From the course: Build Sustainable Wealth and Get Out of Debt
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Save more money and build equity
From the course: Build Sustainable Wealth and Get Out of Debt
Save more money and build equity
- Going through the process of getting out of debt demonstrates discipline. For most people, it's not a sprint, it's a marathon. And when you have achieved your goal, you'll have the habits of discipline working in your favor to allow you to build equity, so that you have the liquidity to make wise investments. As Zig Ziglar said, "When you are tough on yourself, "life is going to be infinitely easier on you." You see, as you free up more and more of the 20% of your income going towards paying off debt, you will be able to save more of the money you make and build equity for investments. Since you've been accustomed to paying this money on a monthly basis anyway, you already have it in your budget to save up, and you should. Don't just freely spend the money that you use to pay towards your debts. Consider the building of liquidity as repaying a debt to yourself. Building liquidity will give you the opportunity to be…
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