8.5 years in the lending business and you almost can’t not think about money on a daily basis. At least that’s the case for me. By day I help people borrow money and realize home ownership. In my spare time I teach financial wellness and promote financial literacy.
If I’ve learned anything in these past years in the lending industry, it’s this: people will probably always borrow money. That means people will always go to banks to get it. When I first started getting out of debt as quickly as possible in 2006, there was a seeming conflict of interest inside me. Here I am helping people get into debt for a paycheck. And here I am at the same time getting rid of my own debt as fast as possible.
It took some time to reconcile those two seemingly opposite points of view. Debt, yes or no? I’ve gained some wisdom in the last 6 years not only from my own life experience but also from people older and wiser.
A kernel of wisdom I recently picked up was from the son-in-law of a mentor. He’s been a financial educator and financial literacy advocate for years. He said, “There is no good debt/bad debt, there’s only necessary debt.” The biggest example being borrowing money to buy a home. Not many people can save up enough cash to buy a home without a loan.
A friend recently said one of THE most profound things I’ve ever heard. It related to my working in the lending industry and at the same time teaching people rapid debt elimination. My friend simply said this, “Helping people get what they want is not immoral.” That’s a bombshell of wisdom each person must reconcile on their own terms.
And in my confession as a mortgage banker I leave you with this: Debt is neither good nor evil, only thinking makes it so. I can’t express how big this concept is. Most struggle through it from cradle to grave. I’ve made my peace with this one.
To Your Financial Freedom,
Greg Whitaker
