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#021 — Texas Independence Day & Your Finances

March 3rd, 2009

Texas Independence Day

I was listening to the news yesterday morning, and I was reminded that it was Texas Independence Day.  On March 2, 1836, Texas formally declared independence from Mexico, citing reasons including:

  • The Mexican government invited settlers to Texas promising constitutional liberties and republican form of government, but Mexico reneged on these promises and established a military dictatorship.
  • Texas’ affairs were decided in the distant provicial capital of Saltillo, without much input or understanding.
  • The right to keep and bear arms was denied.
  • No system of public education was established.
  • The settlors were denied freedom of religion.

Your Finances

Each reason for Texas’ independence cited above reminds me of being stuck in an ever-increasing household debt load.  Sure, if the only problem was they felt their voice wasn’t being heard all the way in Saltillo, then maybe it was bearable.  But you add the denial of faith, guns, and education, and Texans had enough. 

In your personal finances, maybe one credit card is manageable, and adding a $400 car payment no big deal.  But once you add monthly payment obligations for another car, a boat, student loans, and a house — well maybe then you feel as if a military dictator has moved in with you!

At some point, you have to say “enough is enough.”  Take charge of your finances.  Declare independence from your debt, and map out a game plan to find success.

I know for me, the moment I declared independence from debt was when I realized my student loans would be around as long as my house payment would!  It was frustrating to see a lot of hard work result in decades of student loans, without a huge benefit in return.  Our household created a list of debts, and implemented a household budget.  We now save for trips and bigger purchases and pay for them in advance.  My hope is we can do that with our next car — hopefully our current cars will stick around long enough to make that happen!

Tell me the moment when you realized you needed a Declaration of Independence from Debt.  Leave me some comments below!

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