I have a confession to make. I like western movies. Actually, I love them. So the other day I watched again “The Pale Rider” starring Clint Eastwood as the mysterious man who saves a struggling mining camp from the rich land baron. In one scene in the movie, a miner finally finds gold. After hooting and hollering he comes to Clint Eastwood and says that he is going to throw a party to celebrate. The Clint Eastwood character says “that should be enough to pay off your debts“. Of course the miner listens to Mr. Eastwood. And so should we!
It is tempting when things go right, when there is a little extra cash, to spend it. I know I face this (and have failed). But usually the best thing to do is to pay down debt. Pay down the credit card, the 2nd mortgage, the car loan, even the student loan. Debt is a heavy anchor, and the sooner we can be free from it the better. Every penny we put toward our debt not only reduces the debt by a penny, but reduces the interest we owe. That is why even a little bit extra toward a debt goes a long way.
So take Mr. Eastwood’s advice. When a little extra “gold” comes your way, pay down your debts. It will make his day.
