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So you’re debt free. Now what? Here are 7 things Brittany and I did after becoming debt free that helped us to regain focus and change our lives even more.
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0:00 – Introduction
2:07 – Remember Why You Became Debt Free
4:11 – Enjoy the Moment
5:28 – Celebrations are Important
7:05 – Emergency Fund
9:42 – Make BIG Goals for Your Future
10:33 – Plan Out How to Reach Your Goals
11:43 – Risk Taking Can Change Your Life
It’s easy to lose sight of the bigger picture if you’ve been laser focused on paying off debt for any extended period of time. Kind of like the phrase, “you can’t see the forest for the trees.” Your entire life adapts to that single mission, and you lose sight of other things as they get pushed to the back of your mind. This happened to Brittany and I a little bit after becoming debt free and finishing our emergency fund (about 5 years ago). If you’re following Dave Ramsey, becoming debt free and fully funding your emergency fund are only baby steps 2 and 3. There are 4 more. And even though there’s still a plan to follow after that, the plan becomes a lot more subjective/qualitative and a lot less about numbers. It can be difficult trying to figure out the next steps. These are some things Brittany and I did.
1) Remember Why You Became Debt Free in the First Place.
Most likely it wasn’t just to become debt free. There was probably a deeper reason to it. Whether that be to become financially independent, have more freedom with your money, start the journey to home ownership, etc. It’s okay if this reason has changed over the process of becoming debt free. Brittany and I were much more financially mature coming out of becoming debt free than going into it. We had more knowledge and wisdom, and as such, our goals changed a little bit. They got much deeper and much more specific.
2) Enjoy the Moment.
Slow down, take a deep breath and take everything in. You won. Try not to let the moment rush by you 🙂
Do something to celebrate and mark this victory in your life. It should (hopefully) help you put a close to this chapter in your life and move onto the next one. Brittany and I drove to Tennessee to do our debt free scream in Dave Ramsey’s office as our celebration.
4) Fully Fund Your Emergency Fund (if you haven’t yet).
So Dave Ramsey recommends people have $1,000 as their starter emergency fund, then after becoming debt free, fund it up to 3-6 months of expenses. We personally felt $1,000 was too low for us, so the entire time we were paying off debt, we had anywhere from $2,500 to $5,000 in our emergency fund. Fully funding your emergency fund is extremely important though, because you could easily get put into a bad financial spot if something big and unfortunate comes up and you lack the cash reserves to pay for it. We think of an emergency fund as just a buffer between us and life.
5) Figure out your Goals for the Future.
People with goals succeed because they know where they’re going. Earl Nightingale once said this and we wholeheartedly agree. Goals are important and give your life a direction. Make yours big!
6) Develop a Plan to Reach Your Goals
This will have to be specific to you. The baby steps are a pretty good general guideline if you’re having trouble.
7) Take a Risk. Get Out of Your Comfort Zone a Little
Do something you’ve wanted to do for a while, but have maybe been putting off because you were becoming debt free. This is what really put Brittany and I on the track we’re on now.
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What To Do When Debt Free, SEVEN THINGS You MUST Do After Becoming Debt Free – How We Changed Our Lives After Paying Off Debt.
Pointers On How You Can Lower Your Charge Card Debt
More than likely they are charging their purchases. You will likewise need to learn the laws of what you can and can’t work out. Excuses are how we justify not permitting something to happen.
SEVEN THINGS You MUST Do After Becoming Debt Free – How We Changed Our Lives After Paying Off Debt, Get interesting videos related to What To Do When Debt Free.
Follow These 5 Actions To Become Debt Free
When you first comprise a spending plan, expect to need to tweak it. If you do not, you’re not alone, many people have no idea. Say you got a VISA card with a $7500 credit limit.
It’s a truth – good individuals have uncollectable bill. And lots of it – the average American home brings about $8,000 in charge card financial obligation alone. We hold a total of $1.9773 trillion (yes, that’s a trillion, a thousand billion!) of customer debt – $18,654 per home. And, 44% of us spend more than we make. Big screen Televisions, the current in clothing and dinners out – 4.2 meals weekly – aid add to this debt. If you belong to the debt crowd, you might already be questioning how to cure your debt issue. What can you do to minimize debt? I’ll reveal you 3 easy, yet effective, ways to start trying those high balances – today.
The second thing that a financial obligation settlement company will look at is just how much unSecured Debt you presently have. For the most part, you will qualify if you owe over $10,000 dollars in debt. Because Secured Debt can not be settled, they will not consider secured financial obligation. Since the financial institution of debt always has the option of reclaiming the item utilized as collateral and auctioning it off to gather that debt, this is. This, obviously, isn’t the case with unsecured debts.
Be polite but firm as you concur to a brand-new monthly payment that you can pay for. Let the representative understand that you are not going through an extremely simple time and this is all you can afford, there is no more money left where this came from.
So how do you as a specific live your live Debt Free? The easy service would be making more. However that isn’t as easy as it sounds. In fact if earning more would be so easy then the entire world would not be battling with debt. However you score if you are smart. Beginning a side company or something that will serve to be a source of extra earnings is really a fantastic concept. This will ensure additional earnings which will certainly assist in paying of your financial obligations.
When you close an old line of credit, it is comprehended that you could not manage it appropriately and your credit rating will take a hit. Second of all, you may have avoided repayment on a specific credit card account or you may have built up Revolving Debt on an account.
Oprah’s Debt Diet plan has actually taken America by storm. Given that originally aired and enhanced with each brand-new part of the series, millions of Americans are taking the actions necessary to begin their course to financial liberty. No matter how you choose you require to tackle it, it is vital that those who need aid start now!
There is a substantial misconception that credit is the only method to get the important things we need and want out of life. People are over spending and living beyond their ways. I’m not saying that you shouldn’t desire nice things, but you should not sell your soul to get them. $10,000 in credit card debt might quickly a 10-15 year responsibility if you permit it to be. I want you to see in your mind’s eyeborrowing $100.00 however paying back $1000.00 sounds crazy right? Well that’s why you require a debt free solution.
The payment plan must help you to settle the priority loans quickly. Management, relief and combination all provide some kind of service to your credit problems. Make your Revolving Debt payments ahead of schedule.
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