A million is not a joke when it comes to money. And yet people dream to become a millionaire, and many get successful too. Even with millions in debt people strive and plan, and earn, and learn, to get to that mark. And this is the art of money making!
However, to make money, you must free your wings first. And do you know which force ties you and clasps your wings to prevent you make the journey of money making?
Well, it’s none other than debt. Debt is the black word, which interferes with life, plans, in dreams, in money-making, in wealth building, and is happy living.
And hence, you must try to get out of your debts as soon as possible. That is the way to be happy and peaceful.
And once you get out of dues and debts, you automatically get quite ahead in wealth building for making yourself enough flexibility to take your savings and investment decisions freely.
1. A Million In Debt!
Are you in such a pathetic situation that you are in debt of million? If you are into such massive debt, then life cannot be easy for you. Hence you must find a solution.
Interestingly, if you adopt the right debt solution, the debt management and wealth building can continue and go hand in hand for some years in life. This needs a strategy and understanding of the current situation and the future.
2. Evaluating The Current Situation
The current situation is that you are stuck in heavy debt- a million in debt. And to get out of it, you don’t have a million to pay at once. Then what can be the solution such that you save, invest, spend, payback, and yet survive?
For this, you will have to minimize the amount of money you pay in debt payment every month. This will give you the scope to use your earnings elsewhere in building an emergency fund, saving a considerable amount, and also in running the household and other expenses which are fixed in every month.
You need to spend only a small, fixed, and affordable amount of your earning in monthly debt payment to gradually and steadily pay your debt of million. And then you can be free to use the rest of the earning of the month for the other wealth building and survival goals.
3. What’s The Future Going To Be Like?
The future goal is to be debt free and also build wealth worth a million. For this to happen, you will have to invest a considerable amount of money in a startup. Choose any business, any product, or any service that suits you, or you understand, and start with it. You will gradually see the company grow.
And you will gradually see earnings coming and increasing with time. How you will use that earning to develop further, it depends on your investment planning. And this you will have to do with an experienced investment planner and financial consultant, who lead entrepreneurs professionally.
Depending on your investment planning, you will be growing your wealth exponentially to become a millionaire. And this is entirely possible when you reach that stage of life and business where you have no more debts, and you are continually earning more and more from the company.
But before you dream of that stage, you must develop a clear understanding of how to tackle your current debt of a million.
4. Tackling Your Debt Of A Million
To convert your debt payment monthly liability into an affordable and fixed small amount, you must take help of a debt consolidation loan from a good source.
A debt consolidation loan is that loan, which offers you the loan at a lower rate of interest than the average rate of interest being charged from you at present. And this loan will give you a lump sum amount to pay towards all your currents debts including pre-closure penalties and all other fees etc.
so that all loan accounts get closed, and all the loans get consolidated into this single, low interest, long tenure, flexible loan.
Here you are then allowed to pay a small fixed amount every month through a long tenure, which would enable you to manage the debt, as well as manage all other expenses, and yet save, and then invest too.
5. How To Get A Good Debt Consolidation Loan
To get a good debt consolidation loan, you must apply through a good loan finder and comparison service, which is associated with many types of lenders including traditional banks, online banks, and private lenders.
When you apply through them, you get to know the quotes from multiple lenders as per your profile. And then you need to out your papers before the chosen one and see if you get the loan approved.
Usually, loans get passed when you have the following:
- Proof of residence showing at least 6 months of residency
- Evidence of earning showing at least 6 months of pay-slips
- Government photo Id proof
- A sound credit score which is 700 or above
If you have the above, then you are high to go for getting a debt consolidation loan approved. Rest you may take some inputs and ideas from helpful resources like nationaldebtrelief.
6. Invest wisely
When debts are sorted in life, and when earnings are also increasing then the only thing needed to grow wealth is a wise investment. And the more you invest in decent places, the better.
Systematic investment schemes, properties, real estate, businesses, stocks and gold, cryptocurrencies, etc., are places to invest which can turn out to be profitable with the right speculation and liquidation of the assets. The rest is luck, which also plays a vital role in making you a millionaire.
Luck also favors those who believe in their strengths, work on their weaknesses, and chalks out a good plan, and sticks to it.
Some people may get so lucky that it may not take those 25 years to become a millionaire, and rather just 25 months!