My Grandfather lived on a Farm in Minnesota. He grew his own vegetables and a raised a few chickens. He had a very limited Income, but had all of the money he needed. My Grandfather owned his Farm, did not have a credit card, nor a HELOC (Home Equity Line of Credit), nor a Margin Account; he was an extremely Happy Man!
Do you find that you can’t sleep at night? Are you always on edge? Arguing with your spouse and yelling at the kids? Are you drinking more than you should, but need the alcohol to “take the edge off”. Financial stress is generally the root cause of Marital Discord, Child Abuse, Alcoholism, Drug Abuse, and Workplace Strife and Violence. Debt is the cause; the opium pervasive in our society. Credit can be a very useful tool to enhance and build Wealth; it can also destroy Families.
Debt is insidious and pervasive; there is enormous temptation to indulge today and book that lavish vacation or lease that expensive car to feel important and look successful. After all, you only pay and pay and pay for months or years. You can have all these things and more; just allow your work, your ingenuity, and your sacrifice to benefit you not the Bank! Get out of DEBT! Then use the money that is NOT going to the Banks for your Future! The Banks will Hate that!
Set a goal of Debt Freedom. Once started, the savings start to build quickly. Start by cutting expenses: clean your own house, eat meals at home with the family, rent DVD’s or online entertainment like Netflix or Amazon Prime to reduce the Cable bill, cut your own grass, clean your own car, downgrade your car to a good clean economy car like a Toyota Camry or Honda Accord rather than a Mercedes or BMW. Reduce or eliminate every expense and use the savings to start to pay down credit cards, student loans, HELOCs, and any personal debt. Review Investment debt and refinance for better terms. Sacrifice for just a few short years and the debt will go away. Once the Debt is gone, keep up the habits and start to build reserves; this was also known to the Ancients as “SAVINGS”!
Do not reward yourself with a renewed indulgence in Debt! You can reward yourself with Investments for your future. Investments that will PAY you; a big change from Debt! Accumulating cash flowing assets will become easier as they add to your Wealth. After you have been disciplined in your Financial Habits, you will recognize the moment you have earned the right to indulge, the right to upgrade to First Class or the Penthouse. At that moment, you will realize, you have all the money you need and you will sleep very well at night! If you are lucky, you might even be Happy!