Cutting back & living like no one else is something that is TEMPORARY. You do not have to rent a room in a 2 bedroom apartment forever. You do not have to move into your parents house to escape rent forever. You do not have to work 2 jobs forever. Getting out of debt and back on your feet financially requires very short term, hard hitting sacrifices that are across the board. Again, it only takes 24 months to get out of consumer debt. But it takes for the rest of your life to struggle. Your rent should be no more than 25% of your monthly income while getting out of debt! Key there is no more than. The lower you get it below that temporarily, the more you can live well and like no one else around you 24 months from now. Then, once youre completely debt free, you can rent wherever the heck it is you want to rent. Or buy whatever you want to buy - in cash. Though most people keep up that regimen and invest that money they were saving. Poor people pay interest and principal all of their lives. Wealthy people invest cash into the companies you pay interest to. You dont buy houses as investments, you buy them FROM your investments. Its amazing how many of us want to skip from 0 to 400 without putting the work in. Choose accordingly.
Posted on: Mon, 22 Dec 2014 15:39:57 +0000
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