The #1 rule is stop borrowing money, no credit cards and no going to the corner loan shark for a paycheck loan!
The #2 rule is to have a diet of beans and rice and rice and beans. This means no fast food and no dining out!
Today it seems that nothing is simple. We wake up, go to work, come home and repeat the process the next day waiting for the weekend to come. I have learned that one must sit back and be patient. In this world we all want so many things. To get these things we go and get credit and now we can get that car we want, get the house we want, get the toys we want and try to keep up with the Jones family. Whoops, now what do we do? We are up to our eyeballs in debt. We have many credit cards, we have a second mortgage on the house, and now we can't do anything because there is no money. The 1st step is to define the difference between our wants and our needs. The second step is to say so long credit cards. Your best friend will be a pair of scissors and cut up all of the credit cards and start using cash. Sorry, all of those benefits from all of those credit cards are a trap to get you to spend. Remember we want to get out of debt. The 2nd step is to save up a thousand dollars for emergencies. This way if a tire blows out on the car, the water heater fails, a window get broken ot some other unexpected item happens you can pay cash for it. Remember the credit cards are gone. We are not going to use credit. Please feel free to share your comments. They are most welcome. We do not have all of the answers but we are here to encourage you in your journey to get out of debt and become wealthy. It only happens when you decide to change your financial habits.
Disclaimer: I am going to be sharing from personal experiences and from what I have read over the years. I have made a lot of mistakes in my financial life and want to share with you so you can see the financial rewards at the end of the rainbow of life. I am not a certified coach.