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  • [Financial Education] How To Get Out of Debt

    [Financial Education] How To Get Out of Debt

    There are many people who collide into debt but cannot get out, even have no intention of escaping, so many times the money is in hand, it is not long before they have to pay the debt. So how to get out of debt here? Let's join Phuc Tai to financial education lesson about debt escape today. Prepare a beautiful soul to start. Let's go!

    Should not fall into debt
    The most important thing is to think, not to allow yourself to borrow. But some people, just rely on the saying: rich people also borrow, businesses also borrow, then openly only thinking about borrowing, even debt is damaged. Because borrowing also depends on the purpose, borrowing to create property, or borrowing for consumption. Then how the borrower, how capacity will depend on the circumstances. That most people do not notice or intentionally do not notice that: How many businesses have borrowed, but do not know how to manage capital, so they become bankrupt or default. Many people borrow money for business, in the end, their capacity is weak and cannot repay the debt, many people borrow too much and fall into debt and cannot be raised.

    And Phuc Finance asserts to you that what helps you to be successful is your capacity, ability to use money, business capacity, investment capacity. But without these powers, the more you borrow, the more you break it. The easiest way to measure it is, see what the maximum amount of money you make from your capacity, 20, 50, 100 million? If you have ever made that money, then the chance is that, you can borrow money to make it effective. But I have never made 100 million, and with a loan of 200 million, it is great. Insufficient capacity is fatal. Success is always knowing who I am, playing in which playground is suitable.

    So it is best not to fall into debt. If it is already on, you must get out. With three steps Phuc Finance suggests to you as follows:

    Step 1. Financial management to avoid a new debt fall
    Whether it's consumer debt or business debt, and you can't get out of debt, just new debt jumps in with old debt upsetting your life. Then also at the root you do not know how to manage finances. Because of falling into real consumption, consumer debt is getting bigger and bigger. Because of the fall into real consumption, new business failed, new business debt is increasingly piling up.

    You need to manage your spending. Keep a record of all your daily expenses, from personal to business expenses. Record all without missing any items. To control spending habits, to check back on which items to spend on production, which ones should be cut. Gradually your spending habits will be clean, no more spending money on products that are less used, or things you buy that don't use anymore.

    So, the first step is to prevent debt first, to avoid falling into new debt. If you want to do that, you must control each expenditure, avoid wasteful spending, avoid spending things that are spending, and not create money. And you can use the Phuc Finance financial management board designed to assist you here.

    Step 2: Do not compromise with debt, have to put effort to get out of debt
    There are people who have been in debt for so long, so they become too used to debt. Feeling of debt is also normal, not impatient. Just have difficulty, do not know what to solve, instead of trying to make more money, I borrowed money from this side, so I got money back easily. That is why many people are used to debt. Then Phuc Finance warns you to get out of debt. Reset your ego. More importantly, that lousy habit will get you swept up no matter how much you earn. Debt habit is like a black hole that sucks all your money into nothingness.

    Change from the habit of debt, to the habit of accumulating money. That way, your finances will become bright. Just stay in debt, the time comes when you will have nothing on hand. Being a creditor is always stronger than being a debtor. But a person with a strong temperament can build a career, the mind can clear. Be conscious of getting rid of debt if you are falling into it.

    Step 3: Make more money
    It is never possible to get out of debt if you keep who you are. You have to become a person higher than that person to get out of debt. And the only way is to put in the effort to make more money. Do more work, work more efficiently, ... And rest assured, through this stage your people will be much stronger. However, do not be too impatient, but do wrong or hurry. Whatever you want to change, it takes time. Gradually each day will get a little better.
    If this is your first time in debt, don't worry. It is normal for people with high will and want to make big mistake. I myself also had a few tens of millions of millionaires 21, 22 years old with a business system collapsed. Each person falls into debt from different circumstances. Some people fall into spending because of their business failures. All not bad, the important thing here is that after being indebted, what will you do to say who you are.
    Think of debt as an experience you need to go through. It will give you many valuable lessons. Thanks to the debt at the beginning of my youth, I myself am a hurry who has control of that hasty instinct, to always carefully calculate in future investment deals. Thanks to that debt, I do financial research, start-up research is very solid to produce Coach packages like 101 things to know about money. Debt is when you look back at yourself to see where the deficiencies are. So be strict with your best friend, but don't be too tortuous. As long as you have a better sense of consciousness each day, all today's difficulties will become valuable lessons. Love all.

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