Plan Your Life so Debt is a Thing of the Past
Let’s be clear, some debt is acceptable, other debt is a burden. For example, owing on a house is not a big deal. Owing on a credit card because you can’t control your spending… that’s another thing.
Today’s blog and accompanying video give you the simple steps on how you can avoid debt; forever. With the exception of that mortgage, but using the skills I can teach you, that debt can get wiped out in a matter of years as well.
When this video was made, we were kicking off the shopping season. But the principles are timeless, and debt can be a thing of the past.
How to Avoid Getting into Debt with Multiple Income Streams
When I look at my income, I usually look at what I make just from my copywriting business. And then I think “man, I really should buckle down and earn more with this business!” But I really just have my copywriting business paying me a small salary, and then it’s divided into other categories for me.
But then I look at all of the other income streams that I have as well. And I realize there are quite a few ways that I’m making money.
First, the copywriting business pays my salary. It also pays into a small account that’s designated just for loan payments (currently, besides mortgages, that’s just a loan on some solar panels). That business also pays into a “bonus” account that’s used for opportunities, vacations, and whatever else we might want to “splurge” on at the moment.
But then I have two rental properties. Those pay for themselves, and anything above what they cost to run goes into another account.
And I have a small LLC called Montana Natural Products. Through that LLC I sell driftwood, barnwood art, pinecones, crafts, and more.
So really, having all these income streams, with each one designated to a different goal, I don’t have to worry about any debt.
By the way, I’m “hanging on” to that solar panel loan because it’s a mere 3% interest, and I can make more elsewhere. So there’s no rush to pay it off.
How you can have Multiple Income Streams
The problem with how most people get into, and then tackle, their debt is they are relying on one income stream. Two if they have a two income household.
But if you really want to be debt free and live a life of freedom, you have to branch out and create more income streams.
Those streams can be from investments (in dividend paying stocks or in real estate).
They can be from side businesses.
Or they can be from your main business that relies on multiple clients and pays out in more than just your salary.
I’ve been there. I’ve struggled with having only one income stream. Now I have over 6. And I can show you how you can get there too.
Sign Up for No to Grow and Learn how to have a Free Life
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