Comments on: How To Stay Out of Debt

By: Craig

Craig — Thu, 07 Jan 2010 17:12:47 +0000

Have control and make sure you limit what you spend and really do pay off in full each month or else you will get into trouble.
.-= Craig´s last blog ..Weekly Personal Finance Twitter Chat: Unemployment =-.

By: Ms. Freeman

Ms. Freeman — Thu, 07 Jan 2010 13:21:35 +0000

I agree, I am learning late in life that you never can really pay your way out of debt in installments. You really need to blast it with large lump sums.
.-= Ms. Freeman´s last blog ..Ode to Akismet =-.

By: uberVU - social comments

uberVU - social comments — Wed, 06 Jan 2010 22:37:37 +0000

Social comments and analytics for this post…

This post was mentioned on Twitter by RJWeiss: and here is the actual link (: http://genywealth.com/stay-debt…

By: George

George — Wed, 06 Jan 2010 22:02:42 +0000

That’s a great point. I see so many parallels between our health and our finances. Firstly, dieting doesn’t work. But nearly everyone (or at least every woman) does it. Dieting alone is something that seems to work in the short term, but always fails in the long term. I think it feeds people’s desire to punish themselves, rather than being a bona fide strategy to health success.

Another link is self control. People are in debt because they did not control their finances. When our bodies are not the way we want them to be, the reason is the same: lack of self control. We eat and drink what we want, and not what serves us the most.

So, what’s the solution? I think a new approach is needed. Instead of focusing on depriving ourselves (by dieting or saving), I think it is better focus on rewarding ourselves for increasing our resources. Instead of saving $4 on a latte, invest $14 on a book. Then read the book while drinking the latte. Find ways to generate money. Instead of skipping the ice cream, find a method of exercise that we enjoy. Then, have the ice cream.

This sort of strategy actually works. It has worked for me and it makes sense.
.-= George´s last blog ..How to Prepare for the Wealth Singularity =-.

By: Joel

Joel — Wed, 06 Jan 2010 16:54:46 +0000

A few years ago, my wife was several thousand dollars in debt. She resolved to get her act together, and she simply put her credit cards away. She paid down her balances, started cooking at home, and only spent what was available via her debit card.

Voila: She’s now debt-free, with an absurdly high credit rating. It wasn’t fun, but it can be done. (Hey, that rhymes!)
.-= Joel´s last blog ..New Year’s Resolutions: 10 Steps to Get Your Financial Life in Order =-.