You have to understand why you’re deciding to spend money on something today, which you’ll need to work for years to pay off in the future. You have to understand those decisions, especially when the item you’re purchasing is beyond your means and becomes a depreciating
When we allow debt to run our lives, it doesn’t matter how much income we can generate. It doesn’t matter because the debt can merely cancel out the income.
Without understanding why we do the things we do, we can never truly tackle our debt. If we do tackle it temporarily, it will only be racked back up again at a later date because the true emotions and feelings weren’t dealt with in
By dealing with the psychological aspects of debt, you can help to eliminate it once and for all.
Make the decision to understand your emotions, and retrace your thoughts, and you will feel remarkably better. You’ll realize that it’s not as bad as it seems because knowledge is power. Once you have the knowledge, you have the power to fix your situation.
This is an important part of understanding your psyche, because when you can understand the inner wrangling and shed light on it, you can work to fix the problem.
Remember, fear and anxiety are the body’s warning signals. It’s trying to warn you that something is wrong, so you have to go digging. Don’t just sit there and allow yourself to feel uneasy. Try to understand what’s truly bothering you. Try to unearth those thoughts and trace them back to their origins. This can be difficult, but it’s not impossible. Pay very close acute attention to your emotions and your thoughts.
A clear understanding of why you make the decisions that you make when it comes to money and spending, is critical for achieving success.
So, if you’re serious about succeeding financially, the first thing you need to do is create a lay of the land so to speak. You have to outline your present debt and income situation. How much debt do you really have? What are your total monthly expenses? How much are your interest rates for each of your revolving lines of credit? You have to take a close and detailed look at these. You can’t choose to ignore them any further if you’re serious about succeeding with the millionaire method. If you’re serious about achieving your financial goals, you have to first take an honest look at your present financial situation, and go from there.
Your debt and your exact monthly expenses are not things that you can guestimate. If you don’t have the exact numbers, overestimate, but you have to start somewhere. You have to start by outlining your present situation, no matter how bad it may be. You have to look at your financial picture from a very honest perspective, and spell it out for yourself. Lay it all out in front of you. How bad is it? If it’s really that bad, then you really do need to do this. You need to shock yourself into realizing just how bad you’ve allowed things to get, because if you don’t do this then you’ll continue along on the same path, and things will only get worse.
The Millionaire Method - How to get out of Debt and Earn Financial Freedom by Understanding the Psychology of the Millionaire Mind (Inspirational Books Series) by R.L. Adams
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“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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