- MAKE ONE PAYMENT
- REDUCE INTEREST RATES
- LOWER MONTHLY PAYMENT
- MAKE ONE PAYMENT
How to Build a Bridge to Financial Freedom Right Now
"Money is a terrible master but an excellent servant." -PT Barnum.
When you are in debt, money is your master. When you get out of debt, in a sense, you achieve financial freedom by turning around your financial health.
How do you go about building that bridge to financial freedom? It all starts with three simple steps:
- Stop procrastinating and start taking action.
- Educate yourself financially.
- Find out if you need professional debt help.
Let's consider these three steps in more detail.
Step One: Take Action
Procrastination is the number one reason people fail financially. It's easy to put off the uncomfortable decisions you need to make to address debt issues and to come up with reasons to procrastinate such as:
- I'm too old to tackle my debt problem now.
- I have too much debt to ever pay off.
- I'm not in that much debt yet, so I still have some time before I have to worry about it.
Here's the truth of the matter. Debt does not simply go away on its own. When you delay taking care of your debt, all you do is to limit the options that are available to you for handling the debt. The longer you wait, the worse the problem becomes, and the fewer options you will have for managing the problem.
Your best course of action is to decide today to take action. You can do it, and you do not have to do it alone.
Step Two: Get a Financial Education
To get out of debt, you need to assess your financial situation and understand its implications. You need to know why you are indebted, where your debts originate, and how much they cost.
Take a look at your monthly spending habits and learn where your money goes each month. Compare what you spend with what you earn and see where you can make adjustments. Prioritize your bills according to what is most important and work on paying off those bills first.
Once you have your monthly payments in order, invest in your financial future by becoming more financially literate. Financial literacy is perhaps the most underrated and neglected basic survival skill in the modern world. In the US, the financial education situation is dire.