Last week I wrote about a couple whose debt has been destroyed all their lives. It was a story of bad choices and bad luck. It can be the story of many people’s lives. What made this sad story was that they seemed to have given up . They didn’t believe they could ever get out of debt.
The failure is never permanent until you give up.
If you intend to win a victory or any other problem in your life, you must fight your mind. I know the duty that debt can give you. I know what it feels like to study a 50,000 euro student loan. This desperate feeling when your 350 euro short and minimum payment comes next week.
If you feel that every penny you make goes to cover interest payments and the bills are stacked. You feel you never get out of this hole and everything you want to do is give up.
Never give up.
I do not want to sleep fatigue you feel at bedtime. The debt, or more specifically the anxiety that the debt brings to your life, can lead to a feeling of constant exhaustion. – You wake up, you eat breakfast tired- tested, you drive to work, tired- Talk to your boss, tired- smiles on their friends and family, and go back to sleep tired- tired * All the while, no one has the idea that you are tired. * Debt can make you feel like you are walking on walks with a backside. But you won’t tell anyone how tired you are, because you are ashamed to get into this situation.
The most insidious aspect of debt and anxiety is how he uses shame to isolate you from the people you are closest to. If you want to hit your mouth, sit down with someone you care about and tell them about your debt and how it affects you.
You are not the only one going through what you pass. If other people can climb out of their hole, will you.
If you want to get out of debt, you must be tough
Here’s my harsh definition: whatever you do, whatever you want, no matter how unpleasant. – You have to be tough to work side by side when all your friends are festive – You have to be hard to work all day and go to school in the evening – You have to work hard to pay three part-time jobs – You have to be difficult to move on if The bank is closed from home where your children grew up. – You have to be tough in the 40’s or 50’s or your 70’s from the beginning.
The first thing you need to do is forgive yourself any foolish decisions you may have made so far and undertake not to repeat these decisions. As Les Brown says, ” If you do not do this today, you blame the innocent person.”
The next thing you have to do is block any external or internal voices that tell you that you can’t do that. You * Can do it. It’s a tough long road, but it can be done.
Get the right people in your corner. Find a trustee with whom you can talk about money and expenses. When you’re done, find a financial specialist who can help you with all the technical aspects of your financial game plan.
If you are mentally prepared to fight your debt and have the right people in your corner, you can start focusing on the action you can take to pay off your debt.
Before you start throwing each penny against your debt, you need to create an emergency fund. I know from experience when you have decided to settle your debt, * may seem like * a waste of time to park any amount of money in an emergency fund, but it is not a waste of time.
If you want to stay out of the insurance debt and be out of debt, you need access to liquid cash. Your debt repayment path has unexpected financial charges . It can be an unexpected medical bill, a leaking roof, or a car that dies in your car. I don’t know what it is, but the journey has unexpected bills.
What happens if one of these unexpected bills falls on your lap and you have no emergency fund? Where do you find the money? You’ll be borrowing it again . Such a setback can be a mental blow, so make yourself huge and set up an emergency fund that deals with the financial curve balls.
Teach yourself behind your financial independence. * The name of the game is how much you save. If possible, try and increase your income and look for ways to reduce costs.
Ideas to Increase Your Income – Consider Raising Your Job at Work – See Opportunities for Jobs – Start Searching for Other Companies That Give You the Opportunity to Earn More Money – Start Side Folding – Become a “10 Cost Cutting” Company
One thing you can start doing the second time is to better manage your costs. Start tracking your money, you should know where every penny you earn is spent. If you have a good grip where your money goes, it’s time to create a budget. Your budget should reflect your value.
If you say that you value the payment of debt, but you have enough budget for minimum debt, you must start from scratch. If you are really serious about paying your debt, there are a few things you want to reduce or eliminate from your budget. – Your daily coffee sample – Buying food everywhere, but grocery store – Your car. If you don’t absolutely need a car, consider it for a transit passport. – Cable Pricing – Your cell phone plan. At least in the shop at the best price. – Your housing costs. You probably need to live somewhere, but consider ways to minimize this cost. If you have your own home, consider some type of hacking. When renting, consider an apartment with more room mates to share costs. If you want to sacrifice your living standards, you can potentially get out of debt and move on with your life. This article is for informational purposes only and should not be considered a financial or legal adviser. Consult your financial specialist before making important financial decisions.
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