Being debt free is like winning the lottery

Well, I just checked my Mega Millions lottery ticket for last night's massive $380 Million jackpot...and I lost. I know, big surprise right? I keep telling everyone that I'm due since I haven't won a jackpot yet :) But really, I know playing the lottery is a horrible waste of money. I think some people call it "a tax on the poor". But I figure that I'd just give it a shot with the jackpot that big. Besides, if I would've won, the return on investment is hard to beat (invest $1 and get $380 Million)....not bad for a day's work.

Dreaming about what I would do with all that money is fun! In fact, my brothers and I had a pretty long conversation the other day as to what we would do with the winnings. I know the lottery dreaming was widespread, given the size of the jackpot. I've read several Facebook posts over the last few days that talked about the lottery and what people would do with all that cash. All this talk about winning the lottery made me realize several similarities between being debt free and being a lottery winner. I could even argue that being debt free might be better....maybe.

The most common things I've heard people say they would do if they won the lottery are:

1. Quit their job


2. Buy their dream home/cars


3. Pay off all their debt


4. Give to extended family and friends


5. Give to charity

First of all, I find it very interesting that people would call out that they would get rid of all their debt. It just goes to show you that people think they should be debt free but it's actually kind of sad that most people think that the only way to become debt free is by winning the lottery. Even though people probably won't admit that, I know from experience that thinking about being debt free seems so far fetched at the beginning. It's really discouraging when you think about the huge uphill battle you would have to fight. But I'm telling you it's possible, although it's definitely not easy.

When I look at the other 4 things people would do if they won the lottery, the common theme to me is freedom. Guess what, it's the same kind of freedom you can have when you're debt free. Think about that for a moment! That's right, I'm saying that if you were debt free, you would be able to accomplish all the same things you would want to do if you landed a huge lottery jackpot. Of course, it's not a completely straight forward comparison. Winning the lottery today would be an immediate life changing event as your financial position transforms literally overnight. On the other hand, becoming debt free will take a lot of hard work and determination that occurs over a certain period of time. However, if you look at it from a totally different perspective, going through the debt freedom journey will equip you with skills that will ensure you build wealth forever. One issue with lottery winners is that they have no idea how to handle the money that was just given to them and that's why you hear all the sad stories of lottery winners that have lost it all as fast as they won it.

So, although I wouldn't deny a jackpot if I someday was lucky enough to have a winning ticket, I'm extremely excited to become truly debt free and enjoy building wealth forever! This is the type of perspective that keeps me extremely motivated to get rid of my debt ASAP! This freedom is what awaits everyone who reaches the debt free milestone. And if you compare the two approaches to freedom (i.e. be diligent in your journey towards debt freedom OR continue to buy lottery tickets and hope you get lucky), I think one approach is clearly better. And that's why, being debt free is for me!