Obioma Anukwuem - Debt: Slavery in Disguise

DEBT

Slavery in Disguise

How I Paid Off a Debt of Half a Million
Dollars in Three and a Half Years

Obioma Anukwuem

Copyright 2016 by Obioma Anukwuem.

Library of Congress Control Number: 2016913664

ISBN: Hardcover 978-1-5245-3584-1

Softcover 978-1-5245-3583-4

eBook 978-1-5245-3582-7

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Rev. date: 08/24/2016

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CONTENTS

This book is dedicated to my virtuous wife for her love and tireless effort to see that I do well in every endeavor, including this book. She has been my steadfast encourager, my good support, and a wonderful companion. I love you, Dinah.

To my two children, who always reminded me to keep on writing and actually gauged my progress. They kept me motivated because of their interest in seeing this project come to fruition. I could not have given up on this project because of them. Thank you, Andre and Adamma. You will always remain dear to my heart, and I know your God has a lot in store for you. I love you, guys.

To my late mother, Jemima Adanma Anukwuem, who lived a gracious life filled with selfless service to her family and community. Thank you for your unconditional love. I grew up to be who I am today because of your nurturing spirit, wise words, and guidance. Even though you are gone, you are the best mom in the world. I love you, Mama.

To my late father, George Iheanetu Anukwuem, for emphasizing the importance of education. Thank you for your foresight. I love you, Papa.

I came to America in 1998, and by 2006, I was approximately $500,000 in debt. How could any reasonable person accumulate that much debt in such a short time? Very easily. If you buy two new cars and a huge house in a space of two years, and then follow that with consistently reckless spending using borrowed money in an effort to live the American dream, you will end up buried in debt as I was.

Many people get trapped in this so-called dream that turns into a nightmare because they are not mindful of their spending habits. James Truslow Adams defined the American dream in 1931 as the belief that life should be better and richer and fuller for everyone with opportunity for each according to ability or achievement regardless of social class or circumstances of birth.

Aspiring to live well is noble as long as it is not done at the expense of your future financial stability. If you pursue this dream unintelligently, which is usually the case, the chances are good that you will end up in a financial quagmire. Indeed, it takes poor financial decision making to get neck deep in debt.

Many people are not rich because they get tied up repaying their debts all their working lives. They never make headway and debt sucks the life out of them. Their future earnings are spent servicing their debt, and what if their income stream ceases to flow altogether? How would they react?

Can you rest assured knowing that over the years you have judiciously used your money, paid off outstanding debts in a reasonable time, and have a good amount saved up in your emergency and retirement accounts? Or will you cry foul after you lose your job, even though you worked very hard all those years, due to lack of foresight and reckless use of your money, you have little to show for it? It would be very unfortunate to find yourself in the latter predicament; that would mean you had missed out on the bigger picture. These were the questions I pondered when I realized the depth of my financial problems.

My predicament was obviously my own doing. I had not made wise financial decisions. I lived beyond my means and as a result found myself suffocating in so much debt over time. When after many years I finally recognized I had a problem, I realized I had to tackle it before it got worse. Problems are solved only when you recognize you have them; you wont seek help for your money problems if you cannot admit you have the vice of spending beyond your means. Just as you cannot ignore the check engine light in your car without risking great damage: the longer you ignore your financial problems, the more they will cost you.

The good news is that there is light at the end of the tunnel. I paid off my crippling debt, and so can you. My advice to you: seize your future and do not mortgage it.

Proverbs 22:7 tells us, The borrower is a slave to the lender. This statement could not be any further from the truth. I was enslaved by my debts. I would stop in my tracks sometimes because I was suddenly reminded how much I had to pay off. It took the fun and joy out of life. It did not feel good. I had a still, small voice that told me I could become debt free, but I ignored it because paying of my humongous debt seemed an incredible feat. Many times, I talked myself out of believing I could become free of debt. I would casually tell my wife we would pay off our debt in a short period of time even though I did not know how that would happen, but I wanted it to.

Driving home for lunch one day, I heard a voice on the car radio say that paying off all personal debt was doable. If I had not been thinking about becoming debt free, I might not have taken that seriously. The idea that there was a way out excited me, but I knew that any plan to pay down debt would require patience, focus, passion, and discipline. I did not think I measured up in those areas, but I was determined to give it a try. I had been tormented long enough. It was not easy, but three and a half years later, I can proudly say we became debt free.

When I started trying to pay off our debt, I never imagined writing a book about it. I had thought about becoming many things but not an author. Sharing this life-changing experience is an honor and a privilege. I paid off a large amount of debt in a relatively short time; this book will tell you how I came to the realization that debt was a major problem in my life. This book will empower and not discourage you. It will help you seize your future, not mortgage it.

I have not seen any one who loves to owe; it is just not cool, but we make matters worse by continuing to generate more debt. What you do not believe or speak of in faith will never manifest. Think and believe that you will pay off your debt and it will happen. You have to find out what is important in your life. Most of the time, we do very well on those important things when we work on them passionately. What is your passion? What do you want to accomplish? Is being debt free important to you?

As you read this book, remember that we all share similar emotions and experiences. As you read, you will have to figure out who you truly are and what your aspirations are. You will come to understand that life happens and that you need to make the best of what it throws at you. You do not want to muddle it.

You will come to realize the importance of being decisive and doing what is right. Your motivation and patience will be tested anytime you pursue what is dear to your heart. No one said good things come easy. If you do not recognize or admit you have an issue with debt, youll be unlikely to tackle it. A mentally-ill patient who does not have an insight into his or her problem will probably not seek therapy. You will have to learn to be brutally honest with yourself and examine your habits. Remain content, but do not settle for lessstay committed to solving your financial problems.