They say there are three types of people in this world; those who like suspense, those who don’t…and I’ll tell you the rest later. But do you know the difference between those with debt and those without?
The debt-free people walk among you. They look like you, they talk like you, but they don’t act like you. The behaviors of the debt-free are minimal but staggering in the results.
So, the question is, do you look like those who have financial freedom, or a person in debt?
You can choose to change those little habits to mimic the people who have no debt. Look at these differences.
1. Debtors spend more than they earn. More money, more problems. For the debtor, that is. It doesn’t matter if you make $50K or $5 Million; it’s a problem that anyone can get into. Spending less than you make sounds simple, because it is. However, it’s not easy to do if you have the spending habit.
2. Debtors use money to change their emotions. A huge part of the debt comes from spending your hard-earned cash on things that you don’t need or aren’t planned.
3. Debtors don’t pay cash. Debtors love plastic so much that when they go to the supermarket and they’re asked if they prefer plastic or paper, they ask for double the plastic. Paying cash has a huge emotional factor. It’s so much harder to pay $100 in cash than it is to swipe a piece of plastic for $100 you never see. It’s even harder to spend $100 you don’t have, so avoid this pitfall by paying cash.
4. Debtors don’t save. Saving money doesn’t happen by accident. It happens because you make an effort each month to put something away and not touch it.
5. Debtors love Lady Luck. Debtors hope for the best while the debt-free plan for the worst. In other words, the debtors fail to plan and, therefore, plan to fail. When tragedy or emergency strikes, the debt-free have a plan and cash set aside to handle it.
6. Debtors think in the short term. Getting out of debt requires a plan. Staying out of debt also requires a plan. So if you’re allergic to plans, this might crimp your plans (pun completely intended) to get a handle on your debt issues.
7. Debtors lack self-control. This is not knowing the difference between “wants” and “needs”. The debtor either doesn’t know what those words mean or doesn’t care. So, you should either buy a dictionary or make a plan for your spending and impulse purchases.
8. Debtors hope their bills go away. If you’re setting aside the bills and not opening them, you might be guilty of this habit. Debtors set aside their bills and wait until the last minute to open them and face it. Debt-free don’t have any hang-ups about bills because they aren’t going to be surprised by what’s inside.
Debt can really detract from your life. You might be afflicted with some of these habits and, therefore, you might be holding yourself back from a financial freedom that you can achieve. Take the time today to see if your habits match the debtors or the debt-free. They might seem like a little action, but they have an enormous payoff in the end.
Do you have questions about debt or financial success you want answers to? I’m holding a FREE Talk on 30th November 2015. It’s likely my last talk for the year as I’m fully booked out in December. Block your calendar and book your seats soon, it’s been SOLD OUT TWICE!
Here’s the link for booking your seats https://pennywisetalknov30.eventbrite.com/ and feel free to share with your friend who might be interested in financial success!
