Climbing Out of Debt
Last time I was here, I wrote about a little slice of my financial life. I discussed how I began a life independent of parents but controlled by debt, and how I struggled to surpass it while living by my own. I then described myself today; finally free of debt, and finally standing up on my own two feet completely. And what do I do next? I thought about getting a housing loan.
So this is the American condition that defines many of us. We may be the land of the free, but many of us are in constant debt. You start out with a student loan, and then graduate to paying mortgages for your family. Toss in that loan for the car, and the education plan that we have for our kids, and you'll realize that we are only as free as our debts allow us to be.
We must learn to change this habit if we are to surpass the hardships of this recession. Know that debts, by their own, are not too harmful to an individual or to our great country. But if the same individual gets buried in excessive debt, it could all blow up even if he or she had the capacity to pay them all. Roadblocks on the proverbial financial road are common, but like real roads, people don't know where the detour is.
Only a select few things are more difficult than experiencing things that you own repossessed; and this can truly happen if you are unable to pay your debt. Avoid this as much as possible! If you really need to that loan, double-check if you have enough savings and extra income. That way, even if you do hit some bumps on the road, you'll have enough reserves to offset the loss.
As Americans, we must learn to frugal once more. It's not really that hard to do; all there is to it is to start balancing acts of frugality with the occasional reward that you buy for yourself. Don't save up to the point that you do nothing for enjoyment. Instead, buy yourself something once in a while. If you feel good, you actually don't spend too much. - 23208
So this is the American condition that defines many of us. We may be the land of the free, but many of us are in constant debt. You start out with a student loan, and then graduate to paying mortgages for your family. Toss in that loan for the car, and the education plan that we have for our kids, and you'll realize that we are only as free as our debts allow us to be.
We must learn to change this habit if we are to surpass the hardships of this recession. Know that debts, by their own, are not too harmful to an individual or to our great country. But if the same individual gets buried in excessive debt, it could all blow up even if he or she had the capacity to pay them all. Roadblocks on the proverbial financial road are common, but like real roads, people don't know where the detour is.
Only a select few things are more difficult than experiencing things that you own repossessed; and this can truly happen if you are unable to pay your debt. Avoid this as much as possible! If you really need to that loan, double-check if you have enough savings and extra income. That way, even if you do hit some bumps on the road, you'll have enough reserves to offset the loss.
As Americans, we must learn to frugal once more. It's not really that hard to do; all there is to it is to start balancing acts of frugality with the occasional reward that you buy for yourself. Don't save up to the point that you do nothing for enjoyment. Instead, buy yourself something once in a while. If you feel good, you actually don't spend too much. - 23208
About the Author:
Rick Amorey believes that shortcuts to success are a joke, and instead suggests the comprehensive program of Emini Trading. Be an educated trader with the help of Emini Trading System, and secure your future at a consistent pace.
posted by X - Men @ 3:19 PM
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