SMS 124 – Debt Freedom

How to Get Out of Debt:

  1. Debt Avalanche – prioritize based on interest rate
  2. Debt Snowball – prioritize smallest to largest

Why you should live a debt free life:

  1. Reduced risk – your biggest financial risk is loss of income to cover your expenses
  2. Freedom of choice – paying for your past actions in the future
  3. Reduced stress – life has many moving pieces debt can be a very volatile piece
  4. Changed how you view money

Using debt as a financial management tool will force the decisions you make today to be controlled by your actions of the yesterday. Living a debt free life means you can focus on the present and the future and leave the past behind.

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