Brilliant Finances Personal Finance Basic Training Primer Number Three
If you’re going to succeed in anything you have to be committed. Part of what the Personal Finance Basic Training series is going to try to teach is how to get out of debt. However, in order to get out of debt you’re going to have to be committed to stop borrowing. When you borrow money you have a tendency to live beyond your means. If you think you need debt to function, you’re wrong. Credit card payments are designed to keep you in debt. Have you taken a look at the new credit card statement disclosures, which show you how long it will take to payoff a credit card by making the minimum payments? Some of them show the total amount paid back as almost five times the balance and 20 years or more of payments by paying only the minimum payment.
Remember getting out of debt it starts with behavior change – you need to have a desire to get out of debt. You’re going to have to draw a line in the sand and say borrowing stops here! I can’t make you have a desire to get your finances under control. To start building wealth you need to start building up some cash, and you won’t be able to do that if you’re always going to be making payments for your debt.
You have to be able to live on less than you make in order to get out of debt and build wealth. But, there is one more thing you need to do before you can get out of debt and succeed in saving money, building wealth, and being able to give more – you need to build a relationship with God. Psalm 37:5 says, “Commit everything you do to the Lord. Trust him, and he will help you” (NLT). By everything, it means our finances too. Have you ever committed your finances to the Lord?
Personal Finance Basic training is not going to be easy. It’s going to take commitment to succeed. If this is the first article you’ve read about Personal Finance Basic Training, I encourage you to look under the category Basic Training Primer on this site and you will find more articles getting you prepared for Basic Training. You may also want to look at the post “And the Winner Is” Including some Site Highlights and Updates to read about the announcement of a personal finance training series coming to this site soon.
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