In order to go debt free, you don’t need a higher-than-average income. What you really need is willpower.
Living a life without credit cards or other debts is 90 percent mental, 10 percent financial.
"It's not your salary that makes you rich,
it's your spending habits."
- Charles A. Jaffe |
It’s all in your mind. You see, the key is that you have to WANT to go debt free - to release yourself from the burden of debt. It requires a change in your way of thinking. Once you make that ever important change within yourself, you’ve done the hard part. The rest happens naturally as a result.
Right now, you probably have the same mentality as most Americans: spend, spend, spend, buy it on credit, gotta have it NOW.
That’s why the average American household has more than $8,000 in credit card debt. That’s why the credit card companies turn profits every year that are absolutely OBSCENE.
If you calculated how much a credit card purchase actually winds up costing you once you factor in finance charges, interest, late fees, and other costs, it would make you sick to your stomach.
Your $800 TV turns out to be a $1,200 TV over time. All that money ... WASTED.
To go debt free means to completely change your way of thinking so that you will in effect change your negative spending
Instead of focusing on buying things NOW regardless of whether you can afford them, you have to think this way: “I’m going to save up until I have enough money to pay cash for this.”
It’s not a common way of thinking in America, but it’s worth noting that more and more people are choosing to go debt free as they become fed up with the predatory practices of the credit card industry.
Best of all, there truly is no downside to being free from debt. You have to wait a little before making purchases, sure. But think about the peace of mind you’ll have knowing you don’t owe anyone anything.
Think about how much of your paycheck is currently spent on credit card payments and how great it will be to not have to make those payments anymore.
All of your money will be YOURS again, instead of going to out to multiple creditors.
The power is within you to change your financial situation. You must first commit to getting out of debt, and then to staying out of debt. It will require a change in your spending habits and some small sacrifices now, but in the end the result will be - true financial freedom!
"There are plenty of ways to get ahead.
The first is so basic I'm almost embarrassed to say it:
Spend Less Than You Earn.”
- Paul Clitheroe |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
