For many, the journey to debt freedom will take awhile. So, patience will be a necessity when it comes to reaching the finish line. But there's a balance between being patient and being complacent. And to reach freedom at a reasonable pace, you'll need to find that happy medium.
The timeline to debt freedom is different for everyone. However, if I were a betting man, I would bet that most people aren't going to make it out of all their debt real quick. In fact, I would be interested to know the percentage of people that get done with their journey within a year even. I know there will be cases where debt freedom will be reached in a few months or sooner. But I'm assuming that will be the exception, not the rule. Think about for a minute just how long it took you to accumulate all of your debt, it probably took years. So, given that fact, it would be unreasonable to expect your debt to go away at the blink of an eye. Moreover, it takes time to totally change your mindset and behaviour. Even if you start your journey strong, the likelihood that you'll stay on track each and every day/week/month is low. The last point to note on this is that for most people, their debt amounts could be rather large. Remember, my definition of debt is all inclusive (credit card balances, student loans, car loans, even mortgages, etc...). Now, I'm not saying all of this to discourage anyone. Rather, I'm explaining these facts to encourage people to push forward! Bottom line, most debt freedom journeys will take some time. So, don't be discouraged along the way. Keep your eye on the prize and know how awesome it will be once you get there.
The "BUT" in the title of this post is there because I don't want anyone to confuse patience with apathy! Although patience during this process is extremely important so that you don't feel like quitting before you really get started, you can't have a totally relaxed mentality as that will prevent your continued progress. Remember, you need to really "hate" your debt! It needs to be something you just can't live with anymore! This attitude needs to be ingrained in your brain so that everything you do financially aligns with this message! With all that said, you need to always continue your progress. Because even though it will take some time for all your debt to go away, you need to be able to tangibly notice your progress along the way. One rule of thumb I have used is to make sure I capture a "win" every month along this journey. Some examples of these wins are: selling something I own to pay down more debt, paying off a debt in full, paying greater than minimum balances on various debts, staying on budget, successfully saving for a specific goal, etc...
One key to making it through this journey is finding this balance. You need to be able to have the patience and perspective of the big picture with the capability of pushing the envelope so that significant progress is made. This winning combination will result in hitting your ultimate goal sooner than later!
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