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  • Kiplinger

    How to Get Off the Hamster Wheel of Debt

    by Brian Skrobonja, Investment Adviser Representative, Founder & President, Skrobonja Financial Group LLC Jan 08, 2020 6 minutes

    We often hear the mantra that debt is bad. Yet that doesn't stop the majority of people from assuming they will always have bank payments. For many, using credit to purchase vehicles, take vacations or fund home improvement projects is a normal mindset for making their lifestyle work. They believe borrowing money to fill income gaps is the answer to supporting their lifestyle.

    In reality, it enters them into a money hamster wheel, which means they work to earn a paycheck and then spend the money they earn to pay bills and make payments to the bank.

    This is flawed logic and creates a trap or cycle of continuously relying on banks to fulfill your cash flow needs.

    Reset Your Thinking and Reclaim Your Financial Situation

    Let's take a step back and look at the big picture when it comes to money. That big picture is actually relatively simple: Money is either flowing toward you or away from you. If money is flowing toward you, you have control.

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