Have you seen or heard the news lately? It seems that on any given day the federal government is bailing out one financial institution after another. The reason is clear - our government needs to do this in order to stabilize our fragile economy while building towards financial security.
So let me ask you, who is helping you stabilize your own personal economy? Unfortunately there currently is no governmental plan to help the individual consumer eliminate their debt woes. The bad news…you are on your own. The good news…you can totally do it!
All you need is a strategy, system, discipline and determination. This may sound like a lot but in reality is very easy!
So what are the steps for you to start your own bail out?
1) Discover how deep you are in debt. I say this because many of us do not even know why much debt we have. If I put you on the spot right now would you be able to tell me how much you owe in total? You can use our template located under our Freebies tab! This is critical for you to totally know what you owe, what you can reduce and what you can eliminate.
2) Stop spending frivolously. Seriously think about every purchase you make. Question BEFORE you buy “Do I really NEED this”? On a side note, let’s see if we can get the government to do the same!
3) Prioritize your debt. You need to categorize your debt and place it into folders per say. Put the must have debt into the (#1) folder (all items that you MUST have to survive and I don’t mean Starbucks!). This should include your necessities i.e. your rent or mortgage, car, student loans, utilities, act. In folder (#2) place all debt that you can possibly reduce. This may include things like weekly trips to the movies, eating dinner out four times a week or buying your lunch everyday. In folder ( #3) you need to place any items you can live without or find that you hardly use. This can be a membership at the local club. Subscriptions to magazines you do not read. Even a bad habit you were looking to give up anyway (you will benefit both financially and physically). Any item you can truly live without will save you thousands in interest when you apply this money to your debt.
4) Build your Plan. I personally spent years trying to figure out the best way to do this so consider this a huge plug for myself! I recommend you use our debt elimination service which can be purchased on our website. Certainly you can devise your own plan but build one!
5) Set Goals. “Setting goals is the first step in turning the invisible into the visible”. This is a quote from Anthony Robbins. “Your mind has to see what you want to accomplish before you can”, that is my quote!
6) Follow your Plan. Persistence is the key to your success. Keep pushing yourself forward. If you find that you deviate from the process get yourself back on track.
7) Reward Yourself. Yes, it is very important to reward yourself when you achieve milestones. You decide when, where and how much but don’t wipe out your successes.
8) Never give up. OK…I am closing with another quote! "Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all."
~ Dale Carnegie
As always, I look forward to your comments, questions and feedback.
All the best to your success!
