3 mindset shifts to become debt free fast
Get into debt.
Pay half off it off.
Get back into debt, more than previously.
Feel even worse.
Try to make more money… still carry debt.
Come to a breaking point: decide this the time to be done with debt.
Sound familiar?
Oh good that was me too and I completely broke that pattern once and for all.
On August 17th, 2021 at 10:36am I became debt free for the first time in 17 years and as of today I have maintained 1 year of being debt free.
It came down to:
the way I was viewing money and
my money strategy
In this blog post I’m going to dive into how you can become debt free by changing the way you view money.
This part is going to be way more important than the money strategy.
This was my “light bulb” moment.
The moment where I realized.. wow I can pay off my debt right now AND when I do become wealthy I don’t have to have the flashy Gucci bag or Mercedes.
I can become my version of wealthy, not society’s.
Okay so let’s dive into what thoughts helped lead me to my light bulb moment that helped me to pay off $25,000 of debt in a little over a year.
Don’t build income. Build wealth.
Most people think debt pay off is only about 1 thing: make more money.
I constantly thought that making more money was the solution to my problems. It’s like when you think that winning the lottery will solve all your problems.
If that was true there would be no lottery winners that commit suicide or lose all their money.
I stopped putting the focus on a solution in the future.
I realized there was no time like right now to start building wealth.
There’s a psychological term for this: we think future us is going to be a super hero but they’re not!
Solving procrastination states:
“People sometimes procrastinate because they view their future self as being disconnected from their present-self, a phenomenon known as temporal self-discontinuity or temporal disjunction.
For example, someone might delay when it comes to eating healthy, even if their doctor told them that it’s important, because the harmful impact of their present diet will only start being a serious issue in a couple of years, which they view as someone else’s problem (i.e. as the problem of their future self).
This disconnect between the present and future selves can cause people to procrastinate in a variety of ways. For example, it can cause them to think that their present-self shouldn’t have to worry about the future, since their future self will be the one who has to handle any tasks that they postpone or deal with any consequences for failing to complete those tasks on time.”
Future you isn’t going to save you but your money habits will.
Your money habits will become your saving grace.
2.Scarcity = clarity
Priorities become very clear when you start to decide that you want to pay off debt.
Here’s what I really want you to know: anyway you want to spend your money is up to you.
You don’t have to buy the house, or the car, or have the manicured nails.
We can learn what our priorities are by just looking at your money.
Your money can tell a story. Your spending is telling you what’s important to you.
What is your spending telling you is important?
If you looked at your spending last month: what would your spending is reflecting as a priority for you?
You might be saying paying off debt is important but you’re spending a lot of your money on business building coaching.
Spending your money there is totally fine, but that’s your priority, not paying off debt.
Let go of the shame!
Or your money might be telling you that saving up a home is your priority instead of spending money in your business and that’s a fucking okay!
But you have to get clear on really where you want your money to go.
3. Open up your money funnels
I had a client once that had debt building and income decreasing. She didn’t know how she was going to pay for the next bill and her credit cards were now maxed out.
She kept looking to the thought of making more money…
IF she could just sign 1 more client or have 1 big launch, then she would be able to pay for everything and pay off debt.
Until 1 day we sat down and brainstormed: I said to her what could we do right now to change your money situation? Not in the future after the client or the launch.. RIGHT. NOW.
She said.. I’ve been toying with the idea of selling our house. I don’t really like the location or even the house itself.
And so my client went to her husband, did some research and found out that if they sold the home and rented a place or bought a home in another state.
They could pay off all their debt, make a profit, and live fairly comfortably in another state.
That’s what they did.
A lot of us look to only 1 way to fix our money problems but when we open up to all the ways money can come to us, we become creative with the ways we can create money.
There’s probably thousands of options for you to create money right now but you might only be focused on 1, like a job or a business. But I bet there are thousands of other options and ways for you to create money.
Once I started to take these thoughts in from here I was able to start taking the action that allowed me to pay off debt.
I was able to be okay with not spending money in certain places because I became really clear on what was important to me and what wasn’t.
Before I paid off $25K of credit card debt I had to first stop the debt from building…
The best way to do that?
SAVE MONEY FIRST!
I’ve put together this jam packed bundle on how you can create your first 6 months of savings even if:
you’ve never saved before
you have $0 to save (I’ll show you how to find $1!)
or you have fluctuating income and don’t know how much money you’re going to make next month
