Steps To Tackle Your Debt and Start Real Wealth Accumulation By Tamra Lee Ulmer
It is not a beautiful thing nor a celebratory event to have a debt. It can be heavy and worst fact of all, it is a burden, a beast taking its ride on your shoulders. Warning, live with the debt for so long and you will start experiencing a major stoop on your shoulders. You will grow weary and even though you are young, you will appear so old. That is the major effect why sometimes I fear to be on the debt brackets.
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eing free from the debt is surely the best financial freedom that one can get but that starts the moment you let go off this deriding beast. And even though I have searched for the best advice to set myself free from this beast for so long, truth is, I have never come across a better one. However when I think about this issue, one question keeps coming back...Can someone be really free from a debt? Theoretically speaking, YES! Practically….
IS IT SO BAD TO BE IN DEBT? Any debt, however big or however small it may be has its own uses. Even the professional field players in real estate industry understand that debt has its own value of leverage. Generally, people do not understand that there are two kinds of debt, there is the good debt and the bad debt. Difference is, the bad will make you poorer and when you get your monthly income, it swoops almost everything leaving you with absolutely nothing to be proud of. Credit cards serve the best example of the bad debts. Mortgage on rentals is another case but on a different dimension, this is a category of good DEBT it makes you richer and well off financially with an assurance that at the end of every month, there is a steady cash flow in your account. It serves like a kind of a passive income. Therefore, to answer the question, is it so bad to be in a debt? That depends on whether it is a good or a bad debt. TACKLING YOUR DEBT There are important steps that you need to be cautious of when tackling any debt. Basically, this serves a stepping stone to start your wealth accumulation strategy.
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