Are you in debt? Are you looking to practice strategies that can help you in becoming debt free? If yes, enjoy this blog with me with a cup of coffee in your hand. Be relaxed and think wisely on each point to become debt free at the age of 38 only.
In 2009, only 20 percent young adults were unemployed. Today, unemployment rate has reached up to 50 percent for young adults from 18 to 24. Even they are completing their degree and higher studies with education loan amount and later they face a problem.
Today, young generation getting married later, having kids later and not even able to buy their own home because of debt amount they carry along with them. It has put your child maturity low and debt is getting higher. Now the question is how to enjoy debt relief at the age of 38 or even earlier.
One of best decision that I ever made with my wife is to stay debt free. We together worked very hard to achieve this title at the age of 38 only. We even decided not to carry mortgage loans. If we will ever buy our own home then we will pay 100 percent cash for it.
However, being debt free at the age of 38 may sound crazy for few people. But it is not true at all. Even if you are earning limited amount, you can save huge in next five years if you are free from debts and any other mortgage loan.
You just have to follow some strict rules as I have done to achieve the financial freedom at such young age.
Don’t buy on credit cards – All of your essentials are purchased in regular income only. When you buy on credit, it means you don’t have need of that particular accessory just now. People usually buy expensive phones, branded clothes with credit cards that can be sacrificed for certain period.
Don’t go into college if you don’t need it – Most of the people are on different profile instead what they have learned in college time. For more than 40 percent people, degree no longer equals a job. They must be earning the same even if they don’t have earned degree in college time.
Don’t spend on a new car – Buying a new car means throwing hundred of dollars out of the window. Almost every car loses its value up to 70 percent after four years. so best idea is to buy same car after four years to save big amount in your pocket.
Save 10 percent for emergency – Keep ten percent of your income in bank or try to find out other suitable places where you can put your money. This money would help you in your bad time or you have freedom to travel to live more pleasurable life.
These strong practical advice will surely help you to get debt relief and pressure free life. I will surely recommend you to take quick action and enjoy being debt free at the young age of 38 only.