How to Get Out of Debt FastBy admin On August 4, 2010 Under Featured Post, Motivation & Mindset
First of all there are two mindsets I want to address. One is that of the individual who is in debt and believes that he only needs to find the right get rich quick idea or a little known intellectual theory to escape his debt. The other is the individual who is also in debt but is totally sold out on the idea that sacrifice, hard work, and total focus on the goal will get him out of debt.
The first will end up half heartedly pursuing their goal but not really willing to work hard and sacrifice which will most likely just keep them discouraged and without victory. But the surrender to the vision and the motivation to do whatever it takes of the second individual will almost with out question give them the desired results nearly every time.
Lets talk strategy. Knowing that most things can be replaced, and besides the value of people, nothing should be worth more to you than your freedom. This includes your financial freedom. (Which of coarse directly ties to your time freedom) and so on and so forth.
You must rethink the way do everything. Lower your overhead costs, sell everything you can, and radically change your spending habits. Since nearly everything you do when you leave your house costs money (including driving) you can start by going out less. When you are invited to go out for entertainment or “fun places” refrain to save money and stay focused on the goal. Have yard sales. Eat “creative” meals. Sell extra vehicles. Sell extra income property you may have.
The Point: Sell whatever it takes, Do whatever it takes to pay off your bills and get out of debt.
Delay your pleasures now and pay off one by one all those nagging, interest swelling debts.
Start by calculating what your budget is and sticking to it (no cheating). You need to get current on your bills before beginning to eliminate your debt. Start with your smallest to largest in paying things off. Sacrifice whenever and wherever you can. You want to reach your goals as fast as possible.
Just remember to use focused intensity. Total abandonment to the goal! This is your most vital component; focus and intensity. You must have the mindset that to the exclusion of virtually everything else I’m getting out of debt!
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Wealth Creation Expert