4 Common Personality Traits of Debt Free People

By Eddie V. — Published April 09, 2018

4 Common Personality Traits of Debt Free People

With our current economic climate, you might think that debt free people barely exist. This isn’t necessarily true. There are people that are totally debt free in all income levels. All that distinguishes them from those of us who can’t seem to avoid debt is the fact that they have certain characteristics and habits that keep their heads above water and out of trouble. There are people like this all over the world and the best we can do is learn from them so we can also start saving more, spending less, and accumulating less debt until we don’t have any debts at all.

Although change is hard, sometimes it is necessary. Some people were raised with good financial principles that lead them to lead a healthier financial lifestyle as adults. Although this is sometimes the case, the majority of the time, the now debt-free people came across these characteristics through years of suffering from debt. Their then indebted selves learned these traits through trial and error until they perfected them.

When you’re up to your knees in debt, you realize that a change is necessary and that’s when you start to question the choices that lead you here. It isn’t easy to change your whole lifestyle all at once. But sometimes, through perseverance and even necessity, it is still possible. Here are a few common personality traits that people who are debt-free share.

1. They don’t ignore the little things
Debt-free people tend to check their bank statement on a regular basis. How else are you going to spot that extra fee for the gym subscription that you ended years ago? These people are always eager to save as much as they can. They do this by not spending money pointlessly. If there’s a mistake on their statement, they’ll be sure to catch it. When you pay more attention to your financial statements, you’re less likely to miss a payment. Although this sounds like too much effort initially, the key is to start. Once you get used to it, you’ll develop a habit of doing it.

2. They do research
They are well-versed in the language of money. They know all the financial terms and that makes them hard to fool. In most cases, having an accountant is a good thing, a sensible decision. Debt free people, however, still look at all their tax returns and paperwork before they sign them. If you want to take control of your money, then you’ll have to learn to speak its language. This can understandably put some pressure on you at first, especially as you’re still getting used to all the jargon, but once you’ve understood the basics, you’ll emerge more confident in your financial decisions. After all, you’ll have a clearer idea of where all your money is going and what it’s being used for.

3. They act as though they earn less
This is one of the most valuable traits. If you could do this, you can start seeing a significant increase in your financial situation. Pretend you make 25, 50, or even 60 percent less than your current income and work with that sum while drawing up a budget. This lets you save the rest of the money and utilize the amount you’re allowing yourself to its full potential. Your savings will help you in a significant way in the future.

4. They think about the future
They don’t just live for the thrill of the present, but they always have a long-term plan in mind. When you shift your focus from what you want in the moment to what you’ll want in the future, it’ll improve your money management skills in a big way. Set aside those shoes to save for your retirement plan.

There are many traits that debt-free people share. They tend to ask a lot of questions so they’re clear about all the details and know exactly where their money goes. They put away little by little every month to save for later, according to the goals and visions they have for their future. Debt-free people are usually smart, goal-driven, disciplined, patient, non-materialistic, secure, and realistic. You can be all those things too – as soon as you start making a change.

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