Debt and Veggies

Remember as a kid when you were told you had to finish your vegetables before you got any ice cream? Do you recall wanting to have the ice cream first, figuring you would just deal with the veggies later? Unfortunately, many are still of that mindset as adults.

According to Experian, consumer debt in the United States surpassed $13 trillion in 2018. Unpaid revolving debt alone was over $4 trillion of that total. We grumble and complain about our national debt – which is horrendous, I agree – but it seems we as individual citizens aren’t doing much better.

So why is debt such a popular “tool” in our culture? The reasons rest in the fact our society is enraptured with the concept of buy now pay later. And this goes far beyond money. It’s the same reason we wanted to eat our cookies before our broccoli as kids. As a rule, we – and this is not just Americans, it’s human nature – desire to be rewarded now and put in the work later. We want to enjoy the benefits today but push the price of that purchase onto the future version of ourselves.

We must change our perspective on reward and be willing to put in the work ahead of the payoff. We must be ready to “pay cash” for what we go after in life rather than stringing along the consequences of a shortcut for months or years into the future after we’ve already enjoyed the prize.

You will work harder and be more focused if your gratification is delayed. Furthermore, the payoff will taste so much sweeter. Determine to eat your vegetables first.