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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This week Host Alan Olsen interviews Paul Callister, a dynamic individual with a diverse background, takes us on a journey through his educational path from chemical engineering to philosophy, followed by his transition from practicing law to becoming a law librarian and professor. As a former attorney in a family law firm, Paul sought to…
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Ruben Resendez. Ruben. Welcome to the show. Ruben Resendez A thank you so much, Alan, so Good seeing you again. Alan Olsen So Ruben, you have a very unique background and one that you’ve accomplished a lot within…
Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. I’m busy here today with Dan Gedman. Dan, welcome to today’s show. Thank you. So Dan, you have a lot of great experience of diverse industries. And, you know, in American Dreams, we’re all about problem solvers have people’s path in life…