The Money Podcast How to Get Out of Debt Fast - NEW Series
It doesn’t matter if you’re earning a lot of money or not. You NEED to know how to control your money and understand how to get out of debt FAST. There are two main ways to pick off all of your debts, so you can be liberated, move forward and make the money that you want and deserve.
- Spend less by reducing your costs and overheads.
- Earn more by working hard and getting creative.
KEY TAKEAWAYS
- You’ve got fixed costs and variable costs and the key thing is to not confuse emotionally what you WANT and what you NEED. You need to pay your mortgage, you need to eat. You don’t need to go on a holiday. One way to get out of debt is to get rid of your variable spending, these are easy to reduce costs that you don’t need.
- For the first 6-months, get rid of the unnecessary spending and you’ll see a compounding effect. But more important than the money you save is the learning and behaviour you have whilst doing it. Getting out of debt is short-term. It’s teaching yourself how to behave, because you won’t learn to manage money or get more money than you already have without the right behaviour.
- Set a monthly budget and stick to it. Break it down into a weekly budget and build up your habits and your discipline and remember taxed vs non-taxed income is different. You can earn more if you’re claiming the tax back.
- Target the day that you’re debt reaches zero. Set a deadline and work towards it. Make it somewhere between realistic and optimistic and it will give you a hunger and drive to get there and achieve it.
- The vacuum law of prosperity means you can only bring in stuff once you have a void and with your new found spare time you can merge your passion and profession and work on yourself.
- Every entrepreneur who has been successful has learnt how to sell or aligned themselves with someone who can sell. There’s a lot of people who are in debt solely because they can’t sell. You can sell anything, either face to face, selling products to businesses audiences and getting affiliate deals.
BEST MOMENTS
“The first thing you need to do is get a handle on what you’ve got and what’s going out. You need to get rid of all the want spending.”
“Don’t get into the diminishing law of returns”
“If you have debt that is high interest, aim to consolidate it into one. Pay off your highest interest debt first, it will pay off in the long run.”
“Debt does compound, just as much as your money compounds when you’re earning money.”
ABOUT THE HOST
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything”
CONTACT METHOD
Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn - https://uk.linkedin.com/in/robmoore1979