter’s insurance, homeowners insurance, car insurance, and health insurance. Purchasing coverage is important to protect your finances. In the event of an accident or emergency, these policies can help you avoid racking up debt.

Even though the monthly cost of insurance may seem like a pain, it can help you replace damaged items, restore your health, and protect your belongings. Without it, it is easy to swipe your credit card. Insurance is crucial if you want to live debt-free.

Readers, what else would you add to the list? How do you live debt-free?

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Barbara Friedberg Shares Her Secret to Wealth

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<p>Barbara Friedberg and I had a chance to sit down and have a chat recently. Usually, when I talk to people about their finances they are sharing some inspiring and amazing debt freedom stories. What is most inspiring about what Barbara had to say is that she never really had any debt, to begin with. For her, the idea of accruing debt never occurred to her. (Why couldn’t I have had that mindset, right?</p>::Pexels

Barbara Friedberg and I had a chance to sit down and have a chat recently. Usually, when I talk to people about their finances they are sharing some inspiring and amazing debt freedom stories. What is most inspiring about what Barbara had to say is that she never really had any debt, to begin with. For her, the idea of accruing debt never occurred to her. (Why couldn’t I have had that mindset, right?)

Here’s a look at the highlights of our discussion and the full video below.

What is the ‘Secret’ to Wealth?

According to Barbara, the secret to wealth has been hustling. There has never been a time she and her husband didn’t have multiple jobs or hustles at once, she said during our interview. Here are a few more of the highlights of the discussion…

  • Investing is a huge part of Barbara’s key financial plan. She emphasizes that everyone should invest in some fashion.
  • Emergency funds are another must, but it should be whatever amount makes you feel comfortable (i.e. three months, six months, or a year+ of expenses).
  • Be flexible with your finances, especially right now. Be ready to make changes and look for new ways to make money.

Have a listen to the full chat below.

Final Thoughts

I enjoyed getting to talk to Barbara. Her mindset and ideas about money are something to be looked to for motivation. No matter where you are financially, you can hustle and make your goals happen and succeed.

As far as the secret to wealth or success in your finances, I think Barbara was right in many ways. You have to be willing to be a little uncomfortable to truly improve your situation. No good change comes from being comfortable. Paying off debt is uncomfortable. Living frugally to meet savings goals can be difficult. Hustling to get by or meet your investing goals can be nerve-wracking.

In the end, though, it is all worth it. Your financial freedom will be your reward. For every uncomfortable moment during your journey right now, infinite comfort awaits once you are free from financial worry.

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How to Start Paying Off Debt, According to Dave Ramsey

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Dave Ramsey has been a go-to for personal finance advice for decades. Thousands, and possibly even millions, of people, have turned to him for what they should do next. Ramsey’s specialty is reaching financial freedom, which we all want. The first step to achieving financial independence is paying off your debt.

That sounds way easier than it is though – so, how do you start paying off debt? 

In the video above, a caller details his family’s financial struggle. At the time of the call, they were at least $96,000 in debt and had no clear plan of how to pay it off. Ramsey outlined the following steps to solve the family’s debt crisis.

  1. Get organized. First, get all of your finances into one place so you can see everything. Mint is a great tool to use for this!
  2. Know how much you owe. Once you have all your finances in one place so you can see how each part is moving, write down how much you owe and what kind of debt it is.
  3. Start writing down a budget at the beginning of every month. A written budget is a great way to keep on top of things and you’ll be able to see and plan every part of your finances.
  4. Sell everything you can. In the video, Ramsey tells the caller to sell his $27,000 car. It doesn’t always need to be that drastic, but you can look for things around the house to sell or even downsize to one car if needed.
  5. Identify ways to trim your budget. Once you have been budgeting a month or two, identify places to cut cost. For instance, you will need to cut eating out, going on vacation, and many other fun things to achieve your goal of being debt-free (but it will be worth it). Check out this Budget Planner.
  6. Make extra money when you can. Whether it is picking up a second job, selling personal items, or odd jobs, find a way to bring in some extra cash. Then, put all your newfound money towards paying off your debt.

If you’re interested in learning more about Dave Ramsey’s steps to getting out of debt, check out The Total Money Makeover.

Readers, have you read or listened to Dave Ramsey in the past? What do you think about his response above?