To help out those of you who are having issues with how to live a debt free life, and for those who have missed my other helpful hints on Top 10 Bad Financial Lists and the Top 5 Reasons You Are in Debt, please read those as well.
10 Steps to a Debt Free Life
These steps are easy to follow, and are not necessarily in any order other than the first step.
- Spend less money than you actually earn and continue to do that until you no longer are able to breath, or are declared legally dead.
This may seem blatantly obvious, but ask yourself, if it is, why are so many folks in debt?
- If you find yourself spending more than you make, stop it, and go back to step (1).
Sounds far fetched? See step (1)
- Your spouse or live-in friend may spend more than you both make, divorce and/or make them leave and then please return to step (1). If you think you can control their spending or compensate for their shortcomings, please seek professional help and then return to step (1).
- If you make much more than you spend, put that money away for a time when you might need some extra money, but return to step (1). Before you return to step (1), you are allowed to do the happy dance, and possibly have a celebratory beverage (at home), but then return to step (1).
- When someone asks you to loan them more money than you make or can afford, tell that person that if they do not exit your sphere of existence you will run them over with a large vehicle or possibly impale them with a cocktail sword, reward yourself by repeating step (1)
- If you do not earn any money and do not live in your parents basement sponging off their good graces, consider this as an interim step so that you can get back to step (1). Note that if you earn nothing but spend nothing, you are not getting into debt, you may also be homeless, so being in debt may not matter as much.
- Living with existing debt, but not decreasing it is not actually living debt free, so figure out how to pay off the debt using step (1) as a model, and then return to step (1) with a payback model in place as well.
- Unless your last name is Debt or Debtor, do not utter the word debt in a positive way ever. If someone even suggests debt is a good thing or mentions Good Debt reply with, “Where I come those are fighting words!” and walk away grumbling about it (and return to step (1)).
- Once you have nothing to pay off any more, do not decide to go spend money life a drunked sailor on a 72 hour pass, save the money, ensuring you are living up to step (1)
- If you really read all of these steps assuming there was more than step (1), you need to read this site more, because you would have figured out after reading the first step that was the message, and then make sure you return to step (1).
My hope is that these inspirational and helpful quick tips can help you live a debt free life, and thus enjoy life that much more (not that money buys happiness, but debt certainly does buy misery).