I sincerely hope everyone has had a wonderful festive season and glorious gift giving and receiving experiences!
And now… you’re ready to jump in with both feet to pay off the credit cards and overspending that seems to happen every year!
Spending is an art form for some and dread for many others, but knowing how to pay back credit and debt is critical.
Paying down and paying out debt is one of the most empowering exercises you can take on in your day to day and month to month activity.
Today’s article is one of the most powerful I’ve written. I’m excited to share with you how to get your power back when it comes to money and debt.
Ready to Discover A little Secret About Money and Debt?
When we spend, we don’t always think about how much is too much and how we’re going to pay it back. Only the pleasure of giving seems to fill our minds during the holidays.
Realistically, there are a few things you must take into consideration before stressing and losing sleep.
1. Debts Go Away Eventually – it’s important to know in your bones that even if you feel lost, consumed and absorbed with paying minimum payments, debt can be handled and will go away!
The key is to confront all your debt. That means stop spending more! Sounds simple. However, it doesn’t always make sense that your debt load might be because of how you have been acting. It more about how you’ve been thinking. Your relationship to money has everything to do with your relationship with debt. And this relationship is the key to how you view money and debt . . .and has you where you are today.
2. Confront Debt, Act on it and then Eliminate it – but this is more difficult than people realize. In order to stop living in that mental world that keeps these debts hanging around, it is important to discover your thought processes and beliefs around debt.
Ask yourself these questions:
“Do believe I’ll never get out of debt?”
“Do I believe that I can spend as much as I want, at least up to my credit limit because the more credit, the more money I have to spend?”
If you answered yes, you probably like money. You like money so much that you don’t care about getting into debt. Or, you experienced too much lack in the past and now the only way you could survive was to use credit cards.
Either way, it doesn’t matter what the reasons, are it’s time to "Take your Power Back!" No matter how much you say you don’t like debt or and how much it makes you upset, doing nothing actually increases it!
No wonder . . . your Debt as caustic energy itself, will keep hanging around because doing nothing gets absolutely no results!
Said another way, if you’re not engaged in anything that gets rid of your debts, the entire trajectory of your lifestyle is designed to accumulate more and more and more and more debt.
You may be thinking back to sometime in your past when you had little or no debt. And you asked yourself, how come I have more debt today than I had back then?
Here’s why. In the past when you had little or no debt, you probably had less income.
So what does that mean? When you earned less, you spent less and when you spent less, you were less likely to get in debt.
The mindset establishes that if we earn more money, then we deserve a certain lifestyle – not knowing that – we still can’t really afford the new lifestyle. So what happens is an energetic hook whereby the more income we have, the more debt we have. Then we think that if we can only make more money, we will be able to get rid of our debts.
3. Make More Money – there only one way in my opinion to live financially powerfully. That is by making more money first and then focussing on eliminating your debt!
Making more money provides you with the resources that can eliminate Debt.
But there’s just one tiny flaw in this philosophy. It’s human nature that when you see something you really like, your eyes see way more than the money you have to pay for it! Ever happen to you?
It seems that no matter how much money you make, you’ll find something more to spend it on. And that creates more debt.
That means that your relationship to debt is controlling you and your decisions. That means that you decided probably a long time ago that everything you see, the stuff you want, you must have! No matter how much money you make, you will always want more. You will always desire more . . . and this . . . will never end . . . as you see more and more . . . opportunities.
4. Financial Empowerment – I’m concerned that far too many people actually have this type of relationship with debt. They prefer it instead of building a solid relationship with money.
Can you see the difference? If you had a good relationship with something, you’d want more of it. If the relationship was damaged, you’d want less of it.
So you allow debt because you connect with it in some way, positively or negatively.
You disallow increased income because you don’t connect with it. See what I mean. But that means you have to change your attitude and behaviour. The first is to STOP Creating More Debt!
That’s why I created my coaching program where the focus is finding that belief that creates destructive relationships with money and debt – they can be the same, they can be different. But they cause a lot of grief and pain. Discovering what causes you to stay in debt are found through a strategic step by step mentorship putting power back into your hands.
5. Get Rid of Debt – as simple as the solution appears, it’s not always easy to implement. Here are the 3 key solutions to eliminating your debt:
** make more money
** begin to get rid of the current debt that you have
** and choose to take your power back by stopping yourself creating more debt
6. Identify Why You Spend – In order to get into the solution actions, you have to decide and intend to identify a couple of things. What it is about you that had you spending more money than you could afford to pay back. Then you need to identity how much money you really need to operate every day, every week and every month. It’s amazing how many people don’t know how much money they really need.
If you’re living your life with absolutely no clue of how much money you need every month, then you’re not in control Simple as that.
Here’s what you can do today:
Step 1 - List all Your debts.
Step 2 – List the interest rate associated with each debt.
Step 3: Don’t Cry!
When we get perspective on where we are, we learn how to take the next steps. Far too many time people get an idea of where they are financially and then become overwhelmed or too frustrated not to take the next step.
Well I belief in you and I want to support you with our “Take your personal financial power back” group on Facebook. Click on the Wall tab and come join others of us who are all working on getting our financial futures in order …
This is the time to figure out what hidden messages or behaviors are keeping us from thriving.
Patricia
