“I’m Debt Free!!!!!!!”
Listeners of the Dave Ramsey Show know that exclamation well. People that have successfully paid off loads of debt can call in and scream it on the radio. It’s a celebration of hard work and an important threshold in any process towards financial security. But many years ago I heard some stand-up by Chris Rock that has stuck with me ever since before I graduated high school. Chris Rock is somewhat crude and in his quote below is in reference to certain representatives of his race that he can say, but I can’t, because I’m clear. You can read an unedited quote here.
(People) always want credit for some sh** they supposed to do. A (person) will brag about some sh** a normal man just does. A (person) will say some sh** like, “I take care of my kids.” You’re supposed to, you dumb motherf***er! What kind of ignorant sh** is that? “I ain’t never been to jail!” What do you want, a cookie?! You’re not supposed to go to jail, you low-expectation-having motherf***er!
Bad words aside he has a point. I’m almost ashamed to admit that this quote has had a profound impact on my life. You shouldn’t celebrate accomplishing things you’re supposed to do. Even as I graduated high school and college, these celebrations were less important to me because it’s always been something I was expected to do. Things just seem like less of a deal to me because it’s expected of me to do it. The Sheconomist has observed my lack celebratory bows when I mention professional accomplishments, because it’s expected of me. I’m much more proud of the work I’ve done on Weakonomics because it was something I was never expected to do.
So why should we celebrate paying off debt? The nature of the contracts you take out to pay the debts back is that you should pay it back. And, most people do. So why should we celebrate something that you should do and most people do too? I don’t think you should.
Another example a family member noted the other day was the observation of a bumper sticker that said “I love my wife“. Wow. Though I’ve never done any polling and I don’t think Gallup has either, but I’m pretty sure most husbands do.
Just as I’m expected to love my wife I’m expected to pay off debts. Neither should be celebrated as an accomplishment. But we do celebrate the liberation of debt. Someday I’ll buy a house, and another day I’ll pay it off. Will me and the wifey celebrate it? Probably. But unless someone comes up with a better quote than Rock’s I won’t really be all that excited about it. The only way I could be excited is if somehow we pay it off faster than expected, by some means of windfall. But even then I’m celebrating the windfall, not the debt elimination.
Photo: Alan Cleaver
 By The Weakonomist |
The Weakonomist is the founder of Weakonomics. Clicking the picture of the puppy will tell you more about him. If you like what you're reading consider subscribing to the blog, following him on Twitter, and checking out the related posts below. Please consider a donation if you really enjoy Weakonomics. Also keep in mind that nothing I say can be construed as financial advice. |
