Beating Debt Is Easy But Requires Discipline
Thursday, April 23, 2015, 6:00 AM | Leave Comment
Beating debt is simple and easy but requires discipline in your personal finances. Financial discipline is much different than any other kind. Military persons can have very strict discipline about everything in their lives but when it comes to their personal finances, they can be as undisciplined as any one on the street.
Understand Types Of Debt – A Quick Course.
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Getting out of debt
Getting out of debt is not some kind of rocket science. It’s not so hard to understand. On the contrary, of all the money management topics, debt is probably the simplest.
You just have to live around it. Don’t always step into the stinking debt shit every time you wish you had more money. That wish of yours will not work.
You have to be realistic about debt. Just follow the rule that boils down to a very simple phenomenon.
Always spend less than you make, on a consistent, long-term basis and you will conquer debt for the rest of your life.
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You cannot take anything with you except debt
Even when you are six feet under, if you can feel anything, the debt-less life that you lived will give you peace of mind.
If you can’t feel a thing, at least when you are on death bed, it will give you satisfaction that you are not leaving your personal debt to your loved ones.
That’s one obligation they don’t have to commit too. It was not of their making. Can there be anything less difficult in your financial management? Make your RIP as your Rest-In-Peace place in reality.
However, nothing else will get the job done. I mean nothing else.
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Good debt can become bad debt…
I consider mortgage, student and other similar kinds of debt good debt. Because it can hopefully give you a return of some kind.
May that be you sell your home when it appreciates in value – but you have to live in it for a considerable number of years, or get a better job with more money when you graduate from college.
However, it so happens that such good debt can turn into bad debt. The example will be to buy a house that in reality you cannot afford.
But the bank is giving you the loan so you buy it, knowing pretty well that down the road, it will be hard to pay your monthly mortgage.
You have to be careful not to borrow beyond your means. Otherwise, that loan and the livelihood that goes with it can turn against you.
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The [Debt] Temptations
Maybe you’d like to give me debt sweet
Only for one night with no repeat
Maybe you’d go away [RIP] and never call
And a taste of debt is worse than none at allIn that case I don’t want no part [in your debt]
I do believe that
that would only break my heart
Oh, but if you feel like not “debting” me
If you got the notion
I second that emotion
So, if you feel like giving me
a lifetime of no debt
I second that emotionMaybe you’ll think that debt will tie you down
And you ain’t got the time to hang around
Maybe you think that debt will make us wise
And so it makes you wise to break the rules
I second that emotion
In a Nutshell
I wish a TV network will have a reality show about debt. That will raise the conscious of the nation about debt.
However, that would be the most boring show on the face of our dear planet but at the same time it can be very fruitful.
If the show is simple and concentrate on the topic and not show models in skimpy clothes and thongs, then it will mean something to national debt archive and may even minimize the effect of the debt sting in our personal finances.
I second that emotion.
