How To Get Out Of Debt Best Education Page #Online Earnin

hey guys Stefan here from

projectlifemastery.com in this video I

want to talk to you about how to get out

of debt now if you're watching this

video right now then you might already

be in some form of debt in your life

maybe it's credit card debt maybe it's

student loan debt maybe it's debt to the

government and taxes maybe you owe the

bank's money for your business maybe you

have a line of credit maybe it's a

mortgage there's all different types of

debt but in this video I want to

specifically focus on the worst type of

debt of all which is credit card debt

okay

credit card debt is what can hold you

back the most in your life because the

interest rates are so high that it's

very challenging to get out of it's

almost like a black hole that once you

owe a certain amount of money and if you

can't pay off the debt every month then

the interest charges are just

compounding and it can really you know

set you back in your life it can really

hurt your financial freedom your

financial future that you one day hope

to aspire and more than that it could

actually really hurt your credit rating

as well so we want to make sure none of

that happened none of that happens and

right now if you're in debt credit card

debt I think the first step really is to

recognize that and and just accept it

because oftentimes because I by the way

I'm speaking right now from experience

because I remember when I was in my

early 20s I got into a lot of credit

card debt okay I owed money to the

government and taxes because I didn't

factor that in my first business had

really poor accounting and I was also

living way beyond my means I wasn't

managing my money my finances and sure

enough I was in credit card debt so I'm

not pointing the finger I'm sharing with

you based on my experience the debt and

the experience that I've had and what it

can cost you in your life and I'm gonna

show you guys you know how I was able to

get out of it and some tips for you to

help you get out of debt as well okay

and by the way there are good types of

debt it can I want to recognize that

good types of debt for me are anytime

that you're boring money for an asset

okay it could be real estate or it could

be some sort of appreciating asset in

some way that has a very low interest

okay very low interest rate so the

interest rate you know that the growth

that your asset is having is is far

exceeding whatever the interest is so if

the interest rate is you know two and a

half percent but the asset

is growing beyond two-and-a-half percent

or even breaking even within that then

that's good debt okay so I'm not gonna

talk about that kind of debt for now but

I want to talk to you about credit card

debt and how to get out of that okay now

as I said you have to accept it okay

come to terms with it come to peace at

it you can't be upset with yourself or

angry it can be useful to you know get a

little bit upset to give yourself a kick

in the ass to make a change however over

indulging and that it's not going to

serve you I found that when I was in

debt one of the biggest mistakes that I

made and what most people make is that

when you know you're in debt

you know it's painful to look at it so

you just avoid it right you don't even

want to look at your credit card

statement so you don't even want to look

at your mail you don't even look want to

look at what you owe because that number

is just so overwhelming and so daunting

for you that you know it's just gonna

make you frustrated it's gonna make you

upset it's gonna make you feel down and

you know you don't want that so

avoidance is something that many people

do when they're in debt however that can

actually lead to you getting into more

debt so at a certain point you have to

accept it you have to confront it

head-on you need to identify exactly how

much money that you owe and then you

need to create an action plan on how to

get out of debt

okay that's the only way out you dug

yourself a hole now you have to start

climbing or climbing your way out of

that hole okay I wish there was an

easier faster way to it but there's not

okay so you have to accept it come to

terms with it calculate exactly how much

you owe okay and then like I said come

up with a plan to start getting it out

of that debt now one thing that I did

that really helped me um you know when I

was in debt credit card debt is I found

different solutions I did as much

research as I could and it like I said I

created a plan to get out of debt one of

the things that I came across was that

there are certain credit cards and it

might be different based on where you

live but there are certain credit cards

that had 0% interest rate for like a

year or for like 18 months and I found

those different credit cards like that

and basically what you'd have to do is

you'd have to transfer the balance from

one credit card to the second credit

card and basically you'd be able to have

no interest charges for about a year or

18 months and then after that then is

for paying interest and if you

using that card though there's interest

on top of that but if you're just doing

a balance transfer then you're saving

and all those interest payments so

that's one thing one of the first things

that I did that I can recommend for you

that if you're in credit card debt is

try to find a loaf you know a lower

interest rate credit card out there or a

zero zero interest rate credit card out

there that will allow you to do a

balance transfer for about a year or so

and then that can kind of give you an

opportunity to start to get out of that

debt without having to pay those high

interest payments okay so that was one

tip that I can give you that really

helped me to get out of debt now the

second thing is you have to understand

there's really only two ways to get out

of debt one is make more money and by

making more money you're gonna pay for

you know pay off your credit card and

you know pay off all the debt that you

owe okay that's one strategy and the

other way is to cut your expenses so if

you're already making a certain amount

of money right now in your job or in

your business you can cut your expenses

or your overhead in some way which can

allow you to have some extra cash flow

every month and then you could use that

cash flow to start paying off your debt

now one of the first places that I

recommend people start with is actually

looking at how you're currently managing

your money right now most people that

are in debt right now they're just not

managing their money in a very efficient

way in fact if you just make your focus

on making more money to get out of debt

that's not going to be the solution

because you're not addressing the actual

habits the money managed management

problems that you're having that led to

the debt in the first place so that's

where you really where you have to start

is looking at your finances and really

getting on top of it I recommend

tracking your finances every single week

that's one of the first things that I

did when I was in credit card debt is I

set up an Excel spreadsheet and I

tracked everything I did all my all of

my transactions through my credit cards

so that I could easily track everything

on my credit card every single week I

stopped buying things in cash I just

started using my credit card my debit

card for everything and that would allow

me to track everything in a spreadsheet

now there are software's that can help

you there's mint.com

there's QuickBooks there's accounting

softwares but for me honestly I just

used my computer and an Excel

spreadsheet and I would just put in

my income was and every single week I'd

update what my income was and I had some

online businesses at the time so every

week I'd update my income and then every

week I would update my expenses and my

expenses I would categorize into

different categories so all my

entertainment costs all my eating out

costs my food my grocery is my gym

expense you know my rent my cell phone

my car payments my transportation all of

those different categories you're gonna

want to put into a spreadsheet so that

you can track every single week and the

reason why I recommend every single week

is because you want to stay on top of

your finances you really need to start

budgeting you need to cut out by doing

so by tracking things you're gonna start

to see what your patterns are you're

gonna start to see how you're

overspending in different areas and

you're gonna start to be able to budget

your money and and be smarter make

better decisions with how you spend your

money so by tracking it allows you to

have a sense of control over your

finances so track things okay that's my

next tip track everything in detail and

an Excel spreadsheet every single week

okay start to look on look at ways that

you can cut out different expenses okay

oftentimes you're in debt because you're

living well beyond your means you're

spending money that you don't have so

you've got to get yourself out of that

cycle you need to make sure that your

expenses are always significantly much

less than whatever your income is okay

you should have some sort of cash flow

every month extra money that you can you

know use to save money or you could use

to pay off your debt okay very important

so you want to track things you want to

start budgeting things you want to cut

it expenses and you're gonna have to

make sacrifices man like let me tell you

that's there's no other way around it

you know I wish that there is an easy

way about it but you're gonna have to

make sacrifices I remember I lived in my

friend's living room because you know I

couldn't afford to pay rent and live on

my own I just had to come to come to

terms with that and I asked to stay on

my friend's couch for a few months and I

used that as an opportunity to save

money and to pay off my credit card debt

you know maybe it's getting rid of your

cell phone you know I remember I didn't

have a cell phone for a period of time

and I just use Skype Skype you can pay

like four dollars a month it gives you

unlimited unlimited calls you know and

I'm just keeping the key with people

over Skype or through social media you

know I remember I had to you know be

very careful with my spinning I didn't

eat out you know I just bought groceries

and cooked all my own meals I didn't

have a car I just took the bus I took

the bike I walked places you know so I

made certain sacrifices so that I could

get ahead and you know you're gonna have

to do that for the short term but it's

gonna allow you to get yourself now

would that hole that you've dug for

yourself and put you in a position where

you can start to get ahead in your life

instead of instead of playing catch-up

okay so I would look at cutting out

expenses as much as you can budgeting

tracking and managing your finances the

right way and then really the last way

like I said is it's looking for ways to

make more money now making more money is

an option but often times it costs money

to make money and so you want to keep

that in mind so if you're starting a new

business I don't think a new business is

a solution to get out of debt because

oftentimes the start of business it's

gonna require money is we're gonna

require your time it's gonna require a

lot of hard work and sacrifice with that

and often times when you're new to a

business you're making mistakes that are

costing you money so I'd recommend just

to you know you know hustle grind do

whatever you have to do to to first

manage your money first stay on top of

your finances do everything you can

there and then look at ways of making

money on the side as another alternative

for yourself but only once you've solved

the habit of what got you into the mess

in the first place which is a failure to

manage your money and your finances

properly okay so it all starts there

first and once you've got that down that

you can start to focus on expanding and

making more money all right

so hopefully this video has helped you

in some way if it did make sure to LIKE

the video or leave a comment below or

subscribe to this YouTube channel for

more videos like this but thank you for

watching and I'll see you in the next

video

you

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