Michael Newman’s latest ‘e-Wealth Daily’ article is titled “How to Get What Most People Want”. [‘e-Wealth Daily’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

How to Get What Most People Want

Peace of mind. Freedom. Ownership.

Those are all things many people covet, but few can truly claim to have. The reason: our reliance on credit.

As you’re likely aware, credit gives most people too much freedom, too quickly. Next thing you know, it’s holding you tightly with an iron-death grip.

There is, however, a great alternative to credit — your old friend, cash. You see, using cash to pay for things and avoiding credit helps to ensure you climb out of debt and give yourself the opportunity to experience the reality of living a life of true financial freedom.

If you’re in credit card debt right now, do yourself a favor and tell yourself you’re going to get out of it. Then, talk to a credit counselor and come up with a plan. Finally, take that card and put it somewhere out of sight. Heck, if you feel you have to, rip it up so you never use it again! Sounds crazy? Don’t worry, it can be done!

Too many people find themselves in credit card debt because of impulse buys. The see something that they want and they charge it. Every time this happens, they likely say to themselves, “It’s okay; I get paid in two days and I’ll just cover it then.” The problem is that we never cover it, we just keep adding to what we have to cover. The truth is, they don’t make blankets that big!

You see, we start doing things backwards. Instead of saving up for the items we bought, we’d pay for them on credit, then pretend like we’d pay for them later. That’s why so many of us are in debt.

The best way to make the transition out of debt and towards a rewarding cash-only existence is to start saving up for the things you need. To do that, you need to prioritize your expenses. There are a few given monthly expenses that you have to make: housing, utilities, credit card debt. Remember, to climb out of debt as quickly as possible, you’ll want to pay off your highest interest debt first — this is likely your credit card debt.

Next, figure out what you need to save every month to cover expenses, as well as come up with a saving strategy for future purchases. Everything else, spend as you see fit!

An interesting saving strategy is to open up a number of small, no-fee accounts that don’t have a minimum balance. Then, each time you receive a paycheck, distribute what you can afford into each account. For example, have one for vacations, one for clothing, one for furniture, one for gadgets and anything else you can think of that you foresee yourself spending on. This makes cash readily available when it’s time to make the purchases you’ve saved for. Essentially, it’s like credit in reverse!

When you elect to use cash to make purchases, rather than credit, you can make better decisions with your money. After all, if you’ve spent time saving — and will instantly see the results of your actions by handing over cash — you won’t be so quick on the trigger when it comes to making purchases.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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