WHY DO WE GET IN DEBT? MAIN REASONS - Video series 2/2

Do you find yourself asking how did I get here?

How did I get to this financial mess? When did it start? Well, we found 6 main reasons why, and because it will be too long to talk about all of them in one video, we created a 2-part video series. Today I will be talking about the remaining 3 main reasons why we get in debt, and if you haven’t watched the previous video, I recommend you to watch that one first.

  1. STUDENT LOANS. This is the case for many professionals. You “invest” in education with the illusion that you will get a good job to pay it back. But what happens when you realize that it will take you much longer than you expected to build your way up in the organization? What happens when you realize that there is no demand for professionals in your field? Or there are too many professionals for the actual demand?. That’s what happens in my native country now, the rates of young unemployed professionals are alarming. And you have to add to this that you fall in love with another professional, you got married and have kids. So now your combined debt is so high that even if you get promoted, it won't be enough.
  2. SICKNESS OR DISABILITY. We know some families have ended up in an awful debt situation because someone got ill, got into an accident or have an incurable disease. If this is your case, please let me tell you that I feel for you. I just can’t imagine your pain and frustration, especially if you have been frugal and conscious about your money in the past. In Canada, when things like these happen, you can get government’s help… but sometimes it is not enough. In the States, it is even more devastating because the medical bills can destroy any kind of budget, especially if you have to take time off work to take care of your loved one.  But let me tell you that you can get back on track. It will need much more effort than just stop overspending, you will have to make hard decisions, and work your but off. But it will be temporary until you get back on your feet.
  3. YOU DON’T MAKE ENOUGH. Sometimes even if you live within your means and you are very organized and conscious on every penny you spend… you just don’t make enough money to cover your basic needs. This might be one of the most frustrating realities you can face. This was our situation even before Val and I met each other. We both grew up in an environment of financial struggles, we had to start working very young to help our family to bring food to the table, we had to learn very young the meaning of hard work and discipline. And let me tell you, it has been very hard not to feel frustrated, and fight against these constant thoughts why me? Life is not fair, I’m doing everything right, and I still can't see the light at the end of the tunnel. Trying to float over the water line for years and when you think that you can finally touch land, a bunch of big waves come, and you sink even more in-depth.  But let me tell you, your efforts will be paid off, it will take longer to get there, it is not easy, but it is possible. Don’t give up yet!!

So this is all for now, and remember that these are only reasons on how you get in debt, it doesn’t define who you are. Maybe you didn’t make the right decisions in the past but listen to me... you have the power to change the course of your life, and it only depends on you. Just the fact that you are watching this video says a lot about you.

Keep crashing your money goals, and we will see you next time!

 

Let's keep in touch!

Subscribe to our weekly emails about money, parenting, relationship and more.

Don't worry, your information will not be shared.

Subscribe
Close

50% Complete

Do you want to stop spending but don't know how to do it??

Overspending can easily get out of control and if we do nothing to control it, it can ruin families and love relationships. Take this FREE COURSE and discover the power within you.