In my last post, I mentioned that before you can truly tackle the growth needed to create your 5 Day Weekend, it’s important that you get your financial house in order.
As I noted, this process has four steps:
- Crush Your Debt
- Classify and Manage Your Expenses for Optimal Production
- Cash Flow Recovery
- Capture and Create Wealth
Debt. That great financial enemy we’d all love to defeat, that crushing burden we’re all trying to relieve. Most of us hate it, yet nearly everyone uses it. People get in it, and are trying toget out of it.
People struggle to get out of debt for two primary reasons.
First, they don’t have a wise and coherent strategy for paying it down. There are many competing strategies and they’re not sure which one is most effective. Second, they don’t address the underlying psychological reasons why they get into debt in the first place. And without addressing these reasons they can never develop the discipline to get out and stay out of debt.
Sometimes the only way to get out of a hole is to stop digging. Financial pain may be inevitable for the ignorant. Financial suffering is optional if you choose to raise your financial IQ.
Avoid debt that doesn’t pay you. Make it a 5 Day Weekend rule that you never use debt that won’t make you money.
On the technical side, we’ll give you a four-step strategy for paying down your debt which you’ll find in coming blogs As for the discipline, you’ll have to develop that on your own as you become self-aware of why you’regetting into debt.
As you face and crush your debt burden once and for all, you can then turn your focus to increasing your production and cash flow and pursue the 5 Day Weekend Lifestyle.
I look at that in my next post – about the fastest and safest way to pay off your loans.
I’d love to hear from you about where you are in terms of crushing your debt. Are you disciplined into becoming self-aware about your debt habits? Thank you for sharing.
Secure your copy of the “5 Day Weekend” book. 5 Day Weekend: Freedom to Make Your Life and Work Rich with Purpose [Nik Halik & Garrett Gunderson]