Working on Debt

Hey, Dr. Alter, your Delray Beach Chiropractor. I know a lot of people out there have a lot of debt and it’s no fun to start paying off debt and it’s hard work. I had hundreds of thousands of dollars in debt in my lifetime, student loans, business debt to open this office, credit cards, mortgages, and paying off debt can really take a toll on you. But I wanna, I wanna create a perspective. I wanna put, have you see something that helps with this and can create a little bit of excitement? Let’s take a look at this.

This is gonna be a net worth scale, so this is zero. This is $1 million. Okay, and then down here is negative to infinity, okay? Most people, you come out of school and you might owe $50,000 in student loans. I owed $150,000 in student loans. And when you start to pay these, it can be demoralizing. You don’t see it going anywhere, takes chunks of money and chunks of money, and you seem to be getting nowhere.

But I wanna explain a concept that can help your mind kind of get wrap around this and, and see that there’s light at the end of the tunnel. If your net worth is minus $50,000, you have 50,000 in student loans and you have no more money, And you pay off $10,000 in your student loans. now your net worth is minus 40,000, and you pay off another 10 and another 10, another 10 until you pay off all 50.

Now your net worth is zero, and then you continue to save money until you have 50,000. Now your net worth is 50,000 and you save, save, save, save, save until the end of time. So here’s the point. When you’re paying off debt, you’re actually on the vector towards wealth. You’re on the vector towards freedom.

You gotta come out from somewhere, whether you’re starting down here, you’re starting here, or you’re starting in The plus, it’s all the same vector to get you to where you want to go, which is freedom.