From the course: Build Sustainable Wealth and Get Out of Debt

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Excel by eliminating debt and building equity

Excel by eliminating debt and building equity

From the course: Build Sustainable Wealth and Get Out of Debt

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Excel by eliminating debt and building equity

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- Step number three is twofold. It's eliminating debt and building equity or liquidity. As you know, this process is easier said than done. It has to be approached sensibly, systematically, and it has to be sustainable. A sustainable workable plan. You see, many people think that if they're going to get out of debt, they have to deprive themselves of spending any money not absolutely necessary to spend on anything other than getting out of debt. While it's true that there does have to be a certain amount of discipline and focus on getting rid of debt, you also need to have balance. Think of it this way. You've probably known someone who has gone on some sort of a fad diet. These people get completely focused on a certain group of foods, drinks, nutritional supplements, or whatever else that this diet recommends. They lose weight but oftentimes after a few months, these people gain the weight right back. Sometimes…

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