How to Get out of Debt Series 2

We often get into debts when our Expenditure > Income and we incur debt anytime we borrow to feed ourselves. You can borrow to make money BUT it is very dangerous when you borrow to feed yourself. Let’s get this straight. Debt is when you borrow not to do business but to feed yourself or buy that which does not generate income for you.
Let’s take a cue from rich people, they invest in assets first and then use the money they get from the assets to buy what they need.
So like I mentioned earlier, a car is a liability because you spend on it rather than gain money from it. Your house is a liability because you keep spending on it till the day you die. How do you balance this?
Simple, I’ve seen some very crazy things being done under the earth. I know of a man who owns a property in a lucrative part of Lagos who chose to rent it out because his earnings from his property not only paid his rented duplex in another not too expensive area of Lagos, it also covered his other expenses. It pays to be financially smart.
That leads me to point two of how to get out of debt.

2. Become financially disciplined and start a financial plan

The major reason why a lot of us incur debt is because we are not disciplined when it comes to spending money plus we don’t plan our finances!
First off, you must understand that you should not overspend; don’t overshoot your expenses. Stay in the confines of your income. Stop all unnecessary expenses. At the end of every month, make a budget of all of your expenses. Take a good look at it and take out everything you REALLY don’t need. Be sincere with yourself! If you don’t need it, don’t buy it! Ask yourself: Do I really need this now? PLUS, stop borrowing! I have talked about you saving a minimum of 10% of your income and investing the lump sum on assets. You might want to read the Richest Man in Babylon and practice the principles there. SAVE and INVEST! That’s the sure way to Wealth. Let me quickly suggest a spending plan. And this is how I do it or at least I try to (lol!):

I give 10% to God,
Pay myself 10% which I save and never touch; I invest it,
I use 30% to pay my debt,
Put another 5% aside for contingency
And lastly spend the rest 45% on monthly bills and groceries.

Now, when you are in debt you must ensure that you don’t go hungry. Make allowances for food in your house. A hungry man will never think straight, plus only a living man can work to pay back debt.
BUT in all actively make sure that you service your debt as often as possible. Don’t leave it to grow in interest and over time before you start to pay it. Always make sure you pay something out of it as often as you can. That way, it decreases over time.
Remember: Reduce your expenses to only the essentials. You don’t say you want to get out of a pit when you have not stopped digging.
Secondly, look for ways to actively increase your income so that you can make up for the funds allocated to debt repayment. Explore more steams of income, read voraciously, and search for knowledge. I’m coming to terms with it that there is no job security anywhere, unless of course God is your employer! Yep, you heard right. I’m not going there today and I’m not saying you should go get a cassock. There are many ways to work in God’s employ. Go do your research and get back to me on that one!
(Smiles)
So, work at it. You can do some freelance, some part-time job, take on a weekend job, learn a trade etc. Ask questions.
Explore your talents, conduct a talent analysis. Develop a checklist of your skillset and find out how you can convert your talent into treasure. Work at it and very soon, your income will overtake your expenses and then you can really become financially free. I look forward to seeing you there!
Lastly, this point here is a choice BUT I have found it to be a great way of getting out of debt.
GIVE!
Give to God, give to the poor, give to the needy, give to the motherless and fatherless SUBSTANTIALLY! This approach has never failed me. You should try it too. Give and it shall come back to you in GOOD MEASURE, pressed down shaken together and running over SHALL men give to you back.
I know personally of men who gave to God and humanity and their debts were cancelled. One in particular amazes me; he owed a bank in the tune of over a million YET he chose to give and the bank called him to tell him that his debt has been cancelled!
Wow! There is power in giving.
I wish you all the best in getting out of debt. I see you getting out of debt! I see you becoming wealthy beyond your dreams. You will Succeed.
I hope this really helps someone and thanks for taking time to read this. You can share if you have someone it can help.

I care.

Dr. 3pleA
Outperformance Coach
+2347055778282
adeniyi.atiba@yahoo.com

Name(required)

Email(required)

Website

Comment(required)

Submit

Δ

HOW TO GET OUT OF DEBT SERIES 1

Debt is defined as something owed, such as money, goods, or services. In most cases it is used for money owed an individual or organization. Some quick things about debt:
1. It never pays the borrower because it is future money spent early.
2. The borrower automatically becomes a slave to the lender irrespective of the age or status.
3. A debtor is never at rest as long as he still has creditors.
The above reasons are enough to keep us all from getting into debt, so why do we borrow from people and get into debt?
1. Because most times our standard of living is higher than our income. In Nigeria we have what is called sekarimi – meaning we live to maintain a particular status-quo rather than live within our means.
2. Emergencies occur like unexpected expenses arising from unforeseen circumstances and natural disasters and the likes.
3. Poor planning – poor preparation and budgeting always leads to poverty.
and
4. Spiritual attack. As much as I run away from it I have observed that some folks’ issues are deeply spiritual.

How do we get out of Debt?

1. Reprogramming: I have observed over the years that the deepest problem of a lot of us people who fall into debt is our attitude to money. We have been inherently programmed to spend and not create. What is the major difference between rich folks and poor folks? It’s not that the rich have more money NO! It’s that the rich have a high regard; respect for money. They have learnt how to treat money right. Money tends to go to places where it is well treated. All poor people lack wealth creation habits. They only know how to spend money rather than make money and when they run out of money they do the nearest thing that comes to their mind, they borrow to fill up the gap hoping that they will pay back later. On the contrary, rich people have learnt how to make more money. They never borrow if the money borrowed will not birth more money. Let me quickly state this that getting out of debt totally includes you reprogramming yourself; changing your attitude towards money. This must include you:
– saving first before spending,
– buying more of assets and less of liabilities; an asset is anything that adds money to your pocket and a liability is anything that takes money out of your pocket – your car is a liability not an asset unless it puts money into your pocket; your built house is a liability unless it pays for itself,
– buying only what you need and not what you feel you need,
– not buying on impulse etc.
You must deliver yourself from a spend it all mentality to a save first and then spend mentality. If you save a minimum of 10% of your income and you invest it well, you will have safeguarded your future.

to be continued.
tomorrow we will discuss personal financial planning and discipline as point 2
I would love to hear from you.
I care,

Dr. 3pleA
Outperformance Coach
+2347055778282
adeniyi.atiba@yahoo.com

Name(required)

Email(required)

Website

Comment(required)

Submit

Δ

THE UGLY DUCKLING

Once upon a time on a farm near a barn lived a Mother Duck who was about to lay her eggs. Father Duck had taken a lot of time to prepare the nest so everything was ready. So the couple eagerly awaited the day the eggs come with much excitement. And so on one fine morning, the other animals on the farm noticed that Mother Duck was not about her duties and news spread across the farm that she was already nesting. “Ha-ha! I knew it”, said Sir Bu the elderly farm bull. “About time”, replied Grandma Duck the eldest of all the farm ducks. So all the farm animals looked forward to seeing the little beauties mother duck was going to produce.
At last the golden day came and all the farm animals gathered at the barn entrance to view the family procession having heard through the grapevine that all mother duck’s eggs were hatched!
“Cluck, cluck, I am so excited”, said Mother Hen, “Oh the little beauties!”
There was a great hush as Mother Duck came out of the barn leading her young brood of ducklings. “Ooo! Aaah!” “Lovely”, were the whispers of some of the farm animals. But all of a sudden there was a sudden cackle of laughter from a corner of the barn. All heads turned to the direction of the sudden burst of cacophony when they saw just at the last line of the procession an ugly specimen that looked like a duckling! There were sudden exclamations of “What?” “Huh?” and many utterances of disgust laced with shied glances of pity at the poor duckling; which could barely catch up with his brothers and sisters! His head was odd and his webbed feet were far too large for him to tread with!
“Psst! What an ugly duckling!” said Grumpy the farm he-goat. “That’s a nasty thing to say about another folks’ kid, don’t you think?” said Nanny his wife. “I know but I sure know one when I see one!” he replied in a jovial manner.
Poor ugly duckling! His days on the farm were not as he would have loved them to be. Folks ignored him. And as much as Father and Mother Duck tried to encourage him. Things didn’t turn better but worse till he roamed alone. Even his siblings teased him about his oddity.
One day, while lying lazily beside the barn pond, he saw a flock of swan flying in the sky. “Oh, how freeing it would be for me to roam the skies! Huh Haaa! Beautiful creatures indeed!” said Ugly duckling. The farm animals were not left out, they all saw the beautiful graceful swans as they flew overhead. Then one of the small ones landed on the pond and gazed at the little duckling. “Hello” she said, “How are you?” Poor ugly duckling, he had never seen such a sight of raw beauty so he was tongue tied. “Kamela” shouted another Swan, “Let’s go!” “Coming”, said Kamela, “Bye, hope to see you someday soon!” But alas as much as Ugly tried he just couldn’t say a word!
That night Ugly couldn’t sleep. He kept on tossing on his bed wondering what those creatures were and why he was the way he was.
About a few months later, Ugly woke up to get up from his bed as was his custom and discovered that all his family were all staring at him! “Hmm, what is it now? He thought within himself. When they all saw him move, his siblings ran to hide behind their parents shaking.
“I told you Mother. There’s a strange bird in my bed” , that was Orion, Ugly’s immediate elder brother
“Take it easy Orion!” said Mother, “Where’s my little one?”
Ugly stood wondering what was happening when he suddenly hit head against the cart wheel. “Ouch!” he screamed. And everyone scampered off except the Mother. “What’s going on Mother” said Ugly. “I knew it!” muttered Mother, “it is my little one!”
“You are DIFFERENT!” exclaimed Mother Duck
What a day! Ugly was no longer ugly as everyone trudged to take turns to see him as he stood proudly beside the barn pond. He was a graceful swan with a long neck and beautiful feathers.
“What a lovely bird’ said Grumpy the He-goat, “Where did it come from?”. “It’s Ugly” said his wife Nanny, “Mother Duck’s last duckling” “But I thought you said its Ugly?” grunted Grumpy “Obviously this bird is not ugly!”
Darius (formerly called Ugly) looked at his reflection in the farm pond and couldn’t believe it was him. Just at that moment, another swan plodded in the pond. It was Kamela – the beautiful young female swan. “Oh! Hello there again, How do you do? Now I see you are now yourself”, said Kamela. “So you knew?” said Darius. “Of course, silly! When I saw you back then, I was wondering what you were doing here. You’ve always been a Swan!” replied Kamela.
Later that day as more Swans landed in the farm pond, all the farm animals listened to Mother Duck’s tale of how Darius came to be. She had only laid seven eggs but later found that the eggs were eight. The mystery was solved when Kirie the old and wise farm tortoise burst out in a loud guffaw! “I remember” he said amidst much laughter, “I know who to thank for this mystery. It was Farmer Bill! I saw him sneaking into the barn one eve holding a strange looking egg. Now I know where it went!”
The very next day, Darius flew off with other swans and came only to visit the farm regaling them with tales of the swans’ flights.
Not long after he and Kamela settled down together and had a nest full of strange looking birds you could imagine. But we now know what they are. Don’t we?
SO they lived happily for years to come!
MY TAKE:
There is a reason why you are ODD! It does not mean you are bad but it does mean you are different!
Somewhere out there is someone who knows who you really are. If you will stay in there and hold on, you just might meet them sooner than you imagine.
Some folks can’t stand the fact that you are different. Don’t hate them, enjoy your DIFFERENCE.
It’s not what we are now that matters but what we will become! Our true selves are hidden deep within growing forms. We are all still work in progress and
There is much beauty inside of you just waiting to surface!
You are DIFFERENT and you are BEAUTIFUL!
Just the thought of this fact should get you excited!
Say with me,” I AM DIFFERENT AND I AM BEAUTIFUL!” Your difference makes you beautiful.
That’s the exact reason why it should be easy for you to stand out. It is God’s own strategy for your success – your uniqueness!
So, what are you doing? Get up and transform your difference into influence! Maximize your DIFFERENCE!

Do all you can to become the best of YOURSELF!

Don’t copy others because a cheap imitation is the best you will be!

I care.

Name(required)

Email(required)

Website

Comment(required)

Submit

Δ