I know what you’re thinking.
Pay off your debt before you even have it? How is that possible?
Normal people put purchases on credit, get loans for cars, etc. Then they have to pay off that debt. Not only do they have to pay off the initial amount but all of the interest acrued as well.
However, you can avoid this. All you have to do is this:
Reverse the process.
Instead of paying for debt after you have it, just pretend that you are making payments for it before you even get it. It’s called saving and this is what will set you apart from your peers.
There was a recent study that surveyed more than 10,000 millionaires. What was found is that millionaires are intentional. Chris Hogan, the originator of the survey and author of books Retire Inspired and Everyday Millionaires, says this in his blog post:
Ninety-four percent (94%) of millionaires say they live on less than they make, compared to 55% of the general population. And, 95% of them say they plan ahead and save in advance for big expenses, compared to 67% of the general population.
Living on less than they made and paying off debt is how these people became net-worth millionaires. And that’s how you’re going to as well!
Saving is the key!
What do you think about the subject? I want to hear from you in the comments!
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