Manage-debt

Manage debt

Seven Steps to Becomeotiating Master!

Make it Build You

1. In a financial crisis get professional help.

Manage debt! By consulting an expert (an accountant, lawyer, etc) you can recognize your problem clearly, understand the solution, recognize the shorter and long-term consequences of that solution, review and manage risk κ°œμΈνšŒμƒ exposure and prepare a plan of action for navigating and/or resistance to the solution.

2. Effectively manage your debt.

Debt is a personal thing. Different people understand or have a different understanding, or picture on what debt is and how it accumulates and goes away. We need to find out what debt is. What principles can we learn from others to live a less stressful life.

3. Get your affairs in order.

Seek out good advice and move to the next level.

4. Pay attention to the details of what you are spending.

Are you really need the deluxe cable package or the rest of the channels? Is the mobile phone plan the best deal or do you really need another miles plan that could save you hundreds of dollars each year. How often does using your credit cards more than half the time? How about your spending on gas.

Get your mind out of the detail and focus on the big picture. Manage debt

5. Review exactly what your financial situation is.

How did you do? Did you manage your money, spend within your means or go over the limit?

A simple, but non-ificant after effect, but one that you will wish you had done differently is that you are now spending, say, $200 less than you earned this year.

6. Review your risk exposure.

For example, how many times have you woke up the first day after buying a BMW and find that your co-workers are also buying a BMW? By just looking at the car and starting to think that it will make you feel good and proud, you might do what you should have done in the first place, yet the car will be in the garage and you will lose that feeling of self-worth, an intangible thing.

Review how many times you are exposed to the risk of losing your job, or of being sick, or of some other unplanned, unexpected event such as a fire or flood, put all your and your insurance deductible in one place. Put all your receipts and bills in that same place. Manage debt

Include all your investment and bank accounts in the same place. After you have finished this exercise, you will know exactly what you personally have going on in the rest of your life.

7. Review your life goals.

Think about those goals you set at different times in your life. Think about what you want to achieve next. Think about those goals you feel you should have accomplished before. Review those goals and tasks again. Can you get them done? Manage debt

Also, look specifically at the material items you purchased in the past. Those items may hold promise for something bigger and better. The same could be said about the services you now provide, as these too hold promise for a future that could include new positions, a promotion, or an increase in salary.

Are you spending money for the wrong reasons? If you happen to be saving money, are you contesting enough interest degrees, or are you taking on too much risk? Sometimes the difference between putting a foot forward and a foot back can be very substantial.

Review your entire financial life.

Time is precious and it is often spent in the most seemingly mundane ways. By doing this you can regain a balance and a sense of financial freedom.