Starting from zero (or close to it) isn’t so bad. What about if you’re starting from less than zero? If you’re in deep debt, you can still make it happen. It’ll just take a little longer. Here’s some ways to do it. Here are a couple things from the video:
1. Stop going deeper into debt. Do whatever you must to stop that cycle.
2. Sell things you don’t really need. This can simultaneously reduce your expenses and increase your funds to get you out of any hole you might be in or elevate you toward your ultimate goal if you are already on level ground. While we all like stuff, what we all should like first is freedom, options and independence from loan obligations. If you’re paying interest, you’re making someone else richer. Generally speaking, you want the interest going only one way… TO YOU. Have a newer/flashier/more expensive car than you really need? Especially if you have a car payment, DUMP IT or at least downsize/downscale the vehicle to something that will make you truly wealthy instead of just showing off to those who don’t matter anyway.
3. Consider doing things to make extra income. There have never been more opportunities to make extra money in your spare time. There are few situations so dire that some extra money couldn’t be earned here and there. Doing surveys online, coaching AI, doing Amazon reviews, writing articles, doing rideshare, Instacart, Uber eats, Door Dash or any number of other gig jobs or work from home opportunities can really help move the needle toward getting someone toward their ultimate goal.
4. If you have a way of consolidating debt, consider doing that to bring down the monthly commitment and interest rate if possible. If you own a home, you can use a HELOC (home equity line of credit) to accomplish this. It is critical that once you use the line to consolidate the credit card and auto, and other loans that you freeze the line or at least NEVER add to it for any reason. That HELOC should only go DOWN and eventually go away along with all your credit card and auto loans FOREVER. Make sure to always pay as much as you can on any consolidated loans and never just the minimum if at all possible. Another added benefit of home loans VS other debt is that typically all interest is usually much lower than cards and is all tax deductible.
