How to Create a Life Without Debt and With Purpose Through Living the Seven Habits
by J.D. Frailey

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With money issues, as in all other areas of life, accepting responsibility must precede any realistic hope of predictably improving our situation. Why? If a person does not feel responsible they are much less likely to take the actions that could make a positive difference.

Ouch! Many people wince at that last sentence because they view taking responsibility as shouldering some heavy, relentless burden. A more empowering interpretation, according to Stephen R. Covey, is to see the word as response-ability—the ability to choose a response which reflects our values.

Let’s say a person has identified a core value of balance between work and home. Assume this person has also identified a long term goal, based on this value, of retiring at age 55. If this person maintains a clear mental image of their goal (Habit Two, Begin with the End in Mind), and if they have a system of measuring and tracking their progress, the odds are much greater their behavior will remain consistent with that vision (Habit Three, Put First Things First) until the vision has become reality.

This person would be much more likely, for example, to say "no" to an emotional impulse to drain their savings or take on a big loan for a new SUV. A more values-based choice for this person (I’m not SUV bashing, really!) might be a smaller, more economical car, perhaps a used one, or maybe even driving their old car a few more years. The SUV would be fun to drive, no doubt, and would give the ego a short term adrenaline high. But, the natural consequences of the expensive new ride would be bills to pay and eggs to lay, and retirement might now start at 56 or 57, rather than 55.

Is the new SUV worth a year or two less retirement, the equivalent of giving up 50 to 100 weeks of vacation? Maybe not...according to the self chosen value this person identified earlier. Hmmm. Something to ponder.

But in the absence of clearly defined priorities and a plan for their attainment, the odds are greater that our hypothetical person will get sucked into the powerful allure of the short term emotional decision rather than maintaining long term alignment with what matters most. Let me suggest a new name for shopping, especially recreational shopping for non-essentials, which places that hallowed consumerist pastime in a new light: try calling it delaying retirement. The next time you are invited to go shopping, keep the delaying retirement paradigm firmly in mind...see if it helps create space between stimulus and response so your response remains in alignment with your deeper values.