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GET RID OF DEBT
Debt stifles your ability to do the things you really want to do. Just image: what if you had Absolutely no debt, what would you do with all the money, all the extra money that you have freed up. If you choose to live absolutely debt free then you would free up a lot of money. Maybe you could quit your job and start your dream. The job you've always wanted. How would your attitude change if you no longer had to work a job just to pay bills? Did you know that 70% of Americans are living paycheck to paycheck? That is just one paycheck from financial ruin and disaster.
There are consequences to being burden with debt. Everyone who has ever been in debt can attest that debt limits your ability to live the life you desire. Debt causes, worries, money fights, money problems and money stress. Debt is bondage. It ties will tie you down and steal your resources that can be used for something more productive and valuable. If you don't get rid of debt, it will linger and you can be paying credit cards, student loans and other debts until you die. Debt will linger if it is not eliminated.
Today in America, individuals owe more than 7 trillion and counting in total debt. The average American family spends more than it earns by $500.00 per year. According to the bureau of labor Statistics' consumer Expenditure Survey, this year more people will file for bankruptcy than will graduate from college and we all know that the 50% of Marriages fail in divorce and the number reason for that is because of money fights and money stress.
There are steps that lead to solutions to get rid of debt. First remember how you got there then create a plan on how to get out of debt.
There are 6 steps to getting out of debt...
1. Stop borrowing $ (how can you get out of a hole if you keep digging deeper) you can't. Instead stop digging and start climbing. 2. Start saving money. There are several ways of doing so. You can start saving your eating out money or lunch money and start brown bagging. You can also save your Beer money, how about your saving in other places like on your cable bill, cell phone bill or possibly your car insurance. 3. Sell something (have a garage sale) use craigslist to get stuff sold fast and quickly. I suggest doing this quickly for motivation. You'll motivate yourself by seeing results and seeing them quickly. 4. Get an extra job- delivering Pizzas temporarily, mow lawns, deliver newspapers, and/or work part-time as a caregiver. (4) Ask your Boss if you can work overtime or take on more responsibilities.
5 Prayer REALLY works. Ask and you shall receive. Work and multiple. Count the cost before committing.
6 Use the debt snowball. List your debts smallest to largest, pay minimums payments on all but the smallest, and throw everything you can at the one. When it has been eliminated, shift to the second one, using everything you were paying on the first one, plus the minimum you were paying on the second one. Then move to the third, and so forth.
We have to start saving money. We have to save money specifically to build our emergency fund. If you are vulnerable to emergencies, you never get traction. You will have a plan but won't make any real lasting progress because something will always come up that will catch you off guard. Emergencies happen so expect them. If you have kids, they will grow and get older which means you will have to take them shopping for clothes. Cars brake down; wear and tear occur. Air conditioners and other appliances brake down and need to be replaced and/or repaired. A baby emergency fund is only $1000.00 in the bank account. PUT it somewhere where the pizza man can't get it, underneath the mattress or even the cookie jar is fine jus keep it away from those temptations that seem to zap your money. The $1000.00 is only for EMERGENCIES.
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Over-50s are hit particularly hard by inflation, with transport -- because they use it more often -- being a key issue. Inflation is higher for 50-64 year-olds than for the rest of the population, says Dr Ros Altmann, Director-General of Saga. The Saga Quarterly Report includes the Saga Price Indices, which are bespoke measures of price inflation for the over 50s, showing how inflation is affecting the cohorts age 50-64, 65-74 and the over 75. These indices have been compiled for Saga by the Cebr, using statistical data from the Family Expenditure Survey to re-weight the official basket of the consumer prices index to represent the spending patterns of each age group. http://www.saga.co.uk/ros-altmann/pdfs/saga-quarterly-report.pdf
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