There’s an alarming trend taking place right now as you read this…
And it has to do with money and getting out of debt.
This is something that may seem like one thing on the surface but when you take a closer look it’ll stand out and be quite obvious.
And if you’re currently in debt and looking to get out of debt you certainly want to listen to this.
I’m sure you’ve seen many commercials about how to get out of debt. Now for those of you like me who barely watch TV, I’m sure you’ve been bombarded with emails about how to get out of debt.
Have you ever noticed what one of the biggest claims are in a majority of these TV commercials and never ending emails that you receive?
It’s something along the lines of, “Get out of debt FAST.”
Have you ever wondered about what that really means and if it’s even possible?
Here’s something else to be aware of…
Just like there are “Get rich quick” claims being made, the same is true with “Get out of debt FAST” claims.
These claims are usually giving the idea that you’ll get rich overnight or get out of debt overnight
The fact of the matter is that unless someone wins the lottery or receives an inheritance they’re not getting rich quick, and the same can be said for someone who is looking to get out of debt fast…
Because the truth is that, just like it takes time to become financially wealthy, it takes time to get yourself into debt, whether you’re aware of this or not.
So this leads to what I want to discuss…
“How to get out of debt…slowly.
When you first read this you may be thinking, “No way, I don’t want to wait, I need to get out of debt NOW!”
But let’s take a closer look at this because it can change your life.
Here’s something pretty amazing and shocking. It has been shown that 95% of the people who win the big multi-million dollar lottery jackpot…within 3 years go right back to where they were financially BEFORE they won the lottery…and most of these people are in a worse financial situation than they were before they won the lottery.
How can this possibly happen?
And most importantly how does it apply to you?
Now I know most of you probably won’t win the lottery, however there is an incredibly important takeaway I want you to get from this.
Even though you can get out of debt…FAST, the question is, are you keeping yourself out of debt?
Those people who win the lottery in a sense have gotten themselves out of debt FAST but yet 95% of them within 3 years go right back to where they were before and in most cases are even worse of…while also being in debt again.
So when it comes to those TV commercials and emails all promising how to get out of debt FAST, can you see that in many ways it is similar to those people who win the lottery?
Now let’s revisit what I said at the beginning about what may seem like one thing on the surface but when you take a closer look it’ll stand out and be quite obvious.
Here’s what that is…
Even if you are one of the few who can actually get out of debt FAST, unless you get into the habit of knowing how to stay out of debt, you’ll find yourself back in debt again much like the people who win the lottery. So in this case FAST actually means slower and longer.
Conversely, when you develop the habits of what it takes to stay out of debt–while being methodical and taking “baby steps” in paying off your current debt–even though it may seem slower on the surface it is actually faster in reality. So in this case SLOWER actually means faster and permanent.
The major takeaway here is that you want to develop habits that keep you out of debt permanently…
And it is important to make this your priority even if right now you are still in a lot of debt.
So how can you do this?
1.Start by putting a higher value on money and saving money
Even if right now you have a lot of debt, get into the habit of saving money. Even if this is $3 per month. Save out that amount. Save anything. Ideally, you want to save out any amount of money everyday.
If you can only save out 10 cents or 25 cents per day…save it. It may sound old fashioned but get yourself a jar or a cup and put in a few cents per day. It’s not how much you save but the habit of doing it that counts.
2. Be aware of your emotions
If you’re currently paying off a large amount of debt, it is wise to reflect on how this is a benefit to you. It may not seem like there are benefits on the surface but when you look you’ll find them.
Some of these benefits may be that you are now becoming more aware of the decisions you make. Other benefits can be that you are now putting a higher value on money, that you’re more organized in how you manage your money, and so on.
Getting out of debt can be and is usually a stressful situation for people.
However there are ways to make that process a lot more smoother and most importantly to stay out of debt permanently.
It begins by being patient and developing habits of putting a higher value on money right from the start..
And to also think in terms of being slower and more methodical because in most cases slower means faster.