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Debt and Leverage

The definition of leveraging is “to do a lot with very little effort.” Leveraging can be your best friend or your worst enemy; it can work with you or against you. If we were gathering firewood on a camping trip, and you had a chain saw and I had a hack saw, who would get more firewood? You would! Why? Because you had a tool that leveraged your time to get the job done. But, if you didn’t have the knowledge to operate the chain saw properly, you could get injured – debt and leveraging work exactly the same way.

Leverage is a powerful tool if understood and used properly with an exit strategy in place. In regards to debt, I believe that there is bad debt and very bad debt. It reminds me of Proverbs 22:7 which says “the rich rule over the poor and the borrower is servant to the lender.” The main reason why we are moving towards what many believe to be a global recession is because our world has been built on debt, credit, and greed.

So, it is best to get out of debt and stay out. If you are currently in debt, immediately prepare a strict budget and stick to it. Once you have a good budget and you are sticking to it, slowly eliminate the smallest debt first, then immediately take the money that you were putting towards your smaller debt and begin to compound it onto the next smallest debt payment and so on and so forth. Only spend money on what you can afford to pay cash for. Otherwise, you will soon find that you will become a slave to whoever lent you the money.

To learn more about eliminating your debt and starting towards a path of financial freedom, click here to watch the full story http://solidfinancialsolutions.ca/debt-deception

You can also speak directly to one of our coaches by calling 1-877-741-8910.

 

Brad Fisher

by Brad Fisher on January 5, 2015 in Blog

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