Get PDF Get Out Of Debt - 10 Simple Steps to Financial Freedom

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This is a simple but necessary step. On the liability side, you need to know how much you owe. The total number is important, but the separate pieces will be more useful to us. Debt is an extremely useful tool. Unfortunately, many of us have abused the tool and amassed high-interest debt that sabotages our chances of getting ahead. If you have racked up a mound of credit card debt, eliminating it needs to be a top priority.

Not all debt is bad, of course. Good debts are those that make you money. And credit cards are worst of all. Not having a bit of cash on hand means that your efforts at getting out of debt can be easily derailed by unexpected or emergency expenses. Two of the simplest get-out-of-debt strategies are referred to as Snowball and Avalanche. Each has its advantages, but the one you use is less important than committing to it. Pick one and stick to it.

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The Snowball Method works on the smallest debt first. People who use this method like that you see quick results. You get rid of the small debts fast, and by doing so, you free up money to pay down those larger debts. The Avalanche Method works very similarly, except that you will prioritize the highest-interest debts instead of those with the lowest balance.

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It can take more time before you get rid of that first high-interest balance entirely, but once you do things progress relatively quickly. The very first person to get a slice of your pie should be you!

This one is counterintuitive to many people. What many financial experts suggest instead is to set aside money for savings and investments before you pay your bills. Ideally, this should be automatic. Your bank will most likely allow you to set up automatic recurring transfers to savings. There are also online investment services that allow you to schedule regular deposits from your bank account. This should be a high priority, even above paying off credit cards.

No one can predict the future, and emergencies can ruin a family, financially. This is money that you do not touch unless it truly is an emergency.

Do this before you start to tackle your debt. The higher priority, though, will be investing. Contribute something, regardless. Most online brokerage accounts will allow you to set up automatic deposits, so be sure to do that. If paying for college is part of your plan, there are tax-advantaged investment accounts designed for that purpose. A College Savings Plan is generally the preferred option, and works similarly to a Roth IRA—contributions are made after tax, but investments grow tax-free.

Goals are dreams, with an important addition—deadlines. An emergency fund can be like an all-purpose financial first aid kit. Now give yourself a deadline for each goal. Write the dates in your calendar. The dates you choose should be hard commitments that you will work towards without compromise. Now set a goal date for each of the things you already know you will be doing. You might already have a date planned for some. Looking at the budget for those definite plans, does your initial deadline make sense?

You will be working to get the income you need, so you can keep those deadlines in place and commit to making it happen, or you can decide to extend your timeline.

10-Step Formula to Achieve Financial Freedom in 12222

Be very honest with yourself, here. It helps a lot if you can discuss your plans with someone else who knows you well. Humans have a pronounced tendency to overestimate what they can accomplish in the short term while underestimating what they can do over a longer timeframe. People who know you really well—think siblings, parents, and lifelong friends—will often have better insight into your patterns then you yourself. This, for most people, is the biggest marker of financial freedom—the ability to walk away from a regular paycheck.

Because of that, this goal is one that is very likely to need revision. This is a step that you will revisit regularly—at least annually, and probably more frequently in the early stages. You will never have true financial freedom if you are outspending your income.

How to Get Out of Debt in Six Simple Steps

At every stage, it is essential that you spend less than you earn. This is not about long-term sacrifice. You can have everything you want when you can pay for it. Depending on your ultimate goal and how close you are to it now, some short-term sacrifices might be necessary.

Now a critical piece of your path to financial freedom is to avoid creating new debt. While credit cards can be a valuable financial tool, you know what a trap they can be. It is far easier to stay out of debt than it is to get out of debt. This, too, will be a judgment call for you. If you still have some debt to pay off, you should be a bit more aggressive in paring down your expenses. A few things you might consider:.

Emergency expenses are unpredictable, and you are bound to have a few.

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  • When an expense is truly necessary, weigh your choices carefully. Do you really need the top-of-the-line, or will the cheaper model do? A growing income can grow exponentially when used wisely. This is where the real work comes in. However, there will always be a tradeoff. Who were you with?

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    Maybe you have a friend you love working out with. Invite her over to workout to a YouTube playlist at home for free. You want to make it unforgettable. Go on that vacation feeling guilt-free. Or you can become a digital nomad and travel the world while working abroad. Life is made up of moments. The best ones come from quality time spent with friends and family.

    How to Get Out of Debt In Six Simple Steps

    A lot of people feel the same thing after finishing their last debt payment: relieved. There are two main methods of paying off debt: snowball and avalanche. Snowball is when you pay off the smallest debt first. Avalanche is when you pay off the debt with the highest interest rate. You need to decide what works best for you. But when I was working towards becoming debt-free, I did the snowball effect. It helped keep me more motivated.

    In the end, it took about three years to finish paying off the student loans instead of the nine years I was allotted. Paying off a big debt lifts a massive weight off your shoulders. After paying off your debt, you see the amount of money you have in the bank rise.

    Your 9 to 5 might not cut it. Some experts recommend having seven streams of income. If you have a 9 to 5 job, congratulations, you have one, only six more to go! Now, you can look at your sources of income in two ways: active income trading time for money or passive income money that can keep coming in, even while you sleep.

    Here are a few side jobs you can do to earn an active income:.

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    Fortunately, your seven streams of income can all come from the same source. The last financial freedom tip is an important one. Say you follow the advice and recommendations in this article, get out of debt, and grow your savings. That might be enough to help you out right now. But what if the unexpected happens? Will you be prepared for it? Next, you also want to save enough money for an emergency fund. The emergency fund is only for unplanned emergencies like a tree crashing onto your house, a car accident you need to pay for out of pocket, or a visit to the hospital.