Financial struggles with business or school debt?
You too can sprout from a seed to a tree in your financial journey. Many find themselves struck by high-interest debt—a burden that is felt by many including myself. By prioritizing the repayment of these debts, particularly credit cards and personal loans, you can break free from the cycle of financial strain. Focus on eliminating the highest interest first, allowing you to reclaim your financial power.
I had to pay my own way to School. I remember I was not managing my expenses correctly and got in some trouble. I was out of gas and had to fill my tank from a gas station. Guess what? My card got declined. I called the bank and got told to get an overdraft to pay for the gas I owed. I also borrowed 1000 dollars from a friend to help pay for books for one year. both these moments contributed to one of the lowest and lucky moments of my life. To make sure this didn't happen again I worked a part time job to get by on the weekend and started putting money towards paying it off and seeing the balance of the debt go down was most rewarding and fulfilling.
I knew I did not want to be in that situation. I made sure to pay off my friend and all my student debt I wracked up. I made sure to manage my finances from debt to income and see how else I can make more.
In parallel, consider cultivating streams of passive income. Whether through investing in dividend stocks, renting unused space, or launching a side hustle, these initiatives can bolster your financial stability. Each small measure of income acts as a stair upwards, combining to brighten your financial landscape.
I remember I started a website and tried dropshipping I sold 1 product and stopped shortly after. failure taught me allot and while I was in school and working part time. I recommend allocating a portion (5 - 20%) of your earnings towards long-term investments such as stocks, bonds, ETFs, index funds, and mutual funds. However, it’s crucial to do your research and consult with a financial advisor or accountant before making any investment decisions
Lastly, automate your savings to ensure that your wealth grows effortlessly. Set aside a portion of your income to flow into savings or investment accounts, creating an enduring light for your financial future. By embracing these strategies, we can hope to manage and adopt a financial.
while we all strive on the path to financial freedom, lets empower ourselves and each other.