Debt Into Wealth, Is This Possible?
Debt into wealth is possible if you are willing and able to make the commitment to work at what needs to be done, including changing one's spending habits. There is a lot of information on how to do this but the bottom line is to have the discipline to work at it.
You will have a lot of questions but have no fear for there are books in the library and websites online to help you with all the information you need. You will have to separate the good from the bad and to exercise good judgment. Find someone you will be comfortable with who will not force you into buying things you don't need.
It is so easy to get tempted into buying things and think that all the answers are there, but it does not happen that way. While it is true that you can get great information online, it is not going to be an open and shut case. There will be work involved. And the best way to do this is before the problem gets out of hand. This way you're giving yourself the time to figure out what to do. Below is a picture of a girl shopping courtesy of freefoto.com/
Many wait till the problem of debt is almost insurmountable before addressing it fully. If you are not one of them, then you are lucky because you will have time to go through the steps and then go from debt into wealth. The first thing is eliminate debt and here are the steps that will help do that:
- Use common sense when you buy things. Use cash for all expenditure and stop using the credit card except for medical emergency or unexpected car repair.
- Don't buy things on impulse. If you see something you want to buy, ask yourself if you really need it. Then wait a week or two and see if you're still dying to buy the item.
- Make a plan of action that will take you to debt-free living. This will mean writing down all the money coming in one column and all the regular expenses in the other column. Add each column and you will see if the expenses will be more than the income. If the income is more than the expenses, then you are one of the lucky few and I congratulate you for wanting to learn more to avoid the debt danger zone.
- Create a budget where you will have the income and expenses for each month lined up. If your insurance expense is once a year, divide that by 12 and put the result as a monthly expense. Do it for the other yearly, semi annual expense and so on. This will tell you if you can maintain the way you spend your money. Look at all the expenses and see which one you can eliminate. The first to go is probably the morning latte you have at Starbucks. Use the extra money you find to paying off debt.
- Find ways to save money. Be on the look out for credit cards that offer no interest or lower interest, coupons for groceries and stuff. Using all kinds of money-saving techniques will put extra money in your bank account or to help pay off debt.
- Pay bills promptly. Even being late for one day will increase your rate of interest and therefore your debt and ruin your credit history as well.
- Keep all credit cards open without closing them even if you are no longer using them because you don't want to be at the mercy of just one store. Besides, if the credit card holder notices you no longer use the card, they will offer you low interest rate just to entice you. Then you can transfer what you have that charges higher interest. You can also call them to lower your interest rate. Some may even allow you to have the interest rate cut in half if you pay an annual fee of $20.
- It's action time. These steps are nothing if you don't act on them. Set aside half an hour a day to work on this.
It's action time. These steps are nothing if you don't act on them. Set aside half an hour a day to work on this.
So keep all your options open and be watchful for money-saving offers, be it in the grocery stores, newspapers, all kinds of flyers and you will see that if you do not spend foolishly you will be able to pay off debt and start on the road from debt into wealth.
By Roger Guzman, M.D. and Evelyn Guzman
Whether you want simple luxuries or a taste of the unimaginable, it all starts with the secrets revealed here.
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