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10 REASONS MANY WILL NEVER BE DEBT-FREE
With BlackFriday and CyberMonday deals becoming a distant memory, are you feeling overwhelmed with disappointment after seeing the balance in your savings account? If so, it's time to stop looking at the rearview mirror just because it's clearer than the windshield but instead, buckling down and following a fiscally responsible plan for 2014 to get back on track quick. You've probably accumulated more debt than expected this holiday season with the sole purpose to catch the best deals before they vanished, maybe borrowed from Paul and received an IOU from Peter. With 2014 around the corner, we wanted to take this opportunity to list ten reasons why a person may never become debt free:
1. Views obtaining new debt as an exciting event versus a negative one (i.e. excited about the purchase of a car and not the fact of less monies that could be saved).
2. Transfers existing credit card balances to a new credit card with a lower APR to turn around and reuse the old credit card after the transfer has taken place.
3. Leveraging debt to meet monthly obligations versus living without certain expenditures for a while.
4. Obtaining retail store cards with a favorite retailer to save money immediately on a purchase(s) before searching for sales elsewhere for the items (requires discipline when window shopping at a favorite retailer, if lack of discipline is prominent, you'll likely buy).
5. So focused on the 3- and 5-year financial goals that you lose sight on proactively managing the current month-to-month plans that will lead to the 3- and 5-year financial goals achievement.
6. Convincing yourself the only real way out of debt is more money year, after year, after year (you've missed out on setting up the foundation in year one to be more successful with debt repayments in year two and having much less debts outstanding beginning year three).
7. Entrusting repayment of your last dollars from a family member or friend that rarely repays (at the very least, you'll need funds from transportation and food...you can't live without either so the credit card becomes the lifesaver and extra monthly expense all at the same time).
8. Consuming new debts based today's earnings while excluding the possibility of negative financial implications to future earnings. This coupled with the lack of preparedness for emergencies is dangerous.
9. Not knowing exactly how much you spend and how much of that spending is excessive (you'll need to know exactly how goods and services are being paid for, grab bank and credit card statements to get a realistic view on monthly expenditures so you can allocate more to debts).
10. Lack of motivation to X-Scape to Financial Freedom. Put everything into perspective, why are you attempting to become debt-free? Family, personal goal, new dream home, more savings, extra investment monies...no matter what you choose, use it as fuel the fire to get debt-free.
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XNE Financial Advising, LLC is a financial service company that focuses on core financial management of individuals and small businesses. An independent, fee-base firm located in the state of Virginia that provides services to individuals and businesses on financial and business management matters with concentration of clients inside the tri-state area of the District of Columbia, (DC, MD, and VA) with a growing concentration in other states.
Mr. Epps has a bachelor's degree in Information Systems Management and graduated Cum Laude of his class. Mr. Epps spent nearly eight years with a middle market investment banking firm and within his recent capacity at the firm, Mr. Epps served as a Registered Representative (Broker) where he was responsible for preparing, collecting, maintaining, and disseminating financial analysis for the banking sector. Mr. Epps is a current holder of FINRA Securities Licenses 7 and 63, an IRS Registered Tax Return Preparer (December 2011), Certified Microsoft Office User Specialist, Intuit QuickBooks Certified User (Pro/Premier Versions) and he's company is an Authorized IRS e-file Provider.
Sincerely,
Xavier Epps
XNE Financial Advising, LLC
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