Wednesday, 3 July 2019

How To Get In And Out Of Financial Trouble

It really is easy to do, yet people make it out to be much harder. The answer to the above question is to control your spending. 

Either you spend way more than you earn, and in so doing pile on the debt and wonder how you got there or you cut back on spending and get yourself out of debt.

The real crunch comes when you are in debt and feel like you can never get out. This is because you want to keep your current lifestyle and get out of debt.

The only way you can do that is to increase your income to pay off your debts and keep your current lifestyle.

The other way is to downgrade your lifestyle and in so doing free up cash in your monthly budget and use that freed up cash to pay off your debts.

It really is that simple, but the execution is more complicated and quite scary, especially at first.

Your only other option is to just keep doing what you’re doing and tread water in debt. This is the most dangerous option as it is the easiest. 

Yet let me scare you by painting a picture of you coming to the age of retirement still mired in debt. What then? 

What will you do when you have all that debt yet still forced to retire? 

Do you really think that somehow your debts will disappear along the way without you doing anything about it?

Control your spending and go beyond just getting out of debt, for beyond Debt Freedom is Wealth Building. 

You deserve it and you can have it, simply control your spending.

As always: Keep your head up, your attitude positive, and keep moving forward.

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