Dave Says: How Big is Your Why?

Dear Dave,
I’m 26, and I graduated from college a few months ago. I was fortunate enough to have a job making $70,000 annually waiting for me. I don’t have any other debt, so my only real problem right now is about $5,000 in credit card debt. It doesn’t seem like a huge amount, but I don’t want to fall into the trap of relying on debt throughout my life. Do you have any suggestions for remaining motivated to stay out of debt in the years ahead?
Emil

Dear Emil,
Congratulations, young man! Aside from the credit card debt, it sounds like you’re off to a good start in life.

Paying off the credit card debt should be no problem with the income you mentioned. You can knock that out in two or three months just by living on a strict, written budget. Now, how do you stay motivated after that? I think it comes down to having a specific reason, something meaningful in your life that makes you never want to be a slave to debt again.

In my case, it was simple: We went broke and filed bankruptcy the year our second daughter was born. So, my reason for getting out of debt — and staying away from debt after that — was to be able to feed our kids and take care of our family the way a man should. My wife and I also didn’t want to feel the kind of pain that comes from losing everything again. 

But here’s the thing, Emil. Everyone’s different. Your situation isn’t the same as mine was, so you’ll probably have different motivations for staying away from debt and building wealth by managing your money wisely. Maybe you want to be outrageously generous to churches, civic groups and nonprofits. Or maybe you want to bless your future family members with an inheritance somewhere down the road.  

If you have a good reason for doing something — one that’s meaningful to you — it’ll make all the discipline and scratching and clawing to win worth it. I want you to read a book by Simon Sinek called “Start with Why.” In it, Sinek explains how an extremely personal reason for doing something can help you get up in the morning inspired to make it happen.

Remember, the enemy of excellence isn’t laziness. It’s the attitude of being okay with mediocre and the mindset of “Thank God, it’s Friday. Oh God, it’s Monday.” Ironically, it’s easy in America today to have a high-quality life while being mediocre. But who wants to be mediocre? Why not strive to be all you can be?

If you’ve got a good why, it’ll get you moving in a positive direction with a positive attitude every morning, every day for the rest of your life!
— Dave

*Dave Ramsey is a nine-time national bestselling author, personal finance expert and host of “The Ramsey Show.” He has appeared on “Good Morning America,” “CBS Mornings,” “Today,” Fox News, CNN, Fox Business and many more. Since 1992, Dave has helped people take control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.