9 Tips for Starting Your Debt-Free Life

Martin SherMy goal is to get 5 million people out of debt for good and for free.  I hate debt, and I feel a tremendous amount of empathy for those that are in debt. I am going to give you a very unique perspective on how to do this. But first, you must get in the right mind-set to rid yourself of debt once and for all.

Here are the first nine steps you must take to becoming mentally prepared to be debt free.

1.       Take responsibility.  If your name is on the debt, it’s your debt; and you must take responsibility for it.  It doesn’t matter if your wife, husband, child or mother was allowed to use your credit for a purchase or service.  It‘s your responsibility and no one is going to pay it off for you.

2.       Free yourself of all negative emotion.  There’s absolutely nothing wrong with you.  Lose your feelings of angst, guilt, disappointment, victimization and helplessness.  This is simply a situation you’re in and are going to get out of over time. I will help you.

3.       Start a journal.  Writing things down helps you think, commit, plan, build confidence and keep score of progress.  Five minutes a day with your journal is an important part of your journey to be debt free.

4.       Find a jar.  You’re going to scratch, claw, beg, sacrifice a little, or do whatever it takes to come up with a hundred dollars to start the “Get out of Debt for good Time Bomb” that will eventually blow up your debt.

5.       Identify all of your stakeholders.  It’ll take the support of your family, friends, and yes, even creditors and collection agencies to be successful.  We need to get everyone working for you rather than against you.

6.        Lose your mind.  Take your old brain completely out and put in a new one.  You have to start from scratch. By simply changing how you think, you’ll be able to shed a considerable amount of debt.

7.       Commit.  Dedicate yourself. Along with dedication, remain enthusiastic about what you’re trying to accomplish. It’s a commitment that will be worth it in the end.  I promise.

8.       Never, ever give up!  I’ll be honest, you might fail a time or two until you get it right, but you aren’t a failure. Getting out of debt is difficult, and I’ll teach you how to overcome any setbacks you might have on the way.

9.       Absolutely do not pay Dave Ramsey (or other people like Dave Ramsey) any money for their products or courses.  Pay to get out of debt? That’s an oxymoron if I’ve ever heard one. You don’t want to give them the money you’re going to need to get out of debt. Dave Ramsey and others make millions by selling these products, whether they actually helped someone get out of debt or not. And my guess is only a small percentage of them do.

These first nine steps are crucial to setting yourself up for success. This is only the beginning. We have a long way to go. But over the next few years my goal is to help you get out of debt, improve your credit score, save money, and give you the information you need to help you successfully blow up the debt dragon with the “Get Out of Debt for Good Time Bomb.”

I also strongly encourage you to share any other tips you might have on becoming mentally prepared to get out of debt. 

Now to get you in a positive mindset and begin getting out of debt, please enjoy “Here Comes the Sun” by The Beatles.

Martin Sher is CEO of AmSher Collection Agency and a recent past president of ACA International, the Association of Credit and Collection Professionals.  Martin is the author of the 54 word Collector Pledge, committing credit and collection professionals around the world to the ethical and respectful treatment of all consumers.   Martin’s personal mission is to get 5 million people out of debt-for good, and for FREE.

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