How to get out of debt the easy way

By Mark White

This book shows you how to get out of debt by following simple steps. It will not happen overnight but it you are discipline and consistent, you will get out of debt and start building wealth. 

• Language: English
• Publisher: Mark White
• Release date: Apr 5, 2022
• ISBN: 9798201132996

Book preview

Mark White

Table of Contents

Introduction/4

Chapter One

Debt-Free Living Is Possible/8

Chapter Two

Let the Journey Begin/14

Chapter Three

Debt Refinancing/21

Chapter Four

Create and Follow a Monthly Budget/27

Chapter Five

Find Ways to Lower your Expenses/32

Chapter Six

Take Care of Your Credit/38

Chapter Seven

Side Hustles and Passive Investments/59

Chapter 8

50 More Side Hustles with Low Start-up Cost/71

Chapter 9

Government Assistance /

Conclusion/

References/

Introduction

Being in debt seems to be normal these days. In fact, debt appears to be an unavoidable part of adulthood. Yet, most of our grandparents did not have the same level of debt that we do. In fact, some of them may have never owed anything other than their home. Nowadays, we have become so accustomed to debt that we no longer pay attention to how much debt they incur every year.   Among the many reasons debt is increasing at such a rapid rate is that the educational system does not think it’s important to teach personal finance subjects, such as debt management, how to create a monthly budget, investment, and the importance of savings. According to the National Financial Educators Council, only 19% of high-school graduates use algebra in their jobs upon graduation. At the same time, 100% of students have no choice but to use personal finance throughout the rest of their lives. There are college graduates who have no idea how to properly balance a checkbook.

Many adults have no idea how to read their credit reports, properly use credit cards, or balance debt to ratio. Children also do not learn these skills at home because their parents, too, are uneducated in the area of finance. It is sad to say that many people do not know how money works. Every year, the debt hole is increasing in America. The national debt has risen to more than $25 trillion. The federal debt consistently increased every year. In fact, the federal debt rose by 297% from 2000 to 2019. [1] The pandemic further exacerbated the situation. Many businesses had to close their doors, and several individuals lost their jobs. The last time the national debt reached 118.4 was after World War II.[2] Coincidentally, as I write this, there is a war going on between Russia and Ukraine. Some experts have already predicted that imposed sanctions on Russia would negatively impact the global economy. Things are not going to get better financially anytime soon. We are living in times of inflation. Therefore, it is imperative that you prioritize getting out of debt in the easiest way possible.

In this book, I will show you how you can get out of debt gradually but easily. It will not happen overnight, but it will happen. I am not a financial advisor and do not assume any responsibility for rendering advice with respect to investments. It is the reader’s sole responsibility to do their due diligence by doing their own research before attempting to apply any principle outlined in this book. The result varies depending on the individual and how they decide to apply the information acquired in this book.

Chapter 1

Debt-Free Living Is Possible

A healthy and debt-free living person is the RICHEST and the HAPPIEST.

—Sushmitha Maddula

Do you feel as if you're drowning in debt? Is the burden too great for you to bear, and you believe there is nothing you can do? No matter how long you've been struggling with money or how difficult your situation is, you can break free! Of course, it would require some work on your part, but that’s okay. The reason why you decided to invest in this book is that you want to change your financial situation without it being a burden. However, you must be mindful of the fact that we live in a society that seems to encourage debt. Let me open a brief parenthesis to say that not all debt is bad. In fact, some debt could actually set you up to never get into debt.