Many couples are in bondage to debt due to college, credit card, and home loans. Most are told that a couple needs two incomes to survive, therefore, a mother can’t possible be a keeper at home and have a large family. Here are two women who have proved otherwise! The first one is by Amy Dacyczyn who wrote the book The Tightwad Gazettewhich I highly recommend and the second one is by Tamara Linkowsky.
“The change occurred when I got married and began to pursue my dream. I had always wanted a large family and a rural pre-1900 New England farmhouse (with attached barn). I had a crazy notion that I could have both without the two-income/daycare frenzy that has become the norm for the modern American family.
“Our first child was born nine months (and 15 minutes) after the ceremony. I set aside my career in graphic design to be a mom. It was during this time that I discovered daytime talk shows and first heard the commonly held myths expounded by intelligent audience members.
‘Nowadays, a family has to have two incomes to make ends meet.’
‘Nowadays, it is impossible for a young couple to get into the housing market.’
‘Nowadays, families cannot afford to raise more than two children.’
“As if the message could magically be shot back through the television tube, I raised my fist and shouted, ‘It is not true, it can be done.’ And so began my quest…to prove that it could be done…that it was still possible to raise a large family and buy a house without two full-incomes.
“Saving money rather than earning money became the means to my goal…Over the years, our average income has been less than $30,000 (including my husband’s Navy salary and all allowances, plus my spotty free-lance income). In less than seven years, we saved $49,000, made significant purchases of $38,000, and were completely debt-free!”
Just a week or so ago, a 19 year old woman was killed in a car crash. She was one of ten children and comes from a God-fearing family. Many of you most likely have heard about this tragic story but also how this family is using it to bring glory to the Lord. I wanted to share what Corinn’s mother, Tamara, shared on Facebook the other day in hopes of encouraging some of you who don’t see a way for you to come home full but with God ALL things are possible.
“Dear Friends, God has put on my heart to share this with you. We have always told Genavieve [one of their daughters], ‘When God gives you a platform it is for His glory and His alone’…now it’s our turn. Regarding finances, we went from two incomes to one ($11,000 per month to $3,000 per month), from two kids to ten, from being over $200,000 in debt to being debt free, and today we give more than we gave when I was working. We prayed very specifically ‘Lord, if you get us out of debt we will give more to missions.’ That is exactly what happened. I am sharing this to say our lives don’t make any sense. From beginning to end, our story is a God story. It was hard, and we had to sell our house but we started with a 1,300 square foot house full of debt to living in a 5,200 square foot house today debt free which gives us the freedom to be more generous in our giving.
“Our bank account is not large by any means. We thought we were going to transfer Corinn to U of M and the hospital told us if that happened the expense would most likely be on us with a minimum of $17,000. This is when we opened the gofundme. The funds came in quick…real quick. I’m SOOOO thankful for the love people show us. When she was refused the transfer,we shut down the gofundme. People kept messaging us asking us to reopen it because they wanted to help and this was the only way they knew how. So we did.
“I am sharing this to say this. God does not want ANYONE giving by compulsion (2 Corinthians 9:7). God loves cheerful givers. There are going to be charity events because other people are asking us to do them. They want to do that for us but PLEASE do not by any means feel obligated to give. We still don’t know what our expenses are going to be and either way God is and will continue to take care of us just as He will show us the next step.
“If anything, if you have a bit of money please go to IBLP.org and buy the Jim Sammons Financial Freedom Seminar [which is far richer with scripture and biblical support than Dave Ramsey].God will use it to teach you MUCH about marriage, family, and finances. It is a 16-hour seminar on DVD. This is what God used to get us out of debt. It is very different from Dave Ramsey. We had to make some very hard decisions and do some very hard things but God delivered us from debt. If there is anything Craig and I would like, it would be for you all to watch and live out these videos and then see the mighty hand of God upon your life as we have seen on ours.”
For with God nothing shall be impossible.
Luke 1:37
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FAQs
True Financial Freedom
That's the power of being debt-free. Without the shackles of interest rates or recurring debt payments, individuals enjoy greater cash flow and the liberty to allocate their money as they see fit.
What are the benefits of living a debt free life? ›
A life without debt gives your budget some wiggle room so that if things go awry, you have a safety net to fall back on that is not tied to debt payments. Being debt free also means that you don't have to worry about late payment fees, or in a more drastic scenario, losing your car or home.
Does financial freedom mean debt free? ›
1 The most common definitions of this type of freedom include: Being debt-free: 54.2% Living comfortably, if not rich: 50% Being able to meet monthly financial obligations with money left over: 49.3%
At what age should you be debt free? ›
According to Experian, as of the third quarter of 2023, the average American held $104,215 in debt. You're probably very familiar with the negative side effects of debt and how hard paying it down can be, but do you know that by age 45, you should be debt free?
Why is being debt free bad? ›
Cons of Living Debt-Free
That's because payment history makes up 35% of your FICO® Score☉ , the credit score used by 90% of top lenders. Without open accounts, there may not be enough credit activity for credit bureaus to calculate your score, which could harm your credit.
What percent of Americans are debt free? ›
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.
Is it rare to have no debt? ›
Between mortgage loans, credit cards, student loans, and car loans, it's not uncommon for the typical American to have one or more types of debt. The ones who are living debt-free may seem like a rarity, but they aren't special or superhuman, nor are they necessarily wealthy.
Is it better to be debt free or have cash? ›
Tara Alderete, director of enterprise learning at Money Management International, says it usually makes sense to prioritize debt reduction overall, but there are exceptions. “If you already have adequate savings in your emergency fund, you may want to focus on quickly eliminating debt,” Alderete says.
What percent of Americans are financially free? ›
Rising feelings of financial insecurity: Just 1 in 4 (25%) Americans say they are completely financially secure, down from 28% in 2023. Whereas 72% of Americans indicated they were not completely financially secure in 2023, that number has now risen to 75% in 2024.
How much money does it take to be financially free? ›
Americans say they'd need to earn about $94,000 a year on average to feel financially independent. That's about $20,000 more than the median household income of $74,580.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.
What is a trick people use to pay off debt? ›
Focus on your highest interest rate first
It's OK to make minimum payments on the rest of your accounts. Once your highest interest rate account is paid off, focus on paying off your card with the next highest rate and continue to do so until all of your debts are paid off.
How much debt does the average American have? ›
The average debt in America is $104,215 across mortgages, auto loans, student loans, and credit cards. Debt peaks between ages 40 and 49 among consumers with excellent credit scores.
What is it called to be debt free? ›
Living debt-free means having no outstanding payments or financial obligations on credit cards, personal loans, student loans, auto loans, medical bills, mortgages, utility payments or other types of debts.
What happens when you have no debt? ›
Without any debts to worry about, your monthly expenses will drop, freeing up your personal cash flow and allowing you to focus on savings and daily living expenses. Few people understand just how free you can feel when you're no longer beholden to a slew of banks and lenders.
Is freedom debt relief legal? ›
Freedom Debt Relief is a legitimate company established in 2002 to provide debt negotiation services. It's a founding member of the American Association for Debt Resolution (formerly the American Fair Credit Council) and affiliated with the International Association of Professional Debt Arbitrators.
What does the US Constitution say about debt? ›
Fourteenth Amendment Equal Protection and Other Rights
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
