Originally posted 2010-02-25 16:18:42. Republished by Blog Post Promoter

There’s a very important change you need to make if you want to get out of debt, and it doesn’t have anything to do with your income. It has to do with your attitude. If you want to get out of debt, you’ve got to stop trying to increase your income!

At first this may sound counter-intuitive, but nothing could make more sense. When people get into debt, more often than not it’s because of bad money management habits than it is any lack of income.

In fact, when people who owe money increase their income, they usually increase their debt as well. They typically are offered larger credit lines and can afford down payments on nicer automobiles and homes. The same bad habits that got them into the red get more area to play in than ever before, once the income is increased!

So if you want to get out of debt, the first and best piece of advice is to quit concentrating on how to make more money. Concentrate on how to spend less–and spend smarter.

Here’s a free tip that won’t cost you much, but will buy you plenty of good attitude and self-esteem: start a savings account. You don’t have to save much. But just a little bit every paycheck, or every time you get some money.

The psychological effects of this far outweigh the little bit of money that you won’t be putting into paying off your debts. It’s going to get you in the mind state of being someone who HAS MONEY. You’ve been thinking of yourself as someone in debt.

But once you learn to think/feel like someone who HAS MONEY, you’ll pick up the habits of someone who has money–and these will begin to transform your financial state! You’ll stop thinking like someone who doesn’t have, and start thinking like someone who does have. And this will show itself in your actions–and your bank accounts.

It’s important to get into these habits. Once you get into these habits, you not only will get yourself out of debt. You’ll also open the door to double or even triple your income.

But until you’ve acquire the habits you need in order to get out of debt, an increase in income can actually hurt you. Because with that increase comes more opportunity to become further indebted. And that’s not what you want!

Basically, you have an income basket and you have debt basket. They are two separate baskets–not one basket that you have to even out. Yes, the two baskets to converge at some point. But you have to acknowledge them as two separate baskets, to maintain separately, before you can get them working together.

You don’t increase your income to pay off your debt. You increase your income to increase your income; you pay off your debt to pay off your debt. Each involves different strategies, and each is done for different purposes. Don’t mistake one for the other.

www.giftfromraymond.com has been teaching his true wealth secrets for over a quarter-century so you can double your income doing what you love.

Article Source: ArticleSpan

Filed under: Debt Collection Articles

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