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Managing Debt…Eliminating Debt…Two Problems, One Solution

Written by: Ron Knighton

Article Overview: You need to look at debt from a new perspective in order to manage it. Debt should not be looked upon as an income stream, but as a tool only. Keep in mind that this tool is very dangerous and can turn on you at any time. Here is my solution to recovering from a debt lifestyle.

Managing Debt…Eliminating Debt…Two Problems, One Solution

Things are changing fast! So fast in fact that no one can tell what is going to happen. For many years now, borrowing has been a primary source of income for many companies and individuals. Then, this seemingly endless trend decided to show its teeth. Panic set in, stimulus money hit the banks and stopped, companies crumbled and people started to cling to whatever money they had left. Do you see how this has changed the economy? Even people with money to spend have slowed spending, further damaging the economy. I don’t know your position but if you are reading this, you are probably looking at your debt in a new light. I know I have. This is not my first encounter with the debt monster. You see, at one point in time, I decided to live debt free, and I did. I was at peace, but then, I started wanting more out of life. It’s not the motive; it’s the method that causes the problem. Although the motive may justify the endeavor, it’s the method we use that dictates the results. I decided to leverage debt to generate income in real estate. The market was going crazy and everybody was doing it with great success. I started conservative with little deals at first, then going bigger. I started doing very well. With this success, I started to drift from my game plan and advice of mentors. I took more risks, thinking that greater risk would yield greater gain. Looking back, maybe it would have but the economy was not going to wait on me. The bottom hit, then hit again and again, leaving me with a six figure negative net worth. Bummer! Needless to say, I was faced with a decision. I immediately fell into a defensive mode by selling down, spending down and living down. I did not know what else to do. I soon found out that you can only sell down so much. I started wondering, “Where do I stop”. I had to find a better way, but what? The answer is kinda’ simple, more money! I realized that at some point the income has to be greater than the outgo. Now, I don’t know about you, but I realized that being broke and bummed was far more uncomfortable than rich and happy. You see, my original “motive” was to live a prosperous, have control over my time and enjoy my family. Unfortunately, my “method” had proved ineffective. My path became clearer the more I re-trained my mind. I had to learn from this setback and get back into the game. Only this time, do it smarter. You see, just because so many people are without money, it does not reduce the amount of money in the world. It’s still out there, you just have to go and get it. Once you realize where the money is at, you need to do a couple of things before you get it. You must believe it is there. You must believe you can get it. You must know without a doubt that you deserve it. You must put together a plan to get it. Now, I can show you where it’s at. I can prove to you it’s there. I can tell you how to get it. Only you can believe you deserve it. It’s up to you. If you want my help, go to my web site.

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Article Tags: banks, debt monster, defensive mode, economy, endeavor, first encounter, game plan, mentors, money, motive, net worth, peace, point in time, primary source, real estate, risk, stimulus, teeth
Referred by: http://jaykubassek.com



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