This post is about DEBT.
Debt will SUCK the life out of all families and their future, not to mention monies needed for a retirement that you are probably not even thinking about.
You must eliminate your debt!
Right now you are probably thinking how in the hell am I going to do that?
You can start by:
- quit buying cigarettes if you still smoke
- stop drinking alcohol everyday - maybe only on the weekends
- stop going out to lunch at work
- stop buying stuff you don't really need
- be frugal in your purchases
You pay off your debt?
Let's suppose that you have the following debt?
- mortgage @ $1,000/month
- car loan @ $400/month
- school loans @ $300/month
- credit card @ $200/month
Recommended Approach:
- Pay off credit card debt first with money you have scrounged up
- Use money you have scrounged up with credit card debt money to pay off school loans
- Use scrounged up, credit card, & school loan monies to pay off car loan
- Use all those monies to pay off mortgage
- Save all debt reducing monies to save for RETIREMENT
Not possible you claim...
Bullshit... I say... and, I know it can be done because I have done it...
I found ways to save money first.
Then I worked a second job.
After debt was paid off, I did two things:
First - I renovated house for retirement with half the money
Second - I saved the other half of the money
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