Comments on: Paying Debts is Easier than Building Wealth http://pantsinacan.com/2009/04/29/paying-debts-is-easier-than-building-wealth/ A Personal Finance Blog with a Silly Name Wed, 23 May 2012 04:33:51 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Credit Card Paydown…Winning! » Pants in a Can http://pantsinacan.com/2009/04/29/paying-debts-is-easier-than-building-wealth/#comment-108902 Credit Card Paydown…Winning! » Pants in a Can Sat, 14 Jan 2012 12:43:28 +0000 http://pantsinacan.com/?p=1389#comment-108902 [...] Having done this a few times now, I’ve learned that it’s not so much about how large a balance you’re carrying but how able you are to make constant and consistant payments while keeping the credit cards in your wallet. [...] [...] Having done this a few times now, I’ve learned that it’s not so much about how large a balance you’re carrying but how able you are to make constant and consistant payments while keeping the credit cards in your wallet. [...]

]]> By: Net Worth Update: May 2009 (+$7,924) » Pants in a Can http://pantsinacan.com/2009/04/29/paying-debts-is-easier-than-building-wealth/#comment-54985 Net Worth Update: May 2009 (+$7,924) » Pants in a Can Sat, 02 May 2009 01:47:16 +0000 http://pantsinacan.com/?p=1389#comment-54985 [...] But even if it’s not, I’m glad that my finances seem to be continuing in the right direction, even if it’s not quite at the pace I’d like. [...] [...] But even if it’s not, I’m glad that my finances seem to be continuing in the right direction, even if it’s not quite at the pace I’d like. [...]

]]> By: Wojciech @ Fiscal Fizzle http://pantsinacan.com/2009/04/29/paying-debts-is-easier-than-building-wealth/#comment-54947 Wojciech @ Fiscal Fizzle Fri, 01 May 2009 01:11:40 +0000 http://pantsinacan.com/?p=1389#comment-54947 I think that when you are so focused on paying off debt, there's a sense of incredible urgency that comes along with it - knowing that the finances charges are chasing you each and every day motivates you to keep going as fast as possible. But once you get to $0, all that pressure just kind of dies off and you no longer have a goal, as you mention. No longer are you "bleeding" money, now you're just getting paid a little interest here and there. The psychology of this is interesting, and I don't have a clear answer about how to create the same conditions in wealth-building for motivation as those that exist in debt-repayment. I think that when you are so focused on paying off debt, there’s a sense of incredible urgency that comes along with it – knowing that the finances charges are chasing you each and every day motivates you to keep going as fast as possible.

But once you get to $0, all that pressure just kind of dies off and you no longer have a goal, as you mention. No longer are you “bleeding” money, now you’re just getting paid a little interest here and there.

The psychology of this is interesting, and I don’t have a clear answer about how to create the same conditions in wealth-building for motivation as those that exist in debt-repayment.

]]> By: DD http://pantsinacan.com/2009/04/29/paying-debts-is-easier-than-building-wealth/#comment-54912 DD Thu, 30 Apr 2009 04:06:56 +0000 http://pantsinacan.com/?p=1389#comment-54912 Don't be so hard on yourself...I thought the charts were cool. Don’t be so hard on yourself…I thought the charts were cool.

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