What about a Debt FREE Story!
Yes, what about it and what it means… Well it means in a sense that we need to activate ourself to push the boundaries to know… Why do i have so much debt, why am i not focusing on paying them off, why am i in this bad situation or how to take actions the right way to destroy once for all those bad debts.
Let’s see what are the key notes about having a debt FREE Story so you have something to talk about that is Positive for you and your Family.
Budgeting
The magic word, Budgeting… Why are we talking again or over and over again about this topic. This is the main focus you should have , to implement a strategy that will permit you to control your expenses to the cents. Yes, it’s not a easy task to take but we all have to do it at a certain point in our life. If you are comfortable with a calendar and write all of your expenses in there including every pennies spent,thumbs up tp you:)
Maybe you like having all your tracking on a excel sheet, why not. We are so connected this days, it could be a good option to have all your informations ( colleges tuition fees,credit cards, car note, mortgage, taxes, insurance, groceries and more…). The base of a good finance foundation is to have control over your money, you know exactly how much your spending and how much is coming back to you.
Bottom line is you should spend less than you make and from there , this will give you the right options to invest, save and do the things that you love.
Resources
We all need help in Life, when we are in a bad situation… Why not have some resources in hand to be use when needed.
Have a good relationship with your banker because you never know when you will need him/her. In desperate days,they are the one’s that could give you advice. Of course you have to analyse your issue first and from there contact a professional,to make sure you are in control of every aspect of the conversation.You don’t want to end up with a loan that you don’t need because of a 1000$ unexpected expense that you had and got a 5000$ loan.
There is other resources like:
Equifax -Credit Union(Have your credit report at least once a year check to know if your FICO score is right)
Read some Financial books to help you understand the financial World (Laws, Credit,mortgage and more…)
Expenses
How to manage your expenses and how to control it…
It is so easy to say, i have the full control but in reality rare are the ones who can control their expenses and the one who does control it, have a system in place or learn it the right way.
We talk before about having a budget… Why not also have a envelop system to help you manage cash in hand. See this article that i wrote about a month ago… Envelop System and Key Element.
This system will help you control your expenses by dividing equal numbers per month ,the amount to be spent versus the amount to be save if possible. Saving is also a major factor in money management. If there is any emergency, no problem their is money set aside for bad situations coming ahead.
Bills months after months
Should we cut or reduce recurring bills that we have each month? Yes, why not…
- Mortgage – Try to have a lower interest rate, pay weekly to save on interest
- Insurance – When your contract is due, shop around for a better price
- Car – Try to pay it fast, have a lesser new car for lower payment or maybe no car (bus-metro-walk-bike)
- Cable – (You have the internet,get rid of it)
- Internet – Have a unlimited plan to avoid major spyke in data use and price
- Shopping (Try to go every 2-3 months instead of week or two)
- Credit card – (Shop for a lower interest rate,pay it in full, work a extra job…)
- Student loans – ( Negociate your rate with the bank, to pay it faster)
Income
There is a lot of ways to generate some income: Investment, stocks, investment properties,bonds, regular job, entrepreneur and more… In today world, we should be focusing on creating investment strategy to help us generate a sizable income to protect our living expenses.
Do you have a passion in Life? Your maybe a computer engeneer like myself ! So you love working on cars, video games master, a great cook maybe, good at speaking in front of a crowd,singing,writing…We all have a special talent and often it is not been used.
Your passion could be your generating income machine.If you are abble to pinpoint this hidden gem in yourself,from there take some information on how to make it happen. Don’t over look all the details so you want to be perfect,there is no perfect formula the only thing is to take imperfect actions.
Question and Answer
There is a hard question that all of use should ask the little kid in us: What is my mission in Life?
How difficult it is to answer this question and it’s normal. Who has a answer? Some do but it is not the norm.
Focus on one thing, take time with yourself… Meaning ,when you have a day off, take a hour and do something that you really love, that make you feel better, feel alive! It is a important exercise because your brain need this type of activities to enhance the cells, humor,appetite,physical aspect and more. You don’t have a hour, try it for 30min and feel the difference.
Contribution
How do we Contribute to the World?
Interesting point or question…
By doing some voluntary work, this will help us in a way that sometime,we are not abble to describe. You go to a lower scale school district to serve kids with a complete breakfast meal. When you see their eyes saying “Thank you”, it is a feeling that is not even easy to describe… You just get their energy, it is feeding you… So you could come back again the next day and give them more.
Coaching is another great way to give back, you have the opportunity to show case your talent to peoples in a multiple layer of society. They are so ready to receive the knowledge that you have to offer, you could say “I don’t know what i’m doing here” after a hour, your like… Thank you, it was really fun! Especially with kids that are so eager to learn and implement new things,let’s not forget about the adult crowd also.
Growth
How do we grow in this World?
Evolution, our knowledge need expansion and our brain more stimulus.
Reading and writing is key to enhance our self belief system, train our mind to understand others better, interaction to be abble to work as a team (Husban and Wife, controling a budget per example),learn from mistakes,reflect on good and bad wins and take some constructive actions. Everyday do one thing that you didn’t do yesterday.
FEEL FREE
Feel Free, in any aspect of your Life,you will have really good satisfying things happening to you and on the other hand some horrible things happening. Just follow this principle: Facing with adversity,i close and reopen my eyes to realise that i do have control in the moment but a second later i don’t. Let go of what we think it’s ours and let’s focus on the now, on what’s happening now…
Now you are reading my blog and hope this will help you take a step back reflect and take the necessary actions to be Debt Free in and out.
Stanley
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