How to break out of the lower class and get out of debt! I am going to show you the simple process to fix your current income situation. The truth is, 49% of American's are living paycheck to paycheck. What this comes from is poor financial planning and having too much debt. In fact, the average credit card balance in the United States is $4,061 per card!
If you want to improve your income situation and get out of debt, the first thing you need to do is pay off your debt. I recommend taking inventory and creating a list of everything you owe and who you owe it to. Pay off the high interest credit card debt first or consolidate your debt. Stop using credit cards at all costs to avoid making a bad situation worse.
The next thing you should do is budget your money in order to spend less of it. Collect all your bills, statements and receipts. Determine how much money is coming in and how much money is going out each month. If possible, go back a few months and do this. You want to determine what expenses are fixed expenses and what expenses are discretionary expenses.
The next thing you should do is build up a rainy day fund. This is a cash surplus that will prevent the future need for credit cards.
Once you have paid off debt, taken control of your budget and built up a cash cushion, the next step is to invest. You should invest in yourself and your skills. Learn more to earn more!
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