Wouldn't it be great if you could drive through a store and eliminate all your debt by the time you completed your drive through?

Interestingly, that is what many people, who are swamped in debt think about the idea of debt elimination.

Unfortunately, there's no such thing. Nor even bankruptcy is a drive-through prospect.

What we need to understand in the process of eliminating debt is that you didn't get where you are overnight. So, it is going to take some time to get out of it.

Be Patient!

But Persevere.

Why?

Here are some thoughts for you to ponder while you decide where you need to be.

First, if you have no debt you can make better decisions.

Imagine that you have no debt. Your company decides to cut back and they give you the option of retiring earlier. They offer you some incentives that make it even sweeter for you to do so. If you don't have any debt, that should not be too difficult a decision to make. On the other hand, if you are swamped in debt, retiring earlier isn't an option. The pain and uncertainty will drive you crazy. The same can be said for a company that needs to relocate and you don't think that is a decision you need to take. So, your options are much greater than someone who must keep the job to stay above his or her debt.

Think about what your job choices would be if you didn't have any debt. Would you spend half of your day commuting to some remote location so that you can commute back home when the day is done? Wouldn't  you rather have a spouse stay home and enjoy more time with the children?

What other choices would you make differently if you didn't have debt?

Would you change your buying habits?

Would you live in a different neighborhood?

Would you spend your time differently?

In thinking back over these answers, what will it take for you to get out debt?

Let me know what your thoughts are on this.

All the best.

What is your legacy?

How wealthy are you?

For many those two questions seem to go together.

If you have a fortune, you will be able to leave a great legacy. If you don't you won't.

Somehow I think that is not really what the future is expecting. By future, I mean your descendants. Think about this for a few minutes and even read into your own history and analyze this if you will.

What is it that you most cherish from past generations in your own family tree?

Some money would be nice but it is illusory. It doesn't seem to last very long and it never is enough. Many times you would rather have the person who died there again rather than their money. But that is one legacy.

Another may be a monument. A house, a statue, or even a brick with someone's name in it that is part of a mural that was put up for an Arts Center or somewhat similar building. Whatever it is, the memory is great, but it will fade over time. Fairly useless after a while as the building deteriorates and needs to be replaced. What then, where's the legacy?

Another legacy may be a personal gift, such as a scholarship for a specific person.

Whatever the thought behind it, a legacy that's monetary at it's base is really no legacy. Who is going to remember a loved one centuries down the road who left a few bucks behind?

In thinking about it, the one thing that kept coming up to mind, was the idea of a memory that wouldn't fade away no matter the time. And, there really isn't one but there is something that comes close and unfortunately, I believe in part because of the distractions we have today, such as TV, Internet, Cell Phones, and the like, we are missing out on that. That something is a written message to loved ones written while we are still able to share it with them.

There's an organization that has put together a program to teach individuals how to write letters for posterity. It has a program for men and another for women. You can find more info about this by clicking here and make sure you check them out (by the way, this is not a paid referral.)

Although this is an established program, you really would be surprised at how much you will benefit from leaving a legacy such as a letter that you send periodically to your children, your spouse, your parents, and even to a future generation. There are benefits to writing such letters both for you and for the person who receives it and you can't know it until you have experienced giving your spouse a letter that lets her or him know what it is like to be married to such a person; what blessings that person has brought into one's life and a lot more. You also will never understand the feeling that simply overwhelms a son or daughter until you send them a heartfelt letter that tells them how much you love them and what they mean to you. And, although it may be difficult, you can write a loving letter to a wayward individual that's encouraging and full of praise and the belief that you love that individual so much no matter what.

Once you go through this experience you will be surprised at how treasured that letter is and how much pride the individual will have in showing it off to others. Not only because they are loved, something that we seem be missing right now but also because it tells them you appreciate them. (By the way, no criticism allowed, as you wouldn't want them to think of you negatively.)

And that is my legacy to you.

Create your very own special letter and send it to a loved one, telling them how much they mean to you and how much you treasure the moments you remember about them in your life. Such as the time you had an ice cream cone on a hot afternoon and they ended up with a chocolate mustache. Or the time the little boy or girl held on to your hand as you walked in the park.

There are many memories that you will be surprised will come up when you start writing your letter.

That will be a legacy they will treasure more than any other. Money too, if you have it, but your love and care and glad thoughts about them will be a much more important legacy.

Enjoy leaving your legacy.

At the beginning of the year you made a New Years resolution that you would run and complete a marathon. That's 26 + miles…running!

Comes January you will do it!

Comes February you definitely will do it.

Comes March, maybe I should start with a walk.

Comes April, man, I really don't know if I can do this.

Comes May, wow! the weather is turning harsh! Global warming is starting early this year. I really shouldn't be running in this heat!

You can pretty much bet that the New Year's resolution you made back in December isn't really going to happen.

This isn't really unusual. Seriously!

Most gyms see an increase in the number of subscriptions during January than at any other time of the year. That is when most pros take a break from the gym because they know it's going to be a zoo. But, wait a month or even less, and the gym goes back to normal.

Why is it that we make so many resolutions but don't follow through with them?

I believe there are some reasons why this happens.

First, there's no personal commitment.

It takes a personal commitment for the resolution to be serious. "I'll be there!" is much more serious than "I'll try to be there!"

Then, there's no overarching motivation.

Making a resolution but not having a grand dream or goal to look back to isn't going to motivate you when the rough times hit. What will motivate you to continue towards your goal when you hurt all over; when you are ready to give up; when you get ridiculed for even trying; That needs to be much greater than anything you've attempted so far.

Finally, there's no plan.

Goals are great. What it takes to reach them is the ability to break them down into small steps that you can take now to eventually reach the goal. What are you going to do this minute that will get you closer to your goal? What about the next hour? and so on.

All of this is the mental side to the process, it's what you will be working on when you aren't actually doing. Eventually you will need to start the doing.

Activity is what separates the winners from the dreamers.

If you were preparing for a marathon, you would need to know how many miles you wanted to complete (26.7) and the amount of time you believe you will be able to finish it in. Once you do that, you would then figure out how much time you would have before the next marathon. That would give you the time to train.

Next, comes the study and mentoring part.

What runners have completed marathons safely? Do they have books about it? Look over the books about the process and their feedback. Select one author and stay with his or her plan. Once you have the foundation, the base in place, then modify it a little. Make sure you are able to measure the result. If it works add it to the overall plan, if not, discard it. That is one part of the process another and very important part is two-fold.

Enlist the help of your circle

If you are going to accomplish a feat such as this, make sure you have a good team supporting you. I'm talking about having a bunch of encouraging folks that will prod you when you don't feel like doing it. Even someone who can run with you for a short distance every now and then. And, if at all possible, have someone who has accomplished your goal give you feedback on your training.

Here's what these two will do. One, it will make your resolution public so you now have to deliver or loose face and two, it will help you improve on the process so that you have a greater chance at finishing.

There's no greater feeling than running such a distance and then have your friends cheer you on at the finish line.

What does this have to do with personal finance and debt management/elimination?

Simple, this process isn't like a drive-through fast food restaurant. Where you can get all your debts wiped out overnight and your credit restored pristinely the next day. It will take time.

Remember, you didn't get here overnight so there's absolutely no way that you are going to get out of here overnight. At least not through this process.

Take your time over this process and make sure you have a grand goal directing you towards the end-line. If you do, those times when the process seems hopeless and you just want to give up, you can think back to your dream and it will help you spur on through the plateau you find yourself in.

Wishing you the best in your quest for financial freedom.