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So many Americans are practically buckling under the weight of their financial burdens and it sucks. From the high cost of living in the country to huge healthcare bills, taxes and the often crippling cost of college, it can be pretty hard for a lot of people to ever see a future where they will be financially secure – they think they’ll always be poor!
The good news is that there are things that anyone can do to build wealth over the years, so that you don’t end up being broke from now until the day you leave this mortal coil – you just have to be willing to actually do them.
So, if you’re sick of being broke and you want to do something about it, here’s what you need to do:
Free Yourself from Debt
First and foremost, if you’re currently drowning in debt, or even just mildly troubled by it, you need to do whatever you can to free yourself from its shackles. Why? Because debt leads to interest which leads to compound interest and that zaps your wealth and serves to keep you broke for way longer than necessary. Knuckle down, start paying more than the minimum each month and clear those debts asap if you don’t want to be broke forever! I created a spreadsheet for you to track your debts and how long it will take to pay them off! You can read more about the debt snowball vs debt avalanche here. In the meantime, grab your free spreadsheet!
Get Some Help with Big Debts
If you’re dealing with big debts like student loans, you might have been sticking your head in the sand hoping they will go away, but that’s about the worst thing you can possibly do. It’s far better to confront the situation head-on and see what can be done, not least because there are people who can help – from debt counselors to lower payment programs and even student loan forgiveness, which you can read more about online. There is help out there. Do your research and see if you qualify for any of these benefits.
Take Back Control
If you feel powerless to change your financial situation, you never will. So, take back the power. Whether you start by actually calculating how much you owe, visiting credit repair companies to repair your credit or best of all creating a brand new budget that you can stick to and which will help you to sort out your finances and maybe even save a little, the more empowered you feel the easier it will be. It just takes one step to get started, so what’s stopping you?
Think About the Future
Instead of frittering all of your money away on expensive shoes, cocktails and good times now, for those of you who have the disposable income to do so, start thinking about the future. Many people who earn enough to be well off are not because they spend like there’s no tomorrow to make them happy today, forgetting that when tomorrow comes and there are no savings to fall back on, they will be in a far worse position than if they just reined it in a little now!
Build an Emergency Fund
Related to the above, make it a priority to build an emergency fund so that next time you need some quick cash you don’t have to resort to unsafe measures like borrowing on a credit card to get you through today’s financial crisis when it will only make things worse in the long-term.
Take it one step at a time, do what you can now and don’t worry too much about what you can’t and slowly but surely start to feel richer, happier and more secure, even if your salary stays the same.
I’ve done all the things! Girl, I’ve washed my face. I’ve trashed everything that doesn’t spark joy. I’ve walked the baby steps. I’ve cried. I’ve prayed, but my perfectionism has really held me back.
Perfection Hangover can be crippling. Stop comparing yourself to others and start living your best life! That’s why PH exists! I want to encourage you to take control of your money, your blog, and your business.