The Shocking Truth About Transforming Debt Into Wealth

Are you tired of living month to month, paycheck to paycheck? Do all of your financed purchases pale in light of the debt you obtained to acquire them?
How would you like to learn how to go about transforming debt into wealth? It can be done, with discipline, a change in habits, and a solid plan.
First, discipline. You need to decide for sure that this is what you want to do. You don't want to be a slave to debt any more.
You want to tell your money what to do for you, rather than having your debt tell you where to put your money. Remind yourself of these things, and it will be much easier to maintain your self discipline in eliminating debt and becoming truly wealthy.
Second, habits. This is a biggie. This is where your friends and family and society in general will think you are completely off your rocker.
You have to stop spending money you don't have. This means no credit card purchases (cut those suckers up!), no financing automobiles, and no personal loans.
You'll find on your journey of transforming debt into wealth that the truly wealthy don't use these things.
You can do this, and if you do this for some time, not purchasing anything that isn't a strict need or specifically allotted for on your budget, in a few short years, you will have the CASH to buy what you want and need, and you will wonder why you ever thought you had to have credit in the first place.
Third, a plan. Your plan is key. Going straight to cash is step number one. (Did you cut up those cards yet?)
Step two is working out a budget. The budget is a comprehensive listing of every single category in which you spend money, spelled out at the beginning of a pay period, before you spend a dime.
You need to tell your money where to go, not the other way around. Pay your bills, and put money in savings to save up for annual expenses like car tags and homeowner's association dues.
Put all spending money in envelopes, labeled for their purpose. (e.g., groceries and personal care products, gasoline, gifts, eating out, medical, etc.)
And now you're on your way to transforming debt into wealth. Get rid of the debt, and you'll have your wealth!

By Brittany Shawnee