This is part of a weekly series on personal finance and wealth building. If you care to read them all, please click on the ‘Building Wealth’ category on the right.
If you’ve followed along for the last several weeks, you’ve gotten to the point that you are ready to develop and implement a debt repayment strategy. You’ve seen the five basic steps to maximizing wealth, you’ve built your balance sheet, income statement, and your budget. Now it’s time to get you out of debt.
How you got into this mess is largely irrelevant. I’m not judging, and you shouldn’t beat yourself up. I know I made a lot of poor choices when I was younger when it came to money, and I paid for it. The good news for you is that, like with almost anything, if you put your mind to it, stick to a plan, and work hard, you can get out of overwhelming debt faster than you think. Continue reading