The catalyst of getting out of debt fast
If you really want to get out of debt fast, your why is the way!
I am sure you have heard this a million times. That’s because it is that important. You need to hone in on your why. Your why is not just any old reason. It is a very personal reason you want to achieve the goal you are striving for.
What do you want to achieve? Is it a graduate degree? Is it finding a spouse? Do you want to run a marathon, learn an instrument, speak a foreign language, become a millionaire, …? It doesn’t matter what it is. But when you have a personal goal that is really big, and you want it bad enough, you will do whatever it takes to obtain it.
If your why does not make you cry, it is not strong enough.
When you envision the goal, can you see it? Can you smell it, taste it, feel it? Is it tangibly evident to your senses? If not, it may not be a why worth pursuing.
It is that important. Your why will be the catalyst in demolishing your debt. As a result, you will see that debt fall fast.
It Must Be Yours
How do people lose crazy amounts of weight in a short amount of time, while others cannot move the needle on the scale? It’s because they have a powerful why.
Why do some entrepreneurs achieve success in a fraction of the time that it takes another to do half as much? It’s because they have a robust why.
Where does a single mom find the strength to work two jobs and go to school so that she can pursue her dream career and cash flow college for her kids, while another mother sits at home unmotivated? The difference is in the energy of their personal why.
Getting Out of Debt is No Different
In the earliest sessions, when I’m coaching a client, I ask lots of questions. I want to get to the real reason they are doing this for themselves.
Let me ask you one more question: Why do you want to get out of debt? Your answer is going to be different than anyone else’s answer. If you find yourself quoting what someone else said, you may need to dig deeper.
For example, if your parents or your spouse or your friend wants you to go somewhere, but you don’t really want to go on their trip, the road will be long and arduous. You may go, but it will not be a pleasant journey, and when you get there, you may regret even going. If you want to get to your dream destination, your why is the way, not someone else’s why.
Spend some time thinking about this question: Why do you want to get out of debt?
If your answer to the above question is shallow, you need to spend more time thinking, dreaming, and maybe even discussing with others why you want to achieve this goal. For example, a shallow answer is something like, “I want to be rich”. Or, “I don’t want to have any more debt bills”. These are not deep, multi-layered, why’s.
When it comes to getting out of debt, your why must have layers to it. Each layer is important. Every layer is true, genuine, and meaningful. But, once you reach a certain layer, it gets awe-inspiring.
Have you ever walked past a single slice of cake in a display at the grocery store? You may have stopped and considered buying it, but after thinking about your fitness goals, you probably passed it up.
After that, you walked down the aisle and notice a whole sheet of your favorite cake. This may hold your attention a little longer. But after a couple of minutes, you could talk yourself out of it. These two experiences had different results but notice that neither of them made you gasp in amazement.
Now imagine you see a baker extraordinaire, a culinary craftsman, a true artist, erecting a 5-layered wedding cake, that so happened to be your favorite flavor and favorite icing. By the way, you are in the midst of planning your wedding … what perfect timing! You do not pause, you do not just glace, and you are certainly not passing by this creation. You are awe-inspired. Why? Because, the cake was perfect, the timing was perfect, and the atmosphere was perfect. You were locked in.
That is what your debt-free why needs to resemble … an awe-inspiring, jaw-dropping, creation.
EXERCISE: Try Asking Why
Experts in problem-solving use a multi-layered strategy in getting to the root cause of an issue. They ask “why” 5 times, and some say 7 times or more. In one article, “How Asking ‘Why’ 5 Times Can Change Your Life”, the author writes: “Start solving the roots of your problems when they arise by using a popular Kaizen (‘continuous improvement’ in Japanese) technique.”
Let me show you what this looked like for me when I realized my why. Remember, this is very personal and this is my why; no two dream cakes will taste alike.
I asked myself:
Q1: Why do you want to get out of debt?
A1: I do not want to owe anyone, anything, anymore.
That’s kind of shallow – you can do better than that
Q2: Why don’t you want to owe anyone, anything, anymore?
A2: Because I want to have full access to my most powerful wealth building tool: My income.
That’s not deep enough – more layers please
Q3: Why do you want the full availability of your income?
A3: I want to use my income to invest and have compound interest working for me.
You are getting there – keep going!
Q4: Why do you want to invest?
A4: To be able to live on the money my money makes, instead of the money that I must spend precious time working for.
How about a little further?
Q5: Why do you want enough passive income to live on, instead of spending time working for it?
A5: So, that I can do three things. 1) GIVE MAXIMUM TIME: Serving others, as much as I want, without the need to “go to work”. 2) GIVE MAXIMUM WISDOM: Start a business that teaches others how to achieve anything, without needing a “paycheck”. 3) GIVE MAXIMUM SUPPORT: Leaving a legacy of scholarships for my grandchildren and their children, and my community, and …
Now we are talking! Touchdown!
I could keep going a couple more layers describing the intricate details and facets of my why. I’ve thought about what the business and experience are going to look like. Imagining the happy people, the laughing children, and the impact on my community drives me. As Chris Hogan, author of the book Retire Inspired, says, you must dream in High Definition.
After going that deeper into my why, I could visualize the finish line. Knowing what was at stake, I didn’t complain through the long hours. My deep, personal, and passionate why was a powerful motivation to achieving the goal.
Now it’s your turn.
Get out of Debt Fast! Your Why is the Way.
You may notice your answers getting longer and more detailed as you progress layer by layer. However, if your cake is not so grandiose by the 5th layer, go for 6 or 7 or more. Do not stop until you start to feel your heart racing or a tear well up in the corner of your eye. This should be a BIG DEAL!
In conclusion, you should end up with a why that will drive you to get out of debt with tremendous momentum. If you really want to get out of debt fast, your why will be the catalyst.