Part 3: How To Get Out Of Debt

continued from herehow to get out of debt When my mentor and financial coach said “borrowing got you into trouble, but borrowing is what will bring you out”, i realized i would need to borrow, to increase my income. I am not saying you will need to, your situation may require a different approach but you will need leverage. But  i needed to find out where i was with respect to my personal balance sheet. If you do not know where you are, how can you get to where you desire to?

First, you need to look at the profile of your personal income sheet. How much do you earn monthly? If you have a business, you should at least have an approximate figure. Next, how much do you spend monthly? This i dare say is the albatross for so many people. They do not know how much they spend! If you have no idea how much is going out, how then can you influence where you will land tomorrow? Sadly, with respect to their dire financial positions, people say “God is in control”, and expect miracles to happen; friends, that is the most irresponsible prayer to pray. You must know, note and record your inflow and outflow and you need to do it NOW! If you do not write these two important factors (income and expense) down and get a grip on them, you will find yourself consistently in the well.

The next thing to do is take pro-active action steps. You want to first ensure that you plug the leaks, or in most cases, block the drain. And what are the leakages? Your expenses! Interestingly for me, i didn’t even have a lot of personal expenses, they were mostly business expenses, and wisdom required that i plugged those. Manage your expenses by budgeting out what is unnecessary. This doesn’t mean you should behave broke, or become a pauper, you may want to still maintain a certain lifestyle, but you should cut out unnecessary expenses. This practice is important to the rest of your life, so if you are interested in a change, you need to get a grip and do this. If i were you, i would listen to me.

Next is your income, you NEED to increase your active income. And the easiest way to increase your income is to SELL! Common, friends, you have no choice. No option. There is an urgent need for sales people in every field you can think about. The stereo-type of “i don’t know how to sell” or “i am not cut out for selling or business” is a fallacy of monumental proportions. If you have ever liked a guy, trust me, you sold yourself well to ensure the relationship happened; if you have ever liked a woman, you had to sell yourself; if you are a christian, you have a gospel to convince people about; if you ever had an opinion and argued your points out, you were selling your idea. We need to understand that selling is a means of providing value for people. And if you do provide value, which solve people’s problems, you will be paid for it.

Lets look at this in another light: you have people saying, i am not cut out for selling or business, but they work for 25-40 years, retire and then end up trying to set up a small business, to as they say “keep body and soul together”. Why then didn’t you learn how to sell at the beginning? 25 years experience as an employee does not qualify you for entrepreneurship. Get a grip people, and start increasing your income. If you need help with opportunities on what to sell, and how to sell, send me a mail on


This series will hopefully be concluded tomorrow. Thanks, please drop your comments, and share with friends and enemies.


One response to “Part 3: How To Get Out Of Debt

  1. Pingback: Part 4: How To Get Out Of Debt | Yoma Victor - Nothing Just Happens!·

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