I was thinking the other day about the Debt Free Living Podcast interview I did with Scott Maderer last year. In talking about the benefits of being debt free, Scott said that it has helped his career because he is not afraid to get fired anymore.
The more and more I think about what Scott said, I really think he’s on to something. Think about it; if you have no monthly debt payments hanging around your neck and have 6 months’ worth of expenses saved, you would be able to survive a job loss wouldn’t you? Granted it would not be ideal, but the ramifications of not fearing losing your job can be a great thing for your career.
If you can afford to lose your job you don’t worry about speaking up and going against the boss’s opinion in a meeting. Or you don’t worry about suggesting a process change that has been very popular in the past. Instead you speak your mind, take risks, and become a very valuable resource to the company. Rather then playing it “safe” and not risking making anyone mad, instead you are more valuable and make more money! All by simply paying off your debt and not having to work just to pay your bills.
For those of you who are debt free, have you found that you are more confident in your job since you became debt free? Do you still have a fear of losing your job or has the fear been lessened?