I don’t care if this sounds cheesy. I’m proud to work for a company that is as dedicated to staying out of debt as I am! Fishbowl finished pulling off a miracle by paying back its million-dollar loan from Zions Bank seven years ahead of schedule last Thursday.
You can read about it in a KSL News article and see it happen in this video:
Though it hardly compares to what Fishbowl has accomplished, I would like to share my own story of getting out of debt. I graduated from college with $3,000 of student loan debt. I’ve heard that that’s small compared to what many other people usually have, but it worried me to no end knowing that I didn’t have enough money to pay it all back. I felt stuck. After six months of job hunting, I finally got my big break and landed a great job. Before I had been out of college a year I had completely paid back my student loan along with just a little bit of interest. It felt so good to be free from that pressing obligation.
Debt to me is like dishes. When there are a couple plates and spoons in the sink, no one thinks to clean them because it seems so trivial. But when they start piling up, people come up with new excuses for not cleaning them: there are just too many, and it would take forever to get through them all!
Whether a loan is a paltry $3,000 or a giant $1 million, the temptation is there to just ignore it or, worse, pretend that you have more money than you actually do by spending the cash you take in on other things. Both of these actions can lead to ruin.
I echo David Williams’ and Mary Scott’s sentiments about the importance of working towards being debt-free both in personal and professional life. Thank you, Zions Bank, for helping Fishbowl reach independence by lending us the money when we really needed it. And thank you, Fishbowl leaders and employees, for living up to the bank’s trust and paying off the loan in a spectacular way.
Fishbowl is now working to repay the rest of the original shareholder’s investment, which is still quite substantial. The million dollars at the start was just a down payment. We hope to finish repaying it by the end of 2014, if all goes well. Then we can concentrate even more on offering superb inventory control software and better serving our customers well into the future.