Accumulating debt can be a trap; it limits your possibilities because you're always consumed with paying it off. I've been following this blog, Man vs. Debt, for a little while and I think it's one of the best real life examples of how to become financially free. There's a post from a woman who sold the stuff she didn't need and netted $15,000 which she used to pay off her loans over the course of 9 months. But the most impressive thing thus far for me has been the list of the family's possessions. Yes, everything they own is cataloged on the website with pictures.
Many people spend a lot of time focusing on their "stuff"--the things they have and the things they want to have. We spend an inordinate amount of effort and money to acquire and store things we don't need. In fact, this year when I considered downgrading to a smaller apartment quite a few people discouraged it, even though I have a room that I barely use.
As we approach the holiday season of gift-giving it's important to remember that while it's essential to have good credit and some measure of savings, we are not our stuff.
I challenge you to spend one day before the year ends going through your stuff. Consider gifting the items you don't need (instead of buying new ones), or selling them and putting the proceeds into your emergency fund.
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