Most Americans today, regardless of how much they make, spend for the here and now! They don’t utilize the delayed gratification method of spending. I call it the needs vs. wants mentality. We convince ourselves that we have to have everything we see advertised or in the stores, but in fact those are wants and not needs.

I show my clients and students how to learn to live a life free of debt, which in turn reduces their stress. According to a study by SunTrust Bank in 2015, finances are the leading cause of stress in a relationship. It might shock you to know that in less than 7 years, people that strictly adhered to this plan were able to pay off all their debts, including home, cars, and student loans.

Some debt is good and I acknowledge that. It is good to have at least one credit card so that lenders can see some history that you have good payment habits. Having no credit is as bad as having “bad” credit. We call it ghost credit because lenders are afraid to take a chance on you because they cannot see your payment history. Once you become debt free, I suggest that you never charge more on your card than you can afford to pay off at the end of the month.

Click below to get a copy of the Debt Elimination Cheat Sheet and get ready for a life of financial freedom!