Everyone wants to have wealth, to be rich and live a comfortable life. No one desires to live a poverty stricken life full of debts and regrets. We live in a society that dictates our success and future by how wealthy we are.
We strive hard to work smart, invest and make positive progress in life that will lead us to the right path as we meet all our goals and objectives in life. We sometimes ask for soft loans from friends, family members or Sacco group and sometimes apply for loans from banks.
This is a sure way of making it in life if only you are smart enough to use the money in a constructive clear way to avoid debts.
Debts can seriously break your financial progress and cause you to wallow in the pool of doubts and hiding from friends or cooperatives that you are owned. This article seeks to inform, educate and help reader understand the most proven 11 ways to be debt free for the rest of your life:
1. Understand that you have bills to settle and pay them enthusiastically
As long as you live in the modern world, you will have bills to settle. When you get your bills, kindly take a bold step and pay enthusiastically. You must be willing to settle that which you are owned.
It is a matter of fact that you should not pay painfully. If you pay painfully, you are simply dancing to the tune that the money is hard to get and you are not happy with the turnout of things.
2. Always think smart about wealth and not debts
You attract what you think about every day. If you keep on thinking about money every day, money will come your way since you will think of the best ways to get it. If your mind is full of debt woes, you will never make it in life and you will hardly manage to be debt free.
Smart thinkers make it in life; they attract positive thinking in their way. It is a sure way to climb the ladder of wealth and enjoy a smooth perfect life as you settle all your debts.
3. Stay away from people with high debts
The world has many successful people who have managed to make it in life from the painful start and they are now comfortable where they are. They usually share that they realized they could never make it if they continued hanging around debt inflicted friends.
The secret to making it in life is to stay far away from friends who entertain high debts in their life. Such friends are known as charlatans and they hardly earn money. Carefully select rich friends who know how to keep money and settle their debts on time.
4. Do not speak negatively about your life and debts
Motivational speakers and life coaches always tell us that words have prospering power. Same words that come out of your mouth can also carry poverty power. Every time you get your bills or debts, speak prospering power and you will gladly settle your debts on time.
5. Get some financial education
Education is a lifetime process. You may be a professor in an institution of higher learning, but live a low-profile life with lots of debts. The world is full of genius people who have high debts because they lack financial education.
You can learn this online on internet and manage to conquer your giant-debts. Learn and develop the best strategies to settle your debts without necessarily having to drain all your earnings.
You can easily manage this if you spend your time well and you monitor your earnings as well as investments.
6. Appreciate and bless what you have
Appreciating your financial worth allows you to gain even more. You are simply communicating to God telling him “I thank you for what you have given me and I need more of this perhaps a double portion”. Have an inventory of all you have and achieve your effort as you press on to a better debt free life.
7. Track your spending
The secret to living a debt free life is to clearly know how much you spend and how much you save at the same time. You must track your cash flow and at the end of the day you will get to understand and have confidence of all your financial spending. You can use Mint App to track all your spendings.
8. Come up with meaningful life goals
We all dream to be somewhere in life, but very few of us will work on these dreams to reach there. A meaningful life goal says that you are willing to settle any issue and baggage you have at the present time so that you do not move into the future with high debts.
Meaningful life goals act as reviews that help you clear all your debts and life a debt-free life.
9. Take a look at your insurance and review it
Financially and debt advisors always tell their clients to be keen on their insurance and review its plans always. You need to look at your life insurance needs. You need to follow it to check it comfortably covers more than 10 times of all your earnings. If you have children less than ten years, then the life insurance should also cover on debts incurred by the larger family.
10. Write up your will
If you own assets and you have a wife and children, you should prepare to write a will. This helps you be sure that should you pass any time, your wealth should equally be distributed according to your wish. This will easily settle any debts you may have in life and help your children as well as spouse have a reasonable share that will also improve their life.
11. Invest for your future
You will hardly manage to live a debt free life if you do not start to make your investments earlier in life. This is money that will be settling your bills and other expenses. There are many smart ways that you can use to invest and make a better life.
These are the most proven ways that will easily help you get out of debts. You need to develop a strategy and understand that bills are there to be settled. Whatever money you borrowed, be willing to pay as per the order of agreement and not about pilling debts since they will come to affect you later in life.