7 Steps To Personal Debt Free Living by Mark Walters

Personal debt is now at the highest level that it has been in history. Financial problems are the leading cause of divorce, depression and any other number of crushing personal problems. Imagine the weight that could be lifted off your shoulders should you be able to realize the dream of debt free living.


I'm deep in the middle of the mid-life years and until recently I've experienced living in almost constant debt. The pressure on my physical and mental health, relationships and emotions was immense and I can never go back and re-live those years. To help you avoid enduring the same pain that I did I am laying out the 7 steps (I won't say they are easy) to debt free living.

1. Realize you need to change. Keeping the same bad habits is going to keep producing the same problems repeating themselves.
2. Where Are You? Spend some time noting down your existing debts, all your current assets (house, car, etc), and how much money you have coming and going out every month.
3. How would you like your life to be? Be introspective and ask yourself some serious questions. Example questions being - What are my principles and values? What do I really want to get out of life? Whatever you answers are, keep focused on them and make every decision from here on around those goals.
4. What options do you have? Decisions present themselves everyday which affect both additional income and how your money is spent.
5. Choose your options. Evaluate the answers from step 4 and make the difficult decisions. Finding part-time work? Internet business? Turning off cable TV? Reduce your cell phone plan? These represent just a few examples of things you need to consider.
6. Create a plan. Now that you've chosen your options put a plan down on paper. This is the guide that you use to make day to day decisions that are necessary to meet your long term goals.
7. Stay focused. Measure your progress and find ways to reward yourself for small successes along the way. Make adjustments if you find any faults in your plan. You'll soon have financial freedom that that makes your old worries seem a lifetime away.

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