You Must Give Up These 5 Things to Be Debt Free
You Must Give Up These 5 Things to Be Debt Free
No matter who you are, almost everyone carries some debt. According to some recent statistics from ValuePenguin.com, the total U.S. consumer debt is $3.4 trillion. Additionally, nearly 40 percent of all American households have some level of credit card debt, while the average household in the country has debt of $5,700.
Essentially, the country runs on debt. Of course, no one wants to get into debt, but once there, most people have a very difficult time climbing out of that dark hole. The good news is, it’s not impossible. It’s not easy, either, but if you’re willing to make some changes, you can live debt-free. If you’re ready to give some things up then read on.
Everyone loves to eat out, but if you want to get rid of your debt you have to start eating at home. The reason is obvious. The more of your budget you spend on eating out, the less you will have to put towards your debt. In fact, it’s likely your debt will increase.
Stop being a social media junkie. On the surface this might not make a lot of sense, but if you consider it carefully, it’s sound advice. People who constantly check up on their friends on social media tend to want to keep up with everything that’s going on, including having the latest trending items that everyone is talking about. That means more money out the door and more debt in your pocket.
You have to be honest with yourself, which means you can’t live in denial anymore. Admit you have a problem with debt and push forward to fix it.
While it’s good to establish other financial goals, if you’re in debt it is very difficult to achieve such goals. Thus, it’s often better to give up your other financial goals in order to first pay off your debt. When your debt is gone you can start focusing on those other dreams.
The bottom line is that you must be willing to sacrifice if you want to get out of the red and live debt-free.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
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The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
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Introduction (teaching business success at Barr Business School) In this interview, Alan Olsen, CPA, MBA discusses teaching business success with Dr. Frumi Rachel Barr. Dr. Frumi Rachel Barr is the Founder and Chief Mentor at the Barr Business School. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is…
Introduction (one innovative approach to treat congenital heart disease ) In this interview, Alan Olsen, CPA, MBA discusses how regenerative medicine can fight congenital heart disease with featured guest Dr. Timothy Nelson, MD, PhD. Dr. Nelson is a general internal medicine practitioner, with a specialty interest in regenerative medicine and the director of the Todd…
Learn how to build and preserve legacy wealth for generations, the American Dreams Impact Legacy Conference! Tuesday, September 19th at 10 AM PST, Don’t miss this online event! Click this link to register for the webinar. 50% discount with the code “DREAM50“ Learn the importance of crafting your family’s legacy with intent, rather than leaving…
Introduction In this interview, Alan Olsen, CPA, MBA discusses building financial peace with Mike Bennett. Mike is the Managing Partner of Crewe Capital. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Michael Bennett. Mike, welcome to the show. Mike Bennett Thanks for having me on. Alan…