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Getting out of debt is simple math.
The Simple Math of Getting out of Debt
Simple? Yes. Easy? No.
The going into debt side: $1 of debt plus $1 dollar of debt = $2 of debt.
Fast, easy, and debt can stick around a long time.
The getting out side: $2 of debt minus $2 of debt = $0 dollars of debt.
Can be time consuming, slow, and sometimes seemingly endless.
No magic, just simple math.
Your biggest enemy in this process? Your mind (ie: your habits, what/how you think about money).
What is debt?
You selling your future labor today. Contracting your labor into the future. You sign the contract (note, credit card agreement, etc) promising to make future payments. Those payments are a result of your labor.
Not only do you repay the principle balance (purchase price), you repay interest payments on top of that.
Before borrowing the money ask yourself, “Is there another way to get what I want without borrowing?” Wait longer, save the money, trade, barter, etc.
Food for thought: When animals hunt the food they need, they don’t stock up for future use. They typically gather what they need, eat, and then hunt another day. No stockpiling, which is what borrowing is.
The Richest Man in Babylon – George Clason
Get Your Mind Straight. Get Your Money Straight.
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