Getting into debt is very easy. Every day there is a new opportunity to borrow money for anything you think you need or simply want. But getting out of debt debt requires hard work and determination because whether you know it or not, you are at war and wars are not easily won.
Debt is the number one enemy of your financial wellness. It will cripple your ability to save money and to build wealth. It acts as the proverbial hole in your pocket. You put money in and it simply goes out. Debt is also relentless as the interest rate compounds daily. It does not stop.
Every day that passes is a day when debt gains ground and you lose ground. Paying only minimum payments will keep you in servitude for the rest of your life. Eventually, debt will take away your hope for a better future for you and your family.
So I ask you again, how desperate are you? You need to take extreme measures to increase your cash flow so you can gain ground on debt and defeat it once and for all. There is no other way around it.
Are you desperate enough to take extreme measures such as:
- Destroying your credit cards/store charge cards? Using credit/cards while trying to get out of debt is similar to running a race by going forward 1 mile and backwards 2 miles. You will never finish and eventually you will start to lose ground. Stop borrowing money!
- Selling something? We all have items we have purchased that we would like to keep. But is it more important to be debt-free or to hang on to your stuff? Sell something!
- Stopping contributions to your retirement plan? Yes, this one is crazy. Especially if your employer matches your contribution. It’s leaving free money on the table. But, the increased cash flow gives more power in the fight. It would be only for a while. Are you crazy enough to win the war?
- Spending less? You should know the difference between the essential and the non-essentials. Electricity and Water are essentials. Cable is not an essential. Groceries are essential. Eating out is not essential. Know the difference so you can cut back.
- Working more? Overtime, 2nd job, you name it. In every war, in every battle you have to make sacrifices to win. By working more you may sacrifice time in the short run but win the war in the long run.
Let me leave you with an example on what desperation looks like. You will need this attitude to win your war with debt. Enjoy the video and let me know what you think!