Getting out of debt quickly
I got to thinking about getting out of debt quickly today and a memory of running the relay as a kid came flashing back into my mind. Funny how stuff like that happens.
Anyway, I remember being told very specifically by my coach to "pace yourself" and not blast out of the "gate" too quickly or you'll burn out and won't have any energy left to finish the race. It was good advice. It worked every time.
Everyone wants to get out of debt quickly, no doubt about it. In fact, I'd venture to say that most people would like to get debt free just as quickly as they'd like to get rich, which is why a lot of people play the lottery. Both are loosing propositions though.
Like my lessons learned in running relay, careful planning and goal setting is paramount to winning. In the relay race, I had to be very careful to stay in my lane, keep a good, steady pace, know when to kick it into high gear (during the last turn) and how to properly pass the baton so as not drop it during the hand-off to the next runner.
All of this is part of the strategy of the race. Without it, you are guaranteed to loose. Getting out of debt is no different.
If debt reduction really is your goal, then the winning this goal is going to require some goals, good planning and a good pace. Sure, there'll be some sprints. Yes, you're going to give it your all. But the last thing you want to do is just bust out of the gate without knowing where your going or how you are going to get there.
That is a recipe for disaster. Trust me, I know this from experience.
Do a little bit of homework, be patient, plan. Getting out of debt is not like winning the lottery. Sure, there are some stories of some who did it in record time. Some. Not all. Certainly not the majority.
Here's an article I wrote recently that might be a good place to start if you are getting serious about being free from debt: Debt Elimination
Anyway, I remember being told very specifically by my coach to "pace yourself" and not blast out of the "gate" too quickly or you'll burn out and won't have any energy left to finish the race. It was good advice. It worked every time.
Everyone wants to get out of debt quickly, no doubt about it. In fact, I'd venture to say that most people would like to get debt free just as quickly as they'd like to get rich, which is why a lot of people play the lottery. Both are loosing propositions though.
Like my lessons learned in running relay, careful planning and goal setting is paramount to winning. In the relay race, I had to be very careful to stay in my lane, keep a good, steady pace, know when to kick it into high gear (during the last turn) and how to properly pass the baton so as not drop it during the hand-off to the next runner.
All of this is part of the strategy of the race. Without it, you are guaranteed to loose. Getting out of debt is no different.
If debt reduction really is your goal, then the winning this goal is going to require some goals, good planning and a good pace. Sure, there'll be some sprints. Yes, you're going to give it your all. But the last thing you want to do is just bust out of the gate without knowing where your going or how you are going to get there.
That is a recipe for disaster. Trust me, I know this from experience.
Do a little bit of homework, be patient, plan. Getting out of debt is not like winning the lottery. Sure, there are some stories of some who did it in record time. Some. Not all. Certainly not the majority.
Here's an article I wrote recently that might be a good place to start if you are getting serious about being free from debt: Debt Elimination
Labels: Credit-Card-Debt, How-To, Tips
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