To overcome debt is to be rescued from a deep ocean. A sense of relief, a offload of burden, and an inner peace is what we feel when we have no one that bothers us over a debt.
You might have been in debt before or you’re currently in debt. You are struggling, whining, praying, and desiring that your debts will go away. That another debtor will not knock by 5 a.m. tomorrow morning at your door. You strongly desire you had no one you owed.
But the next day comes with three debtors at your doorstep.
One, your landlord; two, the lady you purchased food from two weeks ago; and three, the member of your church that you have avoided for three weeks now. You even stayed away from church so you would not meet him.
We’ve all been there!
This post will bring you all the way from defining debt, how debt occur, the negatives and positive of debt, ways on how to overcome debt, to a word for the haves not.
Let’s dive right in.
What Is Debt?
Debt is owing to someone without being able to repay or remit. Debt is bad, backward, and harmful.
How Does Debt Occur?
Human needs are unlimited and insatiable. We want to meet as much of our needs as possible. To meet these needs, marketers trick us by taking advantage of our emotions. And we see ourselves wanting more, eating more, drinking more, wearing more, seeing more, or living beyond our current financial status.
Everyone has this desire to get more; This desire is emotional. But the ability to control it is key to a debt-free life, and where we cannot control it, debt occurs.
The Negatives Of Debt
1. Debt degrades your societal status.
It plays down on your own person. People who used to respect and value you demean you because they know that you are indebted to people.
2. Debt reduces your value.
Those people in debt lose their value before the people they are indebted to.
3. Debt gives rise to fear and torment.
4. Debt stamps doubts about your capabilities.
It makes you doubt whether you could make it or survive the storm.
5. Debt reduces your pace and speed.
People in debt cannot run their vision smoothly and efficiently.
The Positive Of Debt
There are exceptions to every rule.
Not all debts are bad debts. Some debts could trigger financial freedom. Note that any debt for liabilities was a bad debt, and any debt for the acquisition of assets was a good debt.
But what is liability, and what is asset?
Liability is anything that degrades in value once it is purchased.
Asset is anything that appreciates in value at or after purchase.
Therefore, next time you want to invest or purchase anything, ask yourself, what I want to invest in or purchase, is it an asset or a liability?
How To Overcome Debt
If you’ve noticed, debt is addictive and detective. Once you’re in its web, it encloses you, causing you to lose your capacity to be decisive. I will show you six practical steps to a debt-free life.
Overcome Debt #1: Plan Your Life
A life without a plan is a life with the plan to fail. Planning puts concrete decisions on paper about what you will do every day or monthly. If you do that, it minimizes impulsive expenditure and reduces stress.
Overcome Debt #2: Walk Within A Budget/Stick To The Budget
Just as with planning, budgeting is the allocation of resources to objectives or plans. Fix what you need to do with the resources at your disposal.
The temptation to overshoot your budget is always there with man, but wisdom requires you to stick to your budget if you have to live a debt-free life.
Overcome Debt #3: Cut Down On Frivolities
Social life, parties, ladies, and other frivolities not only demand your time but also demand your cash. By keeping incessant and unnecessary relationships and lifestyles, you remain under financial pressure.
Overcome Debt #4: Discipline Your Appetite And Emotion
Studies have shown that most things people buy, they don’t need them. So the question is, why did they buy something they didn’t need? They purchased it out of emotion. The marketer played on their emotions and won them over. That’s exactly how it works.
To prevent this, discipline and control your emotions. This will give you the time to think if you really required that thing.
Overcome Debt #5: Avoid The Temptation To Show Off
In Africa, particularly Nigeria, they like to show off wealth, money, or influence. Everyone wants someone else to know or see that they can send their kids to a costly school or purchase a very costly automobile, at the cost of their budget or resources.
Overcome Debt #6: Develop An Investor Mentality
Rich people don’t spend their money arbitrarily; they account for every penny they spend, and every penny they spend was worth it.
Average people keep earning and spending all the cash that comes into their hands without thinking about how to multiply it.
I know you think I wrote this post for those who have the money to spend and you can’t see yourself connecting because you have not.
A Word To The Haves Not
If you’re in debt, could it mean that you don’t have the cash to pay off your debtor? Not necessarily that. You may have the money to clear your debt, but because you became a slave or a debt bond, you use the money that you could have used to offset the debt for something else. Debt is a yoke, man. You can owe someone as little as a dollar. Debt is debt, whatever the amount. If you think you are in debt because you have nothing, you think it upside down. Here’s how to think about it. You’re in debt, that’s why you don’t have the cash. If you stopped to owe, you will have money and ultimately overcome debt.
To summarise, remember that debt is destructive and retrogressive. Everybody’s been there at a point, so it’s not strange to you. To overcome debt, plan, budget, and stick to it, cut back on frivolity, discipline your emotions, avoid showing off and develop an investor mentality.
If you follow these rules and alter the way you perceive things even if you’re broke, you will get out of any debt you have incurred.
Hope this post was helpful?
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