Getting Started on the Road to Financial Independence
Is there a single proven way to become debt free? Most definitely! A few years back, tens of thousands of families around the globe were able to do it with the help of debt consolidation experts. These experts identified and prioritized debts and developed a series of strategies to eliminate unsecured debt while reducing stress on families. Their work was done in conjunction with the government and they were able to secure more than $60 billion in debt relief grants.
As you look towards establishing financial freedom, it is important to know what your financial goals are. While working towards eliminating debt, do you have additional money that you can invest? Is your family in danger of living on unemployment benefits? Are you looking to save for retirement without spending any additional money? The answer to all these questions and more is found in the Debt Free Life program by financial analyst, Lee McIntyre.
The Debt Free Life Solution offers step-by-step programs that eliminate debt, create financial independence, and build additional retirement savings at the same time. Your financial independence will not be complete until you have achieved tax-favored retirement savings of at least eight percent. By investing the additional money you receive, you can pay off your mounting credit card debt and begin to create additional tax-free wealth. As you work your way towards achieving more tax-favored retirement savings, you can pay down your debt and increase your standard of living. And by simply following the recommended financial plans outlined in this comprehensive guide, you will be well on your way to financial freedom.
The first step toward becoming debt free involves identifying the sources of your debt. You need to determine whether you are overspending due to a desire to buy material possessions, such as a new home or a car, or if you are under spending because of the cost of maintaining your current lifestyle. Once you know the exact amount of additional money that you are spending that you could replace with income, you can set up a plan to repay your unsecured debt. The programs offered through The Debt Free Life Solution will show you how to invest the additional money to get started.
Another important part of becoming debt free involves budgeting. You need to have a clear idea of the amount of income that you have and the amount of expenses. You should analyze your expenses and determine which types of purchases you can live without. This will allow you to develop a spending plan that will help you control your budget. Once you understand your spending and budgeting habits, it will be easier for you to reduce the amount of money that goes to living debt. Your debt consolidation loan or your mortgage payment can go into effect once your monthly expenses have been reduced to a level that allows you to repay your debt without having to rely on emergency funds.
If you are determined to become debt free, there are many opportunities that are available to you. Some individuals are able to get started right away by using free grant money from the government. You can find out which programs you may qualify for by contacting the financial freedom counselors at any of the various consumer credit counseling organizations in your area. There are also several non profit consumer credit groups that can help you get started. You can contact the National Foundation for Credit Counseling for more information. In addition, there are many organizations that have volunteer leaders who will work with you one on one in order to get your financial situation back on track.
Many people mistakenly believe that you cannot improve your credit score while being debt free. This is simply untrue. As long as you stay current with your monthly bills, make your payments on time, and don’t run up your credit card balance, you can expect to see a significant increase in your credit score as you go through the process of becoming debt free.
Once you start on the road to financial freedom, it is very important that you stay focused. Don’t let yourself become tempted to use credit cards again. Remember how you felt when you first started to use credit cards? It was quite tempting, but then you decided that you were going to take care of this and not let it hold you back any longer. Stay disciplined while fighting your way through this tough financial time. You will be amazed at how quickly your credit score improves once you avoid getting credit cards in the first place.