Do Something About Your Money for Good by Mary Hunt on Creators.com

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Do Something About Your Money for Good

Making the decision to get serious about your money is commendable. Decisions are good. But they're not enough. Decisions need concrete actions to give them power. You can decide to do most anything. But without a plan of action to make it reality, your goal will fizzle.

Without a plan to get out of debt and manage your money effectively, next year at this time you'll be in the same place you are today — or worse.

So, what are you going to do about it? I have an idea. Get angry!

Decide once and for all that you will not sell your soul to the likes of MasterCard and Visa, not one more day, not one more purchase. Get righteously indignant at the very idea of transferring your future wealth to them. Repeat after me: "I've had it, and I'm not going to live on credit anymore!"

If you read this column regularly, you know I call this "debt-proofing." To debt-proof means to live without reliance on consumer credit. It is implemented in a variety of ways:

—A lifestyle. Debt-proof living is a way of life in which you spend less than you earn; you give and save consistently; your financial decisions are purposeful; you strive to live below your means and free of consumer debt; you work toward your goals by following a specific plan.

—A system of personal money management. Debt-proof living is a specific money management method that makes it possible to debt-proof your life. The five elements of debt-proof living are the 10-10-80 formula, a contingency fund, a spending plan, a Rapid Debt-Repayment Plan and a freedom account.

With these elements in place, you'll be in charge of your finances in a way you never dreamed possible.

—A newsletter. The Debt-Proof Living newsletter is a monthly source of encouragement, information and entertainment to help you fulfill your quest to debt-proof your life. The newsletter, which is by subscription and part of the big package of member benefits at http://www.DebtProofLiving.com, has been in continuous publication for longer than 18 years.

—A book. This DPL method is presented in its entirety in the book titled, not surprisingly, "Debt-Proof Living."

It takes courage to do whatever it takes to reach a better financial place. And it's hard work. But so is living from paycheck to paycheck. In fact, living in a perpetual state of being broke is harder than taking control of your money.

Debt-proof living is not defined by austerity, poverty, guilt or fear. It is not about extremes, bizarre behavior, misery, hoarding or finding a way to recycle dryer lint. Debt-proof living is a lifestyle in which you spend less than you earn; you give, save and invest confidently; and you have control of your finances.

Debt-proof living is your invitation to a rich and abundant life.

Isn't it about time you got angry enough to do something about your money for good?

Mary Hunt is the founder of www.DebtProofLiving.com and author of 18 books, including her best-selling classic "Debt-Proof Living." You can e-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. To find out more about Mary Hunt and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.

Comments

2 Comments | Post Comment

I have a question about the "debt-proofing" principle of not using credit cards. If you always pay off the monthly bill in full, is the card still a drawback? Thanks.

Comment: #1
Posted by: Claude
Sun Jul 18, 2010 5:52 AM

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Re: Claude
A credit card is a payment method - sometimes convenient (in Europe we get some payment protection/insurance against the supplier not completing the transaction satisfactorily). If you are spending within your budget, and the card does not have outrageous fees, or you get a good cashback/rewards option, then go ahead and use the credit card - AND PAY IT OFF IN FULL EVERY MONTH.
But it can be a temptation. Some people can control their actions and others may be better off avoiding the chance that they may start carrying a balance (again). It is a personal decision.

Comment: #2
Posted by: Miss Pasko
Tue Jul 27, 2010 3:32 AM

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