5 Days to Financial Freedom | The Easy eCourse
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Being in debt can be a stressful experience. Worse yet, it’s a way of life for many. If you’re looking to break free of debt and start living the life you’ve always known was possible, you’ve come to the right place.
Regardless of your circumstances, debts must be paid back. Bankruptcy is an option for some, but it is a bad option to begin with. It’s completely possible to get your life back on track, but it’s going to take a little bit of effort and a lot of self-belief.
1. Evaluate your Financial Situation
The most critical step in your financial situation is to understand the whole picture. Take time to sit down and look at your finances to map your long term direction in life. You CAN change everything in the blink of an eye. However, don’t be fooled by the get out of debt quick schemes. Its going to take hard work and most importantly a CHANGE IN YOUR HABITS.
By getting perspective over your situation, you can start to overcome financial troubles. This is the first step for a reason: You need to understand where you are, where you’re going and where you’d prefer to be.
2. Get Copies of your Credit Reports
This one should go without saying, but it’s worth reminding everyone reading that credit and debt are huge factors in financial success. Some entrepreneurs are a small loan away from financial freedom while others don’t have the vision or skills they need to succeed yet.
I personally use MyFICO to monitor and track my Credit Reports on a monthly basis. As a customer and an MyFICO affiliate I have access to a special discount this includes a $10 discount on score watch if you wanted to add that feature.
3. Set your Financial Priorities
Priority itself is a priority. The first thing that you should be doing in regards to your finances is to first recognize that some things are absolutely undebatable; they must be covered. Beyond that point, some expenses are “on the clock,” and time is ticking until the are due.
Finally, there are expenses that are not truly needed, and this is the easiest place to cut expenses and start getting some financial leverage.
4. Set your Budget and Spending Plan by Creating Goals
A goal is just something to aim for. There could be a thousand expenses that spontaneously pop up, but it is far more important to be working with a map than trying to predict the future.
Having a spending plan is easy as working with the numbers you have available, the price of a better life and the types of milestones you’d need to reach to bridge the gap between your current situation and the better life you know you could achieve.
5. Save for your Goals
Your goals and your dream life are the most important elements of financial success. It’s easy to be happy in the moment and appreciative of the gift of life, but none of that matters if you sense that you’re failing your true potential.
The best way to invest money is into yourself and your ideal living conditions. All other expenses are often distractions, and doubling down on investments towards what you truly desire from life is the path often taken by those that achieve their dreams.
BONUS! Reduce Debt while being Smart about Credit
Debt is a negative, failing investment. People toy with the stock market for a fractional percentage of what most interest on debt is these days, yet the stock market has a tendency of making those people quite wealthy.
In most cases, debt is the opposite of an investment. The only time it’s a successful investment is when it’s for either an emergency or to swing yourself into a better financial situation. Building credit is another story and doesn’t require debt, but that’s a different topic for another day.
Get a Free Debt Relief Quote to Jump-Start your Debt Consolidation
Or you can get a Free Debt Relief Quote from National Debt Relief. National Debt Relief is a leading debt negotiation company. They negotiate with your creditors to get a reduction of your outstanding credit card balances. They get your creditors to agree to a lump sum payoff amount and they will forgive the rest of your balance.
It’s better to have the debts off the record than for them to stay there indefinitely.