HOW
TO LIVE A DEBT FREE LIFE
You can be free from debt |
The dependency
and over dependency of entrepreneurs on debt for capitalization has often times
being the menace resulting to the shutdown of so many businesses. Within my few
years of experience as a sales expert in the labour market, I discovered that
procrastination in payment due to wrong timing – robbing Peter to pay Paul has
always being the core facilitator of high debt ratio.
Inasmuch
as debt consolidation is good, it should not be an avenue to encourage debt.
Debt sometimes may be the only alternative but it should always be considered
as the last alternative (when possible) especially when you have other means of
raising the desired money for capitalization. If you have borrowed money to capitalize
at fifteen percent interest, you must make an extra fifteen percent profit just
to pay the interest otherwise you may remain in debt all the days of your
business-life.
It is
often said that no business survive without in one time or the other going into
debt, as much as this could be true, you must not necessarily remain in
perpetual debt. I have come to give you a remedy that will deliver you to run a
debt free enterprise.
Setting
a goal is not only done on your dreams, it is also applicable to your debts.
Before you go into debt, set a specific period of time you wish to be out of it
– this serves as our primary and ultimate goal. Work towards it because without
this primary goal, you may soon be badly addicted to debt.
To successfully
manage and overcome the cocoon of debt you must be ready and committed to
building your own financial reserves for emergencies, general essential needs
and enterprise through proper application of your intellectual quotient,
discipline, determination and courage.
To
favourably exit debt, here are simple, brief but workable tips you can apply in
your life and business.
Tip #
1: Learn to pay off existing debt before borrowing more money
The temptation to keep borrowing will
definitely come but what smashes it is your sincere decision to follow your principle.
The major reason why you must overcome this temptation is because it has an
addictive spirit such that once you try rationalizing the previous you may find
yourself constantly doing it subconsciously. The addiction according to
statistical analysis shows that it is the highest secret behind fallen
businesses which is a problem of the management.
Tip #
2: learn to live on less
Ensure you place your expenditure budget
below your income. Do not buy things outside your budget proposal but if you
must do, ensure you balance it up. If you are earning $10,000, live as though
you earn $8,000 or $9,000.
Tip #
3: Build your reserves
Rationalize multiple means of income and ensure
you are accountable to yourself. Save as much money as possible by allotting
some to emergencies, general essential
needs and your venture.
Tip #
4: Learn to manage your assets properly
Living a debt free life both as an individual
and as a company is very simple only if you can apply this principle. Be the
first to prove it and return the credit to me and God. Remember, you don’t
collect loan to invest in consumables instead you invest in assets. For a guild
in your business, always contact me and my consultancy company – Emchis Motivational
Network Be freed from debt here.
No comments:
Post a Comment