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BE INSPRED, FEBRUARY 2014
Multiply Income Streams, Live One Life
This is as simple as I’m saying it. Usually, most of the people
do have only one income stream to feed many mouths.
The only income stream is their job or a little business. But
you should multiply your income stream, but live one life.
You need to invest as much as possible and produce more
income sources. You have to double, triple your income but
still living a single life together. Sit with your spouse; train yourselves, and establish a plan
on how you can live only with one salary instead of using both of your incomes.
Make a Payment and Repayment Schedule
The smallest debt with should be paid down first as you work your way towards paying for
your larger debt. To do all these tasks right, you should create a payment schedule. It helps
you paying your debt accordingly and on time. Not only payment schedule, you need to
make a repayment schedule too. It’s only because if you fail to pay the debt on time, you
may accrue more interest towards the original amount. Creating a payment schedule is a
great thing that helps you pay off a big debt in due course.
Learn Some Self-Discipline
Most of the people don’t even think they need a
minimum sense of money management. Money
management is an important thing that you can
learn. Not only money management knowledge,
most of the people with a big debt are not selfdisciplined. Random use of money also drives them into a big debt that they can’t even
realize. If you want to pay off all of your debt, you have to be more accumulative, sensible
user of money, and yes self-disciplined.
Count and Reward Your Progress
Do some accounting, see how you are doing. Just keep tracking that you’re paying off each
of the debt according to the payment and repayment schedule. Set up milestones to see
your progress. Each time you reach a milestone, celebrate it, and reward yourself. Oh,
rewarding doesn’t mean you have to buy something pricy or something like that as you’re
spending money according to the spending plan. It’s only for getting some motivation if
your willpower falls down.