1 - Stop Drinking, Smoking, Drugs, Overeating And Shopping
Here you are going to find out what you are doing wrong that is sending you into a debt spiral, and surprising, for the first time on the Internet, you are going to read advice that doesn’t include “Make a budget and stick to it.”
Sure, making a budget and sticking to it is the best and most productive way of get out of debt, but if it were that easy, then everybody would be doing it. It is ridiculous that in this day and age people are giving out advice that is nothing more than telling people what they already know. How many times have you heard the pointless advice that says you can lose weight with proper diet and exercise? People know that, but eating a good diet is difficult and expensive and exercising is time consuming, boring and painful.
Guess why most people are in debt!!!
Is it because the capitalist bigwigs
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Yes, there are probably over one hundred alternatives, but they are for people that are good with money and that can handle and manage their finances. Still, you shouldn’t feel bad, since most people are in debt that they cannot get out of, which means there are a lot of people that are bad with money out there.
There are no alternatives for you, but there are two things you can do to improve your situation. They include lowering your spending and improving your discipline. Lowering your spending means cutting up your cards, avoiding shops, and associating with people that have sensible spending habits.
How To Improve Your Discipline
Discipline is not something you have--it is something you learn. It is hard to learn, but it isn’t as painful as some people think it is. For example, people that overeat will tend to have poor discipline skills, and to them, training their discipline means staying away from fatty foods--but that is doing it the hard way. Improve your discipline in other areas of your life first, and the skills will transfer
One thing is for sure, they both think debt is a bad thing! Owing money to somebody will never get you ahead when trying to be fiscally responsible. Make sure you are only spending money that you physically have, and not what the credit card says your limit is. Dave asserts that this goes beyond just what you can do for yourself. This is not just about setting yourself up for success, but also setting your children, and even your children’s children up for the responsibilities of being penny wise. Orman concludes that every little bit counts. In fact, by adding a “13th” mortgage payment per year, you can knock off five years. On a $250,000 mortgage, that could save you upwards of $61,000 in
Debt is heavy. It sits on your shoulders and weighs you down. Debt is also addictive. It 's easy to throw something on credit when you don 't actually have the money to buy it. It gives you instant gratification, and that can feel good - in the moment. But, for many people, there comes a point where they can 't use their credit anymore and debt is all they are left with. The stress of having to pay it all off can take its toll on your happiness and health, so you must come up with a way to get out of debt and start living a debt free life. Following are two things that will help you get out of debt once and for all.
I chose to do my book review on Brad and Ted Klontz’s “Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health” because I have observed, and participated in, bad financial decisions that have greatly impacted my family for decades. I’ve taken many personal steps to attempt to break the cycle of destruction that ended my parents’ marriage, and to raise my children in a debt free environment. Unfortunately, it has not been an easy task. I have read many financial self help books and attended seminars on the subject. This book caught my attention when it said that simply learning how to budget and pay off debt isn’t enough, that one has to first understand our psychological relationship to money, and then move beyond the financial constraints we put on upon ourselves. For years I had struggled with debt and money management. I had always assumed it was my lack of education that held me from moving forward. Reading this book has been a welcome eye-opener.
As of today America’s national debt is 18 trillion dollars and approximately 5 trillion of that is held by foreign countries including China and Japan. In the last few years we seem to hear more about balancing the country’s budget and politicians raising the debt ceiling so we can pay on this debt. How have we gotten into such an overwhelming and complicated problem with our nation’s money? Ironically the same can be said for our individual household debt as well as making the same mistakes and trying to find creative ways to be accountable to our financial responsibilities. Teaching the basics of personal finance n our schools can culturally change our financial practices, leading to a more financially literate public and a stronger, more stable, America. If the younger generations can become more financially savvy, then there is an opportunity for our nation as a whole to become less dependent on debt to survive.
(Ramsey 108). Making sacrifices with your money now, will make your hole of debt that much less. The less you have to worry about debt, is the more you can focus on you. Around 30% of student loan borrowers have dropped out of college and have to continue paying the debt with just a high school graduate salary.
Suddenly I found myself in serious debt from missing work, doctor?s office visits, and paying outrageous prescription costs. I am still paying off medical bills for lab work, and other tests and emergency room visits.
We now live in a society where kids start their adult lives “in the red”, as their debt exceeds their income. (Draut, 2005) 60 years ago this wasn’t the case, as told by Studs Terkel in Hard Times-An Oral History of The Great Depression, “I had no idea how long $30 would last, but it sure would have to go a long way because I had nothing else. The semester fee was $22, so that left me $8 to go.” (Turkel, 1970) Imagine that! 60 years ago tuition was $22 dollars a semester! Furthermore, 45% of adults under 35 state they find themselves resorting to credit card use for basic living expenses like rent, groceries and utilities, (Draut, 2005) adding to their mounting debt. This use of credit puts them into an entirely different category of indebtedness: survival debt. (Draut, 2005) Imagine being forced to borrow to live! (Draut, 2005) If a car breaks down or someone gets sick, the only option available is using a credit card. (Draut,
The word discipline is defined as imparting knowledge and skill, to teach. Discipline is used by parents to teach their children the correct way to behave. They need to be given constant discipline to be taught right and wrong and it can involve rewards and punishments to teach self control and increase desirable behaviors and decrease undesirable behaviour. Though the purpose of child discipline is to develop desirable behaviour and social habits, the ultimate goal is to create sound judgement and morals so that the child develops and maintains self disciple throughout the rest of their lives.
...rom falling into debt. People who are entrenched in debt, however, should employ a strategy of cutting down variable spending and putting the extra money towards debt payments. Akin to the proposed balanced budget amendment, this ensures that they lose less and make more money.
“The Total Money Makeover” is radio star and financial speaker Dave Ramsey’s viewpoint, ideas and techniques on the financial world put into words that are not only simple, but super helpful to those seeking motivation in their financial lives. Throughout this book Dave Ramsey projects his attitude on how to begin a debt free life. In this particular book Dave Ramsey constantly presents the ideas of an emergency fund, myths and truths, savings, loan and credit card use. Out of all these chapters the most important and useful information I learned was the obstacles in getting to a debt free life, Ramsey’s Seven Baby Steps and the priorities of money.
Credit plays a significant role when it comes to consumer spending, but can have a significant impact if misused. It doesn’t take much for consumers to get in over their head with the overuse of credit, credit debt can quickly mount if left unchecked. According to Stinson (2016), “The road to a credit card debt pileup is often paved with spending that seemed like a good idea at the time. But too many well-intended moves can lead you into a financial ditch and ruin your credit” (Stinson,
Debt: a word that seems to strike fear in the hearts of Americans. Unfortunately, that fear is being faced. Most of the people who lived through the Great Depression have a distrust for banks and credit cards. These people learned from trusting the bank with large amounts of money, and now go to extreme measures to protect their money. In 2008, a similar recession hit the United States and caused many people to lose money. Credit card debt continually increased throughout the 20th and 21st century. However, credit card debt decreased greatly after the recession of 2008 because Americans stopped spending freely, similar to the 1930s. It is commonly believed that people would be wiser spenders after the recession of 2008, but now in 2015, credit card debt has actually increased almost back to what it was in 2007.
Families accrue large amount of debt carelessly. Accumulating debt does not happen overnight. They fall in debt by not paying attention to where their money is going due and by their disproportionate spending. Families may also have an expensive life threatening health emergency, forcing them into financial struggle. However, life happens. Parents also get laid off their jobs and it takes months to find another one, so they depend on credit cards and loans to survive with their youngsters. Parents may not recognized the dangers the situation of being in debt. Nonetheless, if they are able to recognize the process of how the get in of debt, they might be able to avoid this stressful situation.
Max Anders says, "Only the disciplined ever get really good at anything." Everything in life requires some sort of discipline. Whether it is hitting a baseball, climbing a mountain, playing a musical instrument, making good grades or brushing your teeth it all comes down to a matter of discipline.
In today’s world young people are using debt to live what they think is the easy life, buying unnecessary items to keep up with the latest trends, partying, and switching from credit card to credit card to pay off racked up bills. In my opinion young people lack the knowledge, and understanding of how credit works, and what it takes to keep up with the responsibilities of owning a credit card. Another reason young people are getting into debt is from college loans. Some students jump from school to school unsure of what career they want to pursue, and some jump from school to school using financial aid to obtain the luxuries they couldn’t normally afford. I think the biggest reason of all for the debt accrued in the early years of adulthood though is irresponsibility. Young people get into debt because they lack knowledge, have many student loans, and are irresponsible when it comes to handling debt.