Look for the Source of Debt
You may be way over your head with unpaid bills and debt payments you just cant catch up with. It might be just the right time to look for the source of all the trouble. Its like looking for the source of bleeding and stopping it there. For some people it may be that credit card and the unplanned monthly purchases. For many, credit cards are a necessity, but if its causing you a lot of trouble, either forgo it altogether or keep it under lock and key for awhile.
Maxing Out on Debt Payment
When youve had an inventory on what debts you still owe, decide to just scrimp a little and maximize on your debt payments. There is nothing like trying to get rid of a terrible sore at the soonest possible time. If you have a little extra thats not for your savings account, then allocate it for advanced payments on some debts. Youll find that youll feel better psychologically if you're done paying debts earlier.
Redefine Your Goals
The best key to turn debt to wealth is to look at yourself and change both your attitude and your goals. While youre at it diligently paying for your debts, ask yourself what you want in life. Try asking too what it personally takes to get there. More than technical skill and knowledge, it takes confidence and discipline in yourself and the willingness to take risks. Build a new mental framework along these lines and proceed with redefining your goals. Tell yourself that you dont want to die impoverished or without anything to leave your kids and grandchildren. Tell yourself that you want to retire early or that even if your retiring at 60, you want to be able to provide well for your needs and wants at that age.
Start Saving and Investing
Of course, there is no other way to turn debt to wealth but to simply start saving and investing. Dabble with the stock exchange and try your hand at real estate and marketing. Aside from using your extra money to pay for debts, make sure that you allocate some of it for sound investments that will allow good quality passive income to come pouring in.
There can be a thousand other ways to turn debt to wealth but the real key is in you. Decide to take your life into your own hands and take action.
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