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I have been in debt for 8 years and I decided to start my road in becoming Debt free before this world blows over. Does anyone have any good resources to where I should begin getting out of debt and becoming more of a wealthy thinker?. I'm a Native American that grew up in a family with no Financial Management Knowledge but sees what's really going on in this world. Thank you and this is my first Forum post so if this is the wrong place to post then I'm sorry.
Perhaps beyond the usual advise that you can google, perhaps you will get some decent basic advise pertaining to your specific situation if you share a couple details. Good luck.
I have been in debt for 8 years and I decided to start my road in becoming Debt free before this world blows over. Does anyone have any good resources to where I should begin getting out of debt and becoming more of a wealthy thinker?. I'm a Native American that grew up in a family with no Financial Management Knowledge but sees what's really going on in this world. Thank you and this is my first Forum post so if this is the wrong place to post then I'm sorry.
I find mint to be a good starting point for people who have no experience with budgeting or personal finance in general. It can be limited in some advanced aspects(investment tracking has never worked there for me) but when you start out, simple is better, and automated is best.
Step 1 is always track your current spending and Mint makes that very easy if you used credit/debit cards for everything(cash can be done, but requires a little more manual effort)
Step 2 is try to set a budget for next month after you know what a normal month looks like and not go over
Step 3 look for places where you can cut your spending/increase your income.
Once you know how much your monthly surplus is, you can get into decisions on where to invest/save/pay off debt, but until you know your starting point, it's hard to do that.
Nothing worse than wiping out a month's worth of interest in a savings account because you moved money and got hit with an overdraft fee.
I have been in debt for 8 years and I decided to start my road in becoming Debt free before this world blows over. Does anyone have any good resources to where I should begin getting out of debt and becoming more of a wealthy thinker?. I'm a Native American that grew up in a family with no Financial Management Knowledge but sees what's really going on in this world. Thank you and this is my first Forum post so if this is the wrong place to post then I'm sorry.
Can't answer anything until there's more information presented about you such as:
- What's your Gross annual income?
- Do you have any kids?
- What's your monthly/annual expenses?
- Do you currently save/invest and if so, what's your level of risk tolerance?
Well if your main focus is to get out of debt right now...focus on that and that alone. Dave Ramsey's simple system works for helping people get out of debt.
One thing you can do is get a second job and use that money to pay down your old debt.
Then adjust your current spending so that you do not have any unpaid bills at the end of the month.
Once the debt is paid work a couple of extra months at the second job to build up an emergency fund.
Use one of the free programs such as mint to track all your expenditures.
I have been in debt for 8 years and I decided to start my road in becoming Debt free before this world blows over. Does anyone have any good resources to where I should begin getting out of debt and becoming more of a wealthy thinker?. I'm a Native American that grew up in a family with no Financial Management Knowledge but sees what's really going on in this world. Thank you and this is my first Forum post so if this is the wrong place to post then I'm sorry.
Mr. Money Mustache is the place to go. Start here:
Debt is a mental problem. You need to adjust your thinking before doing anything else.
I agree with this. Financial issues more generally are emotional and mental issues. For example, if you grew up in a family where being broke or in debt is the norm, you will tend to repeat that pattern, even if you have a decent income.
I would also say that while getting out of debt is a great goal, it can also be problematic. A lot of times, whe people meet their goal of getting out of debt, they don't know what to do next.....and so they fall back into debt. If you want true financial security, you must also have savings and investments. The Mr. Money Mustache website explains all of this in simple terms.
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