5 Steps To Getting Out of Debt | Money Matters Series

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I hope you have enjoyed the video which gives you details on how to get out of debt – 5 Steps To Getting Out Debt in fact. which includes how to manage your money and how to make more money.

As you may have noticed the five solutions I gave are probably quite unconventional methods of helping families and individuals take control of their finances.

There are many reasons why someone would be in debt, but typically the main reason is having a poor means of budgeting also combined with lack of financial education and no other source to making more money.

Most families run out of money before the end of the month is even close! It is possible to finish the month with more money without even having to increase your hours at your job or do any form of overtime of extra work. It simply comes down to budgeting, but not the conventional type of budgeting, which is commonly known as ‘budgeting for a deficit’ according to Robert Kiyosaki in his book – How to Increase Your Financial I.Q.  Effectively we have to learn how to budget for a surplus, which requires a renewing of the mind and determination to make your financial life work.

I created a brief video on how to budget for a surplus, it touches the surfaces but brings the point across very nicely.

There are four more areas to consider if one truly wants to stay out of debt.

2. Learn How to make More Money 

3. How To Protect Your Money

4. Learn How To Leverage Your Money 

5. Get Access To Financial Education and Information to make wise choices and decisions

The Main Challenges with Budgeting for a Surplus

In principle, this method works exceptionally well. When I first started the main hurdle was the reshaping of my thinking and literally engraving brand new money habits.

  1. I found there were steep emotional barriers to break, mainly my attachment to having to pay all my bills immediately. This had to stop and I had to train myself again and again to ‘pay myself first’ in order to start building and investing in my greatest asset–Me! It takes a ‘renewing of the mind’ to consistently pay yourself first and it will be much easier upon the final realisation that YOU are your most important asset.
  2. It’s important that you turn your focus towards the positives and keeping the appropriate level of cash. It is possible to set up online accounts and manage everything virtually, however, I believe you will have full control when you can utilise cash also where possible
  3. you may have months that there is not enough funds to pay your ‘general’ bills even though you have assigned a portion of the budget towards this. The mentality behind budgeting for a Surplus is that you force yourself to think like a rich, abundant person than someone with a broke, poverty mindset. Therefore you will ask yourself the question..How can I afford this? Rather than ‘I can’t afford or How Much money is in my account?
    1. This is the very moment where one needs to do the following:
      1. Being broke is NOT being poor – it’s a temporary situation, so you must ALWAYS believe and fortify yourself that you are wealthy and money is always running to you not away from you
      2. You must develop another skill – the ability to MAKE Money! become a problem solver and a value provider
  4. You will feel empowered as you see your financial freedom Account grow and your emergency savings funds starting to grow. It gives you peace of mind and empowers you, eliminating the ‘unbelief’ that one might be poor and builds your faith that you are resourceful and not lacking in focus. These are the best steps (in my opinion) to building wealth and getting out of debt quickly.

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If you have not watched the Video, please go back and watch it, you will find it very insightful.

If you have any questions or comments relating to how to get out of debt or how to manage your money (in order to stay out of debt) I really would love to hear from you.





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About The Author

Richard Ansah

Richard Ansah is the Founder of Wealth Guardian Education and WGE Revamped and is passionate about helping families to make more money and become financially astute "equipping families to get money to work as hard for them as they do for themselves!" Richard is also a UK expert in Express Private Trusts and Alternative Debt Elimination Strategies. Richard has a massive amount of life experiences both positive and negative which has made him strong. Based in London, UK; he's happily married for nearly 17 years to his best friend, they have two beautiful children.

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