Survive and Thrive Tip#1: Slay the Dragon
Posted by: AC Johnson ⋅ Sep 25, 2016
Here it is...Eliminate Debt ASAP. Wherever you can start, before the going gets too tough, overpay that high-interest credit card or car loan payment and kill it! Never pay just the minimum. If you do that, someday you may find you're so old you have great grandchildren and still haven't paid them off. Cut up the other credit cards and never use them again. Pay them off one at a time.
This can take a tremendous amount of discipline and sacrifice. This could mean foregoing some treats that you're used to, such as buying that favorite latte' each morning, shopping for extra shoes, paying for your friend's lunch or indulging in an expensive hobby for the time being. And yes, maybe not seeing your golf buddies every weekend, sorry.
After you slay a credit card or car debt, go after another debt like paying off that comfortable couch that you're sitting on right now. Oh, it's paid for? Sorry. How about overpaying your student loan debt. Oh, your parents paid for it. Sorry again. How about overpaying on an old loan? You get the gist. Whatever you can do, free your monthly expenses so you'll have extra money to save for a rainy day.
You are going to face each day and see debt as a dragon you'll want to slay. This monster is dangerous and wants to devour you. Say it loud with me "I am a dragon slayer! I am a dragon slayer!" Oh, you love dragons? Sorry.