ESCAPE THE DEBT TRAP. LIVE DEBT FREE.
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It's important for you to hear the word "temporarily"
here, because none of us is really looking for more
commitments to fill up our time, are we? And yet, we can
usually find a way to stretch ourselves, as long as we
know there's an end game.
"So what is this about increasing income? I already
work 60 hours a week."
Well, let's be a little more precise. The goal here is
to increase your relative income. This can come
in many forms: additional revenue coming in, fewer
expenditures going out, selling some assets...even a
windfall of some sort. Whatever it takes to close that
budget gap, right? |
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First, let's talk about additional income: Even
if you do work 60-70 hours a week...what could you do to
bring a few extra bucks in the door? There are the old
standbys like a paper route, working a weekend day at
McDonald's and mowing lawns, of course. But, take some
time and brainstorm all the other possibilities. There
are lots of jobs around for those with some skills. Find
a way to apply your existing skills, or acquire some new
ones. Work for a friend. Work some overtime at your
existing job. Freelance your skills on the side. Look
for legitimate opportunities online (admittedly, you'll
have to wade thru a few piles of illegitmate ones
first). We're not talking big money here. But we are
talking about something that can bring you an additional
check each week or month. We're not even going to
discuss amounts here, because any amount can work. It's
up to you to decide how quickly you want to make this
happen. |
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Next, what about cutting expenses? This is the
one that most people think of first. And that's because,
with our complex lifestyles...there are always some
little things that we can cut here or there. How about
some portion of your cable bill? Live with a smaller
monthly commitment on your cell phone bill (remember,
there are such things as telephones that plug into the
wall....it might take some thought, but you can find
one!). Pack a lunch. Ride the bus. Postpone some
clothing purchases until your in a better situation.
There's almost noone who doesn't have some fat they can
trim. Invest some time in negotiating for lower credit
card rates or finding a lower rate card to transfer your
balance to. And, that old standby, debt consolidation,
can play a role here, too....but there are inherent
dangers in that sort of approach. More on that later.
But, suffice it to say...there ARE ways to leave more
cheaply, at least for awhile. And, we've packed this
site with all sorts of money-saving tips. Spend some
time looking around. You'll find at least one or two
that might apply to your personal situation. |
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What about selling assets? For those of us who
are "garage sale challenged", this used to be a lot more
complicated than it is now. Ever heard of
eBay? And NO...the very mention of that name
is not an excuse to go BUY something! Go thru your stuff
and unload some of it. Most of us have stuff that we'll
never use again...or never used in the first place. Get
it out. Sell it. If you are unfamiliar with eBay, ask a
friend to walk you thru the process. It's a very simple
system. And it's fun, too! |
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Lastly, we'll mention the financial windfall.
There's the aforementioned lottery, there's the
inheritance from Auntie June...even an insurance
settlement from that car accident. Windfalls are almost
never something that you have (or should have)
control of. Lotteries are rarely a good investment. In
fact, you'll do better using that money for getting out
of debt...which, unlike the lottery, has a GUARANTEED
return. But windfalls do represent dollars at some times
in our lives. |
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So...those are some sources of additional relative
income. There's hardly a persona alive who couldn't make
one of those things work for them...and, truth be told,
most of us could benefit somewhat from the first three,
if we'd simply determine to do so. And none of them
would be all that intolerable. |
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