Why aren’t there more rich people? What was the main reason for hindering my path to wealth? Simple: I was mired in debt. And I’m not just talking literally (although that was true, I had a lot), but also figuratively. Debt is a barrier to wealth!
You might be saying – no joke! But I don’t mean real debt. I’m talking about the mentality that debt brings with it. Debt is in the mind!
“What what?” “Debt is real, brother!” “I have more debt than you can take out with a stick.” I have this bill to pay today and I don’t have anything in the bank to pay it off.” Do any of these sound familiar to you? out of this mindset – yes, I was still in debt but I couldn’t focus on it.
Escaping debt is really a simple, step-by-step process.
The first step is to determine exactly where I was on top of my pile of debt. Review your credit card statements, bank accounts, and any other accounts you have. Know exactly what you owe, who you owe it to, and when debts are due. Make a list. Once you know how much debt you really have, you can determine how much more money you need to earn each week to lower your debt.
Many people can’t get out of debt because they think finding extra money is impossible. It isn’t. There are a plethora of opportunities out there. Make another list: what am I good at? Then Google “how to make money doing…” and fill in the blank with what you’re good at. You will be surprised at what comes out. Find a way to earn extra income by turning a hobby into a profitable venture, starting a business, or making money online. By creating a little more cash each week, you can work your way out of debt and head straight for a life of wealth and prosperity.
Focus on paying off one debt at a time. Pay the minimum allowed (or even contact the institution or person you owe money to and see if they will stop your payments (if you can show them your plan to pay them back)) and the excess on the debt at the highest interest rate. Once that debt is paid off, focus on the next debt, investing all the extra money from the first debt into it, and so on.
Once you’ve paid off your debts, you’ll have the additional income you generate to invest in assets. Once you’ve created multiple streams of income, you can sit back and enjoy wealth you never thought possible.
