If you inherited money, won the lottery, or otherwise came into a windfall, what would you do with the money? That’s what a Washington Post columnist asked last week (I wish I’d learned of her column earlier. Today she posted some responses. Here’s my favorite:
Paying off the debt is part of splurging. When you purchase a really nice Brooks Brother’s shirt, you’re not really buying it. You’re taking out a loan for purchasing it with your credit card. Once you pay back the loan and interest, then you’ve completed the purchase. As a world traveler, I can tell you that being out of debt is better than a trip to Paris, Bangkok or Rio. Once you’re out of debt, then splurge on a mortgage.
That’s a good perspective and one that many of us could learn from. Paying off a debt is like splurging. It feels good to get rid of it.
Some of us should try it more often.
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