Financial Independence
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Is financial independence possible in a society so dependent on having it now and using credit to get it? Knowledge is power and with it comes greater financial independence. With better education – financial independence follows.
Consider current statistics in America. More than half the people in this country have an average monthly credit card balance of $9,000 yet only 30 percent of folks paid their bill in full. In 2006, two-thirds of college grad owe student loans at an average of $17,000. With staggering debt statistics such as this, clearly seeking help with debt is a priority for many.
The first step toward financial freedom is to make due with what you have for awhile. Keep that old car a little longer or avoid impulse purchases while shopping for necessities. Make a list and stick to it, along with a budget. If you go below budget, sock the extra money away in savings to build a reserve fund for the future.
Pay off one credit card at a time. Use the money you save when the card is paid off to pay another card. Keep rolling this money over until all your bills are paid off. Avoid using home equity to keep paying off high interest credit cards, as this can ultimately lead to a foreclosure on your home.
Decide what luxuries you can do without. Make coffee at home instead of stopping for that pricey latte. Pack lunch instead of purchasing overpriced deli sandwiches. Spend a weekend with family or friends instead of taking a week long vacation at a resort.
Small sacrifices can add up in a big way over time. With a bit of extra thought and effort, as well as some patience, financial independence is an attainable goal.
Tags:Debt Management, Financial Freedom Financial Independence
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