So, you want to be a billionaire? You want to travel the world, live the good life – drive expensive supercars on the best roads in the world, party like there’s no tomorrow and live life at its finest. Well, there’s one thing you have to do before making all that money. Get rid of debt and free yourself from the chains of never having the money to start up your million dollar venture.
Debt happens to almost anyone. At any given time you might find yourself having to repair a broken car, pay up some hospital bills, or that one debt we all know and love the student loan. We’ve summed up some of the best tips on getting out of debt and start having the healthy and positive financial mindset of a billionaire.
The first thing you have to do is get a grasp of how much money you make on a monthly basis – from your job or other sources of income and compare it to how much you have going out on debts, bills and any other spendings you have. Once you have a general idea of where your money is going you can organize all this into a spreadsheet and make adjustments so you can slowly save money or close a debt faster.
With the adjustments to your balance once established you can start paying off debts. One of the most popular methods is the snowball method. You start with the smaller debts and work your way up to the big ones gradually saving money for the next big pay off. This approach is also good for your moral as the consecutive victories give you the confidence to go all the way.
On the other hand, there is the avalanche method that is recommended to those who have high-interest rates. Avalanche means paying the larger debts first as to avoid long-term interest.
One more trick you can use is automating your payments. Make a list of the most important payments and debts you have each month and make sure you pay them in time. This way you shake any unnecessary late fees and interests. To better organize your payments schedule you can look for financial apps online. There are a lot of good ones out there, you just have to find the one that suits your needs.
Last, but not least you can try to make some extra money in your free time. Any skill you have may help you earn an extra buck so go online and look for a part-time gig. From design to engineering, PR, or dog walking, there are lots of part-time jobs and projects just waiting for you.
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