Hey~
How are you today?
Bad DebtÂ
So, how many of you owe money in “bad” debt such as credit card debt? Owing money for any purpose other than for the purchase of a home is not healthy for your financial well being. It is vital for your financial well being to get all that bad debt behind you.
Paying the minimum is not the answer
Some people think that paying the minimum on debt is good. The idea is that they will put some toward the debt and put some in the bank. You know the old one for you and one for me concept. But that is not quite right. Only paying the minimum takes too long.
Get that debt behind you as fast as possible. It is not as hard as you may think. The faster you pay off debt the faster you can build up your assets.
Change debt to assets
A key action is to eliminate debt and at the same time invest in assets. In other words, you pay yourself as much as you pay off your debt. When you have a lot of bad debt, you don’t have money for investing in you. Your debt is in control. You need to be in control of debt.
Money management is fun.
Often, people avoid dealing with their finances because they think of it as a chore. Well, I think it is fun. And with a little help, you too can think it is fun.
Freedom to do what you want and ability to earn more
When you get your finances under control, you have more time to do the things you enjoy and more time to generate more if that is what you want.
My story
Many years ago I was unemployed. I charged up $9,000 on what I thought was a good business opportunity. It wasn’t. I tried to get help, but I was told that I was out of luck. The man who could not help me said, “That will take 20 years to pay that off.” Yikes! That was a burden I did not want for 20 years. So, what did I do? I put every dime I could spare into paying off that debt. And, even unemployed, I had that paid off in less than a year.
So, it is not impossible. You can get out of debt. You can do it quickly with effort. If I did that while unemployed, what is your excuse?
FIT: Financial Independence Training
What ever your financial situation and goals are, you can meet them. All you need is analysis and a plan and commitment to action.
If you would like help, let me know.
www.facebook.com/lisaylifecoach
Yeah!
Smile for me.
Lisa Y coaching.