Are you tired of living month to month,paycheck to paycheck?Do all of your financed purchases pale inlight of the debt you obtained to acquire them? How would youlike to learn how to go about transforming debt into wealth? It can be done, with discipline, a change in habits, and a solid plan.
First, discipline.
You need todecide for sure that this is what you want to do.
You don'twant to be a slave to debt any more.
You want to tell your moneywhat to do for you, rather than having your debt tell you where to putyour money.
Remind yourself of these things, and it will be mucheasier to maintain your self discipline in eliminating debt and becomingtruly wealthy.
Second, habits.
This is a biggie.
This is where your friends and family and society in general will thinkyou are completely off your rocker.
You have to stop spendingmoney you don't have.
This means no credit card purchases (cutthose suckers up!), no financing automobiles, and no personal loans.
You'll find on your journey of transforming debt into wealththat the truly wealthy don't use these things.
You can do this,and if you do this for some time, not purchasing anything that isn'ta strict need or specifically allotted for on your budget, in a fewshort years, you will have the CASH to buy what you want and need, andyou will wonder why you ever thought you had to have credit in the firstplace.
Third, a plan.
Your plan is key.
Going straight to cash is step number one.
(Did you cut up thosecards yet?) Step two is working out a budget.
The budgetis a comprehensive listing of every single category in which you spendmoney, spelled out at the beginning of a pay period, before you spenda dime.
You need to tell your money where to go, not the otherway around.
Pay your bills, and put money in savings to save upfor annual expenses like car tags and homeowner's association dues.
Put all spending money in envelopes, labeled for their purpose.
(e.
g.
, groceries and personal care products, gasoline, gifts, eatingout, medical, etc.
) And now you're on your way totransforming debt into wealth.
Get rid of the debt, and you'llhave your wealth!
First, discipline.
You need todecide for sure that this is what you want to do.
You don'twant to be a slave to debt any more.
You want to tell your moneywhat to do for you, rather than having your debt tell you where to putyour money.
Remind yourself of these things, and it will be mucheasier to maintain your self discipline in eliminating debt and becomingtruly wealthy.
Second, habits.
This is a biggie.
This is where your friends and family and society in general will thinkyou are completely off your rocker.
You have to stop spendingmoney you don't have.
This means no credit card purchases (cutthose suckers up!), no financing automobiles, and no personal loans.
You'll find on your journey of transforming debt into wealththat the truly wealthy don't use these things.
You can do this,and if you do this for some time, not purchasing anything that isn'ta strict need or specifically allotted for on your budget, in a fewshort years, you will have the CASH to buy what you want and need, andyou will wonder why you ever thought you had to have credit in the firstplace.
Third, a plan.
Your plan is key.
Going straight to cash is step number one.
(Did you cut up thosecards yet?) Step two is working out a budget.
The budgetis a comprehensive listing of every single category in which you spendmoney, spelled out at the beginning of a pay period, before you spenda dime.
You need to tell your money where to go, not the otherway around.
Pay your bills, and put money in savings to save upfor annual expenses like car tags and homeowner's association dues.
Put all spending money in envelopes, labeled for their purpose.
(e.
g.
, groceries and personal care products, gasoline, gifts, eatingout, medical, etc.
) And now you're on your way totransforming debt into wealth.
Get rid of the debt, and you'llhave your wealth!
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