I can no longer deny that debt has much more added risk than simply the spread between what I think I will earn versus what I pay for the debt. I personally know that monthly payments are impeding my ability to grow my stock portfolio, online business, and horse business the way that I want to. The narrow cash flow made by raises I knew I would get, low savings accounts because nothing bad can happen, and giving into general I wants has caused me to miss many great opportunities in all facets of my life. I’m pledging now is the time to pay off my debts.
I’m starting now with the pure inner fire to be debt free besides a mortgage within two years. This will be tough as I have two ridiculous car payments, but I’m going to try to do it without selling the cars. Personally I think I can grow income faster than I can save more money, so I’m going to cap my spending at current rates and try to grow myself enough cash flow to pay off debts. Hear that government, you can grow your way out of a problem only if you don’t grow your problem as well.
I’m going to start to pay off credit card debts first. The high interest rates are killer (though I did call and beat one of the cards down) and the temptation to use them again is always there. No family vacations or new horse purchases this year; the bonus is going onto the credit cards.
The next way I’m going to pay off debts is by asking for money (debt relief) gifts for my birthday and Christmas. My family spends way too much on presents anyways. I hope to make a general stand on the issue with this request. I’ll probably get the guilt trip from the mothers.
For you small business owners could you imagine what would happen to your business if you took these credit payments and hired help with that money instead? I know I provide more value doing the parts I do best, but I just can’t afford to offload the other necessary parts of the businesses to those who could do it better. This is the small business doldrums. I know two years of sacrifice will break it all free.
These are my credit solutions if you have your own, either by growing your income, saving more money, or reducing payments leave them in the comments below.
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