Lesson 4: In our ongoing Wealth Wisdom video series, we’ll teach you financial fundamentals. In this fourth lesson, Patrick Munro, a veteran registered financial consultant, will explain how to become debt free:
Here is the method to becoming debt free described in the video:
- Being debt free is a dream of many Americans. It’s an achievable dream with a step-by-step plan.
- Don’t take on too much initial debt, and the goal is much easier to reach.
- Make sure you have constantly growing income streams.
- If you’re working on a salary, it’s very important to keep a budget at all times.
- To make a budget, the equation is simple: Savings = Income – Expenses.
- Do not add any excess debt to your life. This will only make it harder to become debt free.
- As you advance in your career or seniority at work, you can apply the extra money directly to your debt.
Learn More: This is a good introduction to how to eliminate debt. If you’d like more on this topic, visit our How To Become Debt Free section.
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