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How To Achieve Financial Freedom By Avoiding The High Cost of Debt
In the United States, the average amount of credit card debt is nearly $10,000 per household.With an annual interest rate of 14 percent, if you paid only the minimum payment required (two percent), it would take you 36.1 years to pay it all off. If you added just $10 per month to that minimum payment it would cut off nearly 15 years.
So how much are you really paying for the items you buy? Can you imagine going into a furniture store or car dealership and offering to pay the salesperson 20-30 percent above the sticker price for a sofa or automobile? That seems ridiculous, right? That is exactly what consumers do when they buy something on credit.
The difference between those who live with financial peace of mind and those who don't is that the former understand the principles of interest and avoid paying it at all costs (literally). They refuse to pay interest, especially on depreciating assets- items that loose their value every year. If you want financial freedom you must begin to align your spending habits differently:
* Stop using plastic money!
* When you see something you want, walk away for a day or two and see if you still need it.
* Share entrées with your spouse when eating out, and drink water instead of the more expensive offerings.
* Do not "biggie-size" your orders at fast food restaurants.
* Stop shopping so much and start pursuing more meaningful activities with your family and friends!
What do you want from your life? Do you want to retire wealthy? Live with financial peace of mind? Feel financially secure? The immediate answers to all of these questions lie in your ability to exterminate debt. It has been said that if you want to get out of the hole you have dug, then first stop digging.
Once you have determined that you will not accumulate any additional debt for the next several months or years, you can start paying down your current debt at an accelerated rate. Pay off your smallest debt now. Once paid off, take that same payment amount and apply it to your next smallest debt. Then take that payment and apply it to the next and so on, until you have paid down your mortgage in far less time then you thought possible. By following this plan you may save yourself tens or even hundreds of thousands of dollars in interest payments.
One of the best financial planning strategies is to start a home based business for both the extra residual income & HUGE tax advantages.
Authors Note: To tap into an established, successful, and proven home business that can help you achieve...more income & the time freedom to spend with your family & friends while creating total financial security.
Author Resource:-
Warren Little is a very successful Internet Network Marketing Consultant/Trainer and highly sought after public motivational speaker. His passion is empowering both "smart beginners" & more experienced internet marketers to achieve greater levels of success quickly. His "network marketing, internet marketing & affiliate marketing community because of the tremendously valuable content for internet network marketers of any level. Warren knows with the right system, internet network marketers don't have to struggle to experience success. To schedule a FREE initial consultation with Warren after you check out his recommendation of the "Last System" you'll ever need to build a home business, you may call 772-971-8637.
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In the United States, the average amount of credit card debt is nearly $10,000 per household.With an annual interest rate of 14 percent, if you paid only the minimum payment required (two percent), it would take you 36.1 years to pay it all off. If you added just $10 per month to that minimum payment it would cut off nearly 15 years.
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