Building wealth part 3 of 5

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Debt eradication!

I speak to a lot of people and they tell me they are saving for a deposit on a home (which is great) or looking at getting a new vehicle but want to pay cash so as to not have to pay interest.

Here is the cold hard slap in the face!

If you have debt – you can’t save.

You see saving for a deposit on a home while making interest payments on a credit card or lease is counter-intuitive.

Should you be going out to a restaurant when you have debt?

No!

Are you allowed to have fun?
No, not while you have debt!

Once you are at zero debt – then the saving and spending can start. And this doesn’t mean shopping sprees and retail therapy either!

Your new mantra needs to be: “If it ain’t free it ain’t for me “

BL

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