Get Out Of Debt - Part 7

If this is your first time reading the "Get Out Debt" Series and would like to catch all the drama from the beginning click here and start reading from the bottom up.

Welcome back to my weekly post where I air and even at times exploit my dirty-debt laundry. So let's get right to the update on our debt elimination...

By our fourth month we had reduced our debt by an amazing....18%!!!  For us that equated to a small car.

Next week I'll go over Dave Ramsey's Baby Step Three.  But for this week I'm going to keep it short and sweet with just a few comments.

Comment #1:  It is my belief that most people won't even try this because they think freedoms are going to be taken away, perhaps much like they were by their parents years ago.  I promise, you will only gain more and more freedom, not loose it. I PROMISE!

Yes, your budget and fun may be cut, but you will hit a point where you are no longer a slave to your job.  You will sleep well at night.  Once out of debt you will open up a whole new frontier of possiblities you couldn't even begin to entertain when you were in debt. 

Like what you ask?  Like you can move to another state.  You can quit a job you don't like.  You can start a new career.  You can never work again.  You can be a stay-at-home mom or dad.  You can travel more.  You can build that dream house.  Fill in the blank with what you can do once you are free from debt.

If you think these things happen without any planning or forethought you need a reality check. 

 

Comment #2:  I think a lot of people would like to do this but don't think it is possible because they do not make enough money or they are too old.  All I have to say to you is SO FALSE.  Just try it, you'll see I'm right.  Any amount of debt relief is good.

Comment #3:  Some people thing they are out of debt but really aren't.  If you tell me you are out of debt EXCEPT for a student loan or a car loan you are not out of debt.  Time to be honest with yourself.

Comment #4:  Have you ever figured how much you need to retire on or were you just planing on working forever?  Sit down and figure it out than calculate out how much you would need to put away every month to make that happen.  How are you doing?

Comment #5:  Get a second or third job if you need more money to make this happen.  A little short term pain will go a long way on being debt free.  I started a home based business as a Arbonne consultant and the money I'm making I'm able to put towards our debt relief is amazing.  As Dave says, whether it is a job outside the home or something you are doing from home, it needs to bring in an extra $1000/month to make it worth your time.

Okay, that's it for this week.  Good luck with your debt relief.  Next week - Dave Ramsey's Baby Step Three (a.k.a - what to do once you are out of debt.)

Click here to go on to "Get Out of Debt - Part 8."