Today’s Debt story comes from ESI Money from www.esimoney.com
How did you get the debt?
What made you want to get rid of the debt?
How long did it take you to pay it all off?
What resources did you use to help pay off the debt?
What were the challenges that you faced?
How did this affect your marriage/family?
What were you doing for a living?
How did it feel once it was paid off?
What are some practical tips you can share with people looking to pay off their debt?
Develop a side hustle as well. Not only will it help get you out of debt but it can set you up for early retirement within ten years.
Control your spending, especially what you spend on a home. Buy what you need in a house, but nothing more. Over-buying can harm your net worth in so many ways that it’s scary.
Watch small spending. There are many ways that money can quietly slip through your fingers and you never notice it. Keeping a tight budget will allow you to see if and where this is happening and take action to shut it down.
Don’t add to the load. You can’t get rid of debt if you borrow more, so once you decide to eliminate it you also need to never borrow again.