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5 Steps to Get Out of Debt


When surveyed, the Forbes 400 were asked, “What is the most important key to building wealth?” 75% replied that becoming and staying debt free was the number one key to wealth building. 
We need to eliminate debt
We need to eliminate debt
Truly, no one can ever be financially free until he is debt-free. So how does one become debt-free? 

Here are 5 simple and practical steps to get out of debt.


1. Quit borrowing more money!
A simple as it is. Stop borrowing more money. Don’t get more debts. Live below your means. You can’t spend more than what you make.

2. You must save money.
How can I save money when I do have debts? Well, we must again follow the right formula (see link). Whether we like it or not, we need to save. 

The reason why we need to save even if we still have an existing debt is because we don’t want to get into more debts in case an emergency will occur. This is the reason we need an emergency fund, not an emergency loan.

3. Prayer really works.
Regardless of religion, I believe there is a greater power out there who is willing to help us. We need to pray, offer or surrender the things we have no control of to someone or something more powerful than us. 

Surely, there are things we cannot expect and explain but it happens. We don’t know, by some unknown power, we might win the lottery, or a person who was indebted to us a long time ago (who we already forgotten) will have a sudden change of mind and pay us, or a piece of property that someone is interested to buy. We don’t know. Just pray.

4. Sell something.
Sell things that are already unnecessary in the house. Your clothes (that you no longer wear), your iphone and downgrade to a cheaper phone (it still serves the same purpose anyway), or musical instruments that are already covered with dusts, books that younger students might be interested or do a garage sale. 

Sell something, and whatever we earn will help in paying off our debts.

5. Take a part-time job or business.
Debt will never occur in the first place if your current income is enough to sustain our current wants and needs. So the ultimate answer to getting out of debt is to increase one’s income. Debt was never the problem, your income is! 

So how does one increase their income? Do part-time job or business during our spare time. Each of us has 3-5 hours of spare time every day. Everyone has the same 24 hours a day and how we manage our spare time will make us wealthy or poor. 

It is very ironic that we have a lot of existing debts and by the time we arrive home after work we just sink in our couches and watch t.v. or spend the whole night liking, commenting and sharing in our social media accounts. Increase income and pay off those debts!
5 simple steps to get out of debt
The beauty of IMG is that we not only educate people about basic finance, we also offer people a life-changing career as a financial broker/adviser. 

Because at the end of the day, no matter how great all these financial info, without enough source of income, one will not still be able to apply what he or she learns.

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