How BIG can you dream? You want to become debt free, you want to earn EUR 10.000 per month, EUR 20.000 per month, EUR 50.000 per month or even more?
One of your major financial goal on your path to financial freedom must be to become debt free. Pay off all your liabilities and acquire assets as real estate, business and investments.
Dream big! It’s all possible! Make a commitment and take massive action to your dream. Start today where you at and make every dream comes true. Believe in your dreams! Getting debt free takes focus, 100% of your effort, a never-give-up attitude and of course a rich mindset.
People are in a constant financial struggle. As the money increases, the debt level also increases. More money means more debt. Your financial problems will not be solved this way. Paid off all your debts as mortgage, credit card, student loan, loans at the bank, car loan and other third party loans.
Be in control of your debt today. Take action to become debt free. Know the difference between an asset and a liability. You receive income from assets as real estate, business, investments. You pay for liabilities as mortgage, credit card, student loan, loan at the bank. Becoming debt free is a process. It takes time. It is worth the price.
Tips to become debt free
Tip 1: Make an overview of all your debts on a piece of paper. State the total debt level per debt category and the monthly payment per debt category. Commit yourself to make an overview of your debts every month. Keep monitoring the debt level of your debts every month. Focus on becoming debt free.
Liabilities
| Liability category | Total debt | Monthly payment |
|---|---|---|
| Mortgage | ||
| Credit card | ||
| Student loan | ||
| Loan at the bank | ||
| Other loan | ||
| Total liabilities |
Tip 2: Determine the amount to decrease your debt every month per debt category. The monthly amount is the minimum amount you need to pay off your debt.
Tip 3: Pay all monthly charges of your credit cards in the same month. Do not allow new debt on your credit card.
Tip 4: Put 10% of your income aside every month to pay off one debt category. Start paying off the smallest debt. For the smallest debt you need to pay off the minimum amount and the extra amount (10% of your income).
Once the first debt is paid off use that amount of the smallest debt plus the monthly payment of the second debt to pay off the second smallest debt. Keep doing this until all your debts are paid off.
Tip 5: Keep a track of your debt level on paper every month. Keep focusing and working on your plan to become debt free.
For your financial success!
