Dig Yourself Out of Debt ASAP

It’ll be much harder to get ahead if you always owe somebody something. Clearing all of your debt should be your number one priority. Interest rates on loans are a horrible expense to have on your plate. It can be crippling to just pay the interest rates on debt, especially when you’re trying to pay the debt off. It’s a shame that places like banks will loan you more money than you could ever afford to pay back. It’s almost as if they do it to keep you sucked into their service. Being a slave to debt is one of the most frustrating things to have to deal with. 

However, don’t lose hope debt is a very escapable thing all is not lost. You are not hopeless and have the ability to climb out of any amount of debt you may be in. This will not be an easy process though and may not happen as quickly as you’d may like. The more sacrifice you’re willing to endure the more efficiently your climb out of debt will go. Just never forget while you’re making these sacrifices that it is for a good cause and will pay off in the long run even if it sucks in the short term.

First of all, the key to climbing out of debt successfully will mean cutting expenses you have as much as possible. You can start canceling any subscriptions you have that take monthly charges from you. Things like Netflix may seem cheap only being $10 a month but that $10 every month adds up especially if you have multiple monthly subscription services. Skim back on the outrageously overpriced cell phone plans as well. Unless you absolutely need it get rid of the data on your cellular plan right away. Try going without a cell phone completely or at least try to get on a pre-paid minimal text and talk plan. Smoke cigarettes? Cut that habit out immediately. Smoking is one of the most expensive habits on the planet and can cost upwards of $5,000 a year. Drink alcohol? Cut that habit out too, especially if you’re one of those people who drink at bars all time. 

Basically, what you want to do is eat shit and live like shit until your debts are paid off. If you have a car at the very least, try to only use gas if absolutely necessary. Got an old bicycle laying around and its warm outside? Try out the cyclist life for a little while and get the extra benefit of exercise from it. Cable television is also a non-essential expense that can be ditched. Stop purchasing things you don’t need is also very important. The wardrobe you currently have can last you a bit longer, there’s no need to buy more clothes that you don’t really need. Don’t update to the latest version of the IPhone either an older version can easily last you until your debts are paid off. You shouldn’t be buying anything that is not necessary for your survival if you want to efficiently climb out of debt. Cut as many expenditures as humanly possible in order to pay off your debt in a quick manner. If you spend more than you make it will be impossible to ever get out of the grasp of death.

Spend your time in a productive way and stop wasting it on silly things like binge watching Netflix shows.  It is easily possible to survive on only 6 hours of sleep a day. Sleeping 6 hours a day leaves you with 18 hours in a day to do whatever you choose to. Spending time with your family is very important and I don’t have a suggestion for what the appropriate amount of time to spend with your family is. However, spending your time drinking, playing video games and streaming Netflix are NOT efficient ways to spend the 18 hours a day you are given. Use this time to do things like gaining extra revenue streams. There’s multiple ideas to generate revenue within this book and hopefully one of them are right for you. 

Also try selling things around the house you don’t use anymore. Take an inventory of all the things within your home and try to decide what you would be willing to part with. You’d be surprised the amount of money you can make from selling things lying around your very own home that you never use anymore. Some people own thousands of dollars’ worth of stuff that they just let sit around never to be used. Don’t be one of those people and get some value out of the things you never use anymore.

Overall, getting out of debt is critical if you want to bring value to the world and be valued. Debt holds people back in a horrifying manner and needs to be dealt with. Once you escape all your debt you will become one step closer to reaching heights you could have never dreamed of before.