Wealth is more than just about money but you cannot have real financial freedom while being buried in debt!
Back in 2004 when the housing market was booming, I sold my home. The first thing I did was payoff all my outstanding debts. It felt so good. My credit scores climb through the roof and I was able to purchase more real estate for a great price.
When I became a Real Estate Agent in 2006 I sold several homes rather quickly. But in 2007, I went from selling several homes a year to only 1. Credit became my friend again. I tried to make sure I didn't over extended myself, but I did. Knowing that I was heading for harder economic times, I began to tighten up my budget and cut back on some of my "now" luxury items. So I got rid of my second cell phone, fax machine line, cable premium channels, eating out and many other unnecessary expenses. It was tough necessary to get back into financial shape.
The next step was deciding that I "would not” under any circumstances accumulate more debt than I had too. David Ramsey talks about this in his book, “The Total Money Makeover”. So I put away a small saving for EMERGENCIES ONLY. Believe me, the emergencies happen, car problems, water leaks etc.
The debt that bothered me the most was my first priority. I did balance transfers and paid as much as I could. It was hard. But doing it made me feel empowered and smart. When I sent a payoff amount for one of my credit cards the light in my dark debt tunnel starting showing up and soon I was walking towards it.
I still have a ways to go. I am going to tackle my mortgage after the other debts are paid. I also noticed that money started coming to me without me fighting so hard to get it. Be smart and stop living above your means. Look at all the devastation of people losing their jobs, homes, and other valuables. Try to be wiser and start taking control of your financial future. Get out of financial bondage and begin to walk towards the financial light!
Women Obtaining Wealth is an on-line financial community and organization that I stated to help others with their financial journey. We offer a long list of on-line classes for our members, to join go to www.womenobtainingwealth.com. You can hear more about this topic and many others on our Internet Talk Show every Sunday at 9:00pm EST we even have a chat room for you to type in your questions at www.blogtalkradio.com/womenobtainingwealth.com or call (646) 478-5836!
Dina Harbour, CEO
Budgeting & Money Management Coach
www.womenobtainingwealth.com
Tuesday, May 13, 2008
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