There’s nothing wrong with having a few things to owe people in your life, but it is wrong not to repay those debts in due time. That’s because in the end what’s at stake is your freedom and as long as you owe people or financial institutions like banks and money lenders something, you’ll never be free. If you think about it the guy doing time in prison is on the same boat as you are, except you’re paying off your debts on a longterm basis.
Isn’t it what got you into this mess in the first place? The prospect of having something that you can pay for 10, 20 or 30 years’ time? Well, it’s somewhat of a scam but one that is good to hear, because if they’ll offer it in the most honest way, then it will sound something like this:
Lender: “Hey Bill! Want to buy a debt for 30 years? You’ll get that real estate property along with it.”
Potential Borrower named Bill: “Uh…why would I want to buy a debt? I don’t want to get stuck with this kind of deal for the rest of my life.”
Now that’s a real eye-opener, isn’t it?! Loans, mortgages and borrowed money are the same – you will legally bind yourself with a lasting deal that you never needed in the first place.
What is Debt?
According to Wikipedia, “debt is something typically money that is owed or due to a person or an institution.” Debts come in all shapes and sizes and while some you can simply just brush off as a minor thing, others are hard to ignore. The ones that can hurt your pocket are those that involve huge cash loans, mortgages, auto loans and a few others. The problem with most people is that they just like to borrow money without thinking about formulating a plan on how to pay it back and be done with it. But this problem doesn’t have to be a perpetual thing and there is a way to overcome it.
How to get out of it?
The first thing you’ll need to think about when it comes to getting out of debt and be financially free is think of fast and efficient solutions to zero out your debts. You know as well as I do that simply just having one job will not solve your debt problem and debt gets more complicated the longer you wait to settle it. Even if the job pays good or excessively it will be a long shot in counting on it to settle your debts with a short-term goal. Here are some good ideas to help pay up your debts completely:
- Start a web-based business and earn quickly, so you can get a portion of your profits to pay off your debts. Check out these ideas so you can start right away.
- If you have extra real estate property other than the one where you live in, then you can rent that property and use the money to settle all your debts. Property rentals are actually a very attractive business that never gets old.
- Blog your way through your debt and zero it out with a home-based affiliate marketing business! It is believed that affiliate marketers make at least $600 a month on average. That can help a lot in cutting off your debts in a short-term goal.
- Invest in mutual funds and get a huge return in as little as 5 years. This is also a very good way to earn money aside from your day job and with the huge returns that you’ll get after a few years; you can pay off your debts significantly.
The best thing about these tips is that you can actually turn them into a longterm business prospect that can give you huge ROIs (return on investment) and build higher profits as time goes by.