DEBT MANAGEMENT STRATEGIES
1 . Stop spending
Find your emotional maturity . It ' s important to point out that financial intelligence is also emotional intelligence . Warren Buffett , the world ’ s richest investor , says , “ If you cannot control your emotions , you cannot control your money .”
The reason many people fail in the process of getting out of bad debt is they cannot live without instant gratification . Many will sacrifice a richer tomorrow for a few indulgent purchases today . Develop your emotional intelligence so that you have the fortitude to stop spending money on things that do not help you get out of bad debt .
If you don ’ t , your tomorrow will be just like your today – or even worse .
2 . Start saving - Pay yourself first
Saving money isn ' t usually my advice , but there ' s a reason I ' m suggesting it now . Let ' s first dissect why saving money can lead to financial loss .
In times past , saving was a reliable way to grow wealth . But with the shift away from the gold standard , the proliferation of credit has caused debt to spiral out of control .
This isn ' t just about personal debt ; it ' s about the government ' s ballooning debt , which they often
Real Estate Investor Magazine JUNE 2024 77