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time freedom
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creating wealth
getting out of debt
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critical component
personal experience
The Little Secret To Get Rich Through Debt Reduction
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The Little Secret To Get Rich Through Debt Reduction

Myth: The only way to get out of debt is by getting a second job or working more hours.

Truth: Debt reduction can be an enjoyable process and make you rich.

Working more hours or getting a second job is a method for getting out of debt but not the only way. In my personal experience this is absolutely the worst way for debt reduction. There is a method to eliminating debt that will also provide you to get rich. This may sound too good to be true but I assure you it is true and certainly the best way to release yourself from the bondage of debt. Besides, why wouldn’t we want something to be too good? After all, that may be just what we need to live the life of our dreams and it’s just an old idea that isn’t serving us anyway, so LET IT GO! Take caution that what I am about to share with you if applied correctly may skyrocket your income, launching you into riches and create time freedom beyond anything you’ve experienced before. Remember what I said about too good to be true!!!

We need to get something straight about money. Money is not the end all, be all objective to our life. It is however a wonderful tool to used to enjoy the things in this life we want. When you get rich after going through the debt reduction process understand that knowing what you want is a critical component and if you dig deep enough it isn’t money. Often people get into debt with frivolous spending they can’t delay gratification or some bad financial choices. Knowing what you want is an excellent step to create the discipline needed to get out of debt and it also adds clarity to how your money is spent. The method begins with a change in thinking by taking the focus off of debt and upon wealth.

That’s right! Debt reduction is accomplished by focusing on creating wealth or to get rich. In order to pay off the debt you need to get more money flowing and then use the money for debt payment. As stated before this is where most people get a second job or work more hours. We certainly want to get more income but not through this method. Instead, an asset needs to be created or purchased in order to have cash flow allocated for debt reduction. What is an asset? For simplicity an asset is anything that puts money into your pocket. Some examples are an investment property, royalties, product or service sales, etc. The asset is going to provide additional income to be used to pay down debt.

Everyone has hobbies, interests, and special talents that can be used to build an asset and even several. If for instance you enjoy fishing than create a beginning fishing guide, put together a DVD set on the details of fishing, create a fishing adventure business, or write a book about with a special niche on fishing. Once the money starts to flow from these assets use the debt snowball technique. A debt snowball is using the payment from a previous debt, now paid off, toward the next debt. After all the debt has been paid you now get rich. Money continues coming in from all the assets you created.

Summing up you need to determine what it is you truly want. Begin focusing on wealth by creating or purchasing assets. Use the money from the assets to pay down debt with a debt snowball. You get rich through the debt reduction process because the money keeps flowing after the debt is all gone.

Street Talk

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