Why are there not more wealthy people? What was the main reason to hinder my path to wealth? Simple – I was bogged down in debt. And I’m not just talking literally (although that was true – I had lots), but also figuratively. Debt is a barrier to wealth!
You might be saying – no kidding! But I don’t mean the actual debt. I am talking about the mindset that debt brings with it. Debt is all in the mind!
“Say WHAT?” “Debt is real, brother!” “I’ve got more debt than you can poke a stick at.” I’ve got this bill to pay today and nothing in the bank to pay it with.” Do any of these sound familiar? I know I said them to myself (and whoever would listen to me) nearly every day. I needed to break out of this mindset – yes, I was still in debt but I couldn’t focus on that. Instead, I needed to focus on what I did have, and be grateful for it.
Escaping from debt is really a simple process – step by step.
The first step is to determine exactly where I stood atop my pile of debt. Go through your credit card statements, bank accounts and any other accounts you have. Know exactly what you owe, who you owe it to and when the debts are due. Make a list. Once you know how much debt you actually have, you will be able to determine how much more money you need to be making each week in order to decrease your debt.
Many people fail to find their way out of debt because they think finding extra money is impossible. It isn’t. There are a myriad of opportunities out there. Make another list – what am I good at? Then Google – “how to make money doing …” and fill in the blank with what you are good at. You’ll be amazed at what comes up. Find a way to earn extra income by turning a hobby into a profitable venture, starting a business or making money on the Internet. If you create just a little more cash each week, you will be able to work toward freeing yourself of your debts and heading straight into a live of wealth and prosperity.
Focus on paying off one debt at a time. Pay minimum allowed (or even contact the institution or person you owe money to and see if they’ll put a hold on your payments (if you can demonstrate to them your plan to pay them back)) and pour the excess into the debt with the biggest interest rate. Once that debt is paid, focus on the next debt, pouring all of the extra money from the first debt into it, and so on.
Once you have paid your debts down, you will have the extra income that you generate to put toward investment assets. Once you have created several income streams, you will be able to sit back and enjoy the wealth you never thought possible.