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Judul : 5 Steps to Get Out of DebtLink : 5 Steps to Get Out of Debt
When surveyed, the Forbes 400 were asked, “What is the most important key to building wealth?” 75% replied that becoming and staying debt free was the number one key to wealth building.
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| We need to eliminate debt |
Truly, no one can ever be financially free until he is debt-free. So how does one become debt-free?
Here are 5 simple and practical steps to get out of debt.
Here are 5 simple and practical steps to get out of debt.
1. Quit borrowing more money!
A simple as it is. Stop borrowing more money. Don’t get more debts. Live below your means. You can’t spend more than what you make.
2. You must save money.
How can I save money when I do have debts? Well, we must again follow the right formula (see link). Whether we like it or not, we need to save.
The reason why we need to save even if we still have an existing debt is because we don’t want to get into more debts in case an emergency will occur. This is the reason we need an emergency fund, not an emergency loan.
The reason why we need to save even if we still have an existing debt is because we don’t want to get into more debts in case an emergency will occur. This is the reason we need an emergency fund, not an emergency loan.
3. Prayer really works.
Regardless of religion, I believe there is a greater power out there who is willing to help us. We need to pray, offer or surrender the things we have no control of to someone or something more powerful than us.
Surely, there are things we cannot expect and explain but it happens. We don’t know, by some unknown power, we might win the lottery, or a person who was indebted to us a long time ago (who we already forgotten) will have a sudden change of mind and pay us, or a piece of property that someone is interested to buy. We don’t know. Just pray.
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Surely, there are things we cannot expect and explain but it happens. We don’t know, by some unknown power, we might win the lottery, or a person who was indebted to us a long time ago (who we already forgotten) will have a sudden change of mind and pay us, or a piece of property that someone is interested to buy. We don’t know. Just pray.
5 Steps to Get Out of Debt
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