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B) Get other sources of income:

If you are indebted for the moment forget about investing. So think about what other forms of income might have to get as soon as possible to pay those debts. One solution (and I see those looks of anger) is to get another job or occupation that generates income.

We return to business as usual, now who is in debt it is time to sacrifice, you can choose between living like a king in debt today or be a king out of debt tomorrow.

You can do many of the following I propose the following:
- Work overtime.
- Get another job (or a second job).
- Getting a job you can do during the summer.
- Getting a job from home or anything but passive medium.
- Changing jobs.

For now those are your options, but I believe that following the first point you should have all the things that sold the option of paying their debts and not have to sacrifice working hours also. But everything depends on the level of debt you have.

What happens if my ball does not start rolling snow?

This can happen when your budget really can not afford to pay even the smallest of all debt. So I suggest some things to do.

A) Sell something:

First know that can not borrow or borrow to pay its debts because it would be illogical. So the first answer is “sell something.” There are people who live in tears because she can not pay their debts and drives a car, sell the car

But … What if I need a car?

Then sell the car and buy a cheaper one. If you drive a car for $ 45,000 and has a debt of $ 20,000. Sell your car and buy one for $ 25,000!. Read the rest of this entry »

3 – THE SNOWBALL PLAN

To create wealth you need to regain control of your income. The way in which to pay our debt is called “Plan Snowball and the method works as follows:

- You make a list of your debts.
- Sort the debts from the smallest to the largest.
- List all debts except the house that will be discussed later.
- Will paying off debt from smallest to largest.

No matter if the interest is low or high, you will record your debts smallest to the largest amount.

The reason for doing this is to get a quick win and obviously feel that is gaining little by little, creating a snowball effect that starts to spin from the smallest debt, to repay the debt larger.

How it works?

At the end of this guide I will leave a direct link to download the file to be used from your computer or print (I recommend this option.) The steps then are:

1 – Enter your debts from lowest balance to highest balance.
2 – Do not worry about the interest, unless two debts have the same interest (first note of minor interest).
3 – Redo this sheet each time you settle a debt.
4 – Keep the leaves above to see your progress.
5 – “New Payment” is removed by adding to the account you are working with the payments of the accounts above. Because when the child settles debt, have money to go first to pay the next debt.
6 – “Payments that are” put the number of payments remaining to be done.
7 – “Total payments” is the amount of money you pay in total.

Plain and simple, with good management of its budget, with good control and discipline their snowball would start rolling.

Understand that if you start working on the art of paying its debts and feel really comfortable, has to overcome these four barriers have just said, two of them small and two of them major.

Starting to work:

Dave Ramsey in his book proposes what he calls “baby steps” it means just taking small steps. So start right now with the guide to get out of debt proposed by the author. There are many other guides in this regard and that is good, one must adapt to feel that gives you greater security or dynamic.

1 – MAKE A BUDGET:

First you must have a strict budget in which it detailed everything. Having this document means that instead of finding out where your money is gone, you decide where you want to go.

The important thing is to start budget detect where slipping away your money without account and you can see how to get around this with your current salary, to start paying your debts gradually. Read the rest of this entry »

One thing to remember is always to invest and achieve wealth, we must be prepared and have the habit of falling into debts, no one wants to be like those famous footballers or singers of a rock millionaires overnight end up losing everything .

If today we are used to make those sacrifices that nobody wants to do tomorrow, live like no one can live. People are not used to delay TODAY TOMORROW pleasure to have a higher result

Two major obstacles

There are two points that we need to understand before you begin. The first is that denial is not a problem.

It’s simple, if you have a debt problem and to not recognize that has that problem is impossible to start working and obviously see the obstacles with which they encounter.

The second problem is that you understand some myths of the debt. Such as the debt is not an instrument (unless you know good from bad debts recognized), but ordinary people who have not yet begun ainvertir; is a terrible mistake to believe that debt is a tool to get things that are not could pay in cash. In short, stop borrowing more and more. The debt could be good for some investment, but not to buy things we can not pay now. Read the rest of this entry »