What Is Your Debt Situation Like?
Debt, seemingly insurmountable, can be overcome. But it will require work or compromise. At the very least, you may have to use a personal asset to substitute the debt, or switch one debt for another. You may find someone to buy your debt, and then owe them. This could be a Godsend or a curse—ever seen The Godfather?
In this film, a crime boss grants favors for the local community in return for kind of assistance in a time of crisis. Unfortunately, when it comes to crime, such assistance isn’t the kind most are able to ethically give; this is the least desirable way to absolve debt.
But in any event, your first step toward positive finance will be absolving debt. If you’re making $2k a month and have a $10k debt over your head, learn how to live on $1k a month and get the debt paid off by year’s end.
Asset Liquidation
When it comes to selling assets, your home is probably most useful. Vehicles can work as well, but this can be a greater loss; depending on your situation. If you have assets, use them to absolve debt, like a deed of trust, you’ll start with a clean slate less the asset. This could be a good solution.
For those who’ve decided to sell deed of trust, there are deed buyers who offer the much needed exit strategy. You just need to know where to look for one.
Crowdfunding
Another solution which many fail to consider involves crowdfunding. Especially for those in a difficult situation, or who have an excellent and productive idea that’s just waiting for freedom from debt, crowdfunding can be ideal. Basically, you post an online profile saying what you need assistance for and what you’ll provide in return.
The best way to maximize crowdfunding solutions is through sites like Plumfund, which offer services that are 100% free of charge. If you don’t have to pay to play, you won’t have to take out additional investment while still trying to pay off your debt.
A final consideration that could be the best possible solution isn’t going to be popular. Still, it’s worth mentioning. One of the most effective financial planning steps is to get yourself involved in a successful marriage. You’ll have tax breaks, you can split finances, and more importantly you get the support of two familial units.
Marriage?
Did you know that a human being’s worth in economic terms is estimated—or has been estimated, at any rate—between $1 and $2 million dollars? It’s easy enough to see why. If you make $20k a year at a fast food joint from the age of 18, you’ve made $100,000 by 23. By 68, you’ve brought in $1,000,000. If you’re married, you can double that.
If you’re married and have kids, each child has the same economic potentiality. When you marry into a big family, you’re marrying into true wealth—provided it’s the right family, of course. There’s additionally greater security, and both of you can help absorb debt difficulties pertaining to the other.
In a nutshell, to get your finances in order you want to absolve your debts, remain gainfully employed, and minimize unnecessary expenses. Debt resolution can come from crowdfunding websites, asset sale, or relationship establishment.
Combining your personal wealth with another’s via marriage can be one of the most financially freeing steps. But there are hazards and benefits for all of these solutions, so be cautious with whatever you choose.
See my disclaimer.
