Out of Debt with The Scout Law

When it comes to getting out of debt remember the Scout Law.

I think it may be time to listen to the Boy Scouts. At a recent Scout Meeting I was reminded of the Scout Law.

Bob Worsley, the guy who started Sky Mall and now runs a company called Renegy, happens to be an Eagle Scout. He pointed out that in between such fine qualities as cheerful and brave comes something that a lot of people overlook; Thrifty.

The Scout Law explains thrifty this way, “A Scout works to pay his way and to help others. He saves for unforeseen needs. He protects and conserves natural resources. He carefully uses time and property.”

It seems to me that we’re in desperate need of thrifty these days. I thought about that when I heard the economic news that 63,000 people lost jobs in February. Some of those people knew their companies were on shaky ground. Others were surprised when they suddenly found themselves unemployed. Either way this would come as a strain to any family.

A boy doing the scout salute with an american flag in the background

No matter how many plans we make, there’s always something that can throw them into chaos. Whether it’s losing a job or needing a car repair, we need to be ready for those “unforeseen needs.”

Another bit of economic news pointed out that, for the first time, the amount of equity that Americans have in their homes has dipped below the 50% level. Part of the problem is that people were able to buy homes with 100% loans.

Another part is that we’ve gotten into a habit of tapping into our equity to buy all kinds of STUFF. Does that mean we’re carefully using our property?

When I talk about getting rid of debt I am talking about getting out of all debt not just debt management but getting rid of mortgage debt credit card debt auto loan debt and even the really bad tax debt.

I have said before that the easiest way to get out of debt is to stay out of debt in the first place. And living the Scout Law is where that starts.

The Scout law is A Scout is Trustworthy, Loyal, Helpful, Friendly, Courteous, Kind, Obedient, Cheerful, Thrifty, Brave, Clean, and Reverent.

Let’s look at each one of these in the light of getting out of debt and living a debt free life.

"A man in debt is so far a slave,"
Ralph Waldo Emerson.

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