I regularly read the Bayou Renaissance Man blog by a science fiction (and now western) novel writer who is especially interesting when he writes about debt.  I read an article to which he pointed about a guy who got into serious debt while getting a Bachelors degree in English (bad idea), then went to Alaska to work as a laborer to pay it off (good, but unnecessary if he would have gotten a decent degree). He wanted to double down on his first bad degree choice by going to Duke for a Masters degree in liberal studies, but chose to live in a van in the parking lot and work menial jobs so he would be debt free when he finished. All of that would have been completely unnecessary if he had gotten a degree that would allow him to get a job in the first place.

The reality is that what he did was pretty cool. He was a whole lot smarter than me with respect to how he thought about debt when he was in his twenties. I in  am one of those guys who, while I funded my 401K over my entire career and am in OK shape when it comes to that, I did not pay much attention to any of this at all until the blood started going to my brain sometime after my 40th birthday. So when I woke up in the early 2000’s, I had to scramble to do a bunch of things others had already accomplished. I discovered Dave Ramsey and got out of debt. That was good, but I had a finite amount of time to prepare for things like paying for the kids’ college and getting my house paid off. It was compounded by the fact that the kids both skipped high school, so my college payments started way early than I had initially planned.

I am going to try to write about the debt problem a little here. The focus is not going to be on global or national economics, but on what I did to shore up my own situation and what I expect to be another economic meltdown within the next few years. It is especially interesting to me right now because we are in the Dallas, Texas area in the middle of a house buying frenzy–houses in our town stay on the market for around three days and are selling well above appraisal value. All the signs indicate that the house of cards will come tumbling down soon. I am not sure what I should do, but I know I do not want to participate in the frenzy.