Transforming Debt into Wealth!

Wealth Building Tip #4 is the DEBT STEP. Some folks think this should be #1. I strongly disagree. You MUST understand what money you have available before you can plan for living.

Here’s where my advice diverges from many other advisors. Why? I know you. I understand the difference between your student loans and credit card debt. All debt is NOT created equal….

***CAUTION: for those looking for quick fixes to wipe out credit card debt without paying for it, I am not for you!***

Manage your entire financial picture and to responsibly slay the debt monster. Transform your debt into wealth. It does you NO GOOD to wipe out your CC debt super fast only to have your car break down 2 months later . . . which ends up on what . . . yes, your credit card, again. Lather, rinse, repeat? No thank you.

Most people who dramatically slash their credit card debt end up incurring even more credit card debt later because they did not plan for emergencies. That is why you MUST complete these steps in the order given!

Building wealth takes time, be patient, be diligent. The rewards are well worth it. Control the beast. Transform your debt into wealth!

By now you have a pretty good plan. After a few months of success with WBTs # 1-4, you may be ready to tweak your plan a little bit. The beauty of building wealth is flexibility.

Make it work for you!

5 thoughts on “Transforming Debt into Wealth!”

  1. All debt is certainly not created equal. I once paid off all my credit cards that were between I think 11 and 18 percent. I went into my overdraft protection on my checking account by several thousand dollars but I thought it was ok becasue now the debt was consolidated and it would be easier to pay off. I didnt’ realize that my checking account interest for the overdraft protection was 22.25%

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