Your Debt Revolution: Liberate Your Life and Your Money – Ep 35

What are you doing to liberate yourself from your debt?

Debt is a tricky subject.

It’s a normal and often accepted part of adult life, when we start a business or buy a house, but it can also cause us a ton of stress and fear, sometimes leading us into spirals of overwhelm that are hard to break out of.

Worrying about debt can feel like you’re scrambling and living your life from a place of scarcity and lack. You owe it to yourself to start looking for a clear path to being debt-free. In this episode of the Rich Life Revolution podcast, I share some tips that helped me and that will help you spend more time in empowerment mode and less in survival mode.

Assess your current state of being

All these tips and much more are in my Debt Liberation Blueprint workshop, but we’re going to dive into some of the key concepts you need to start your debt-free journey. First up: let’s take a look at your mental state right now.

We all vacillate between empowerment and survival modes throughout our lives, and some tasks—particularly the ones that dredge up a bunch of dread and fear responses—turn out better when you’re in your empowered era.

So, if even considering your debt brings you only panic right now, take a beat. This work calls for sitting with your discomfort, with coming to terms with the fact that you don’t have all the answers and you don’t need them—this state of mind takes its own work!

What you need is good questions and an expert who can answer them, someone who knows what they’re talking about and who makes you feel comfortable. If you’re still looking for this person, this could be an exploration for another day—and that’s ok.

Get a handle on your debt situation

Alright, mindset managed? Once you’re in a position to press on, you need to figure out where you’re at debt-wise. Make a list of any loans and lines of credit you have. Record the minimum payments, the due dates, the interest rates, and any other important information.

Then, come at things from the other side.

How much money are you bringing in each month? Of that, how much can you put toward your debt?

We all have our unavoidable expenses, like rent and car payments. Beyond those, stay realistic about where else you might cut costs. Avoid the temptation to take too-drastic steps like slashing your grocery budget or cancelling your internet.

The Conscious Spending Plan workshop we offer at Alchemy can help you really dig into these numbers and clearly understand just how much your life is costing you.

Sort out your repayment strategy

There are many ways to pay off debt, and they don’t all work for everyone.

There’s the stair-stepper approach—my personal choice—which involves paying off cards or loans with the lowest balance and highest interest first. The snowball approach pays off the highest interest rate card before anything else. The avalanche approach tackles the lowest balance right off the bat.

It’s understandably tempting to dive into a method that you heard about online or that worked wonders for a friend, but if you go at this in a way that doesn’t align with your very personal relationship with money, it can backfire, tossing you back into that survival mode where personal growth tends to go to die.

So before you pick a strategy, figure out how your brain plays with money. Learn about your sacred money archetype and start off on the right foot right away.

To get even more in-depth on these steps and hear about some inspiring real-world debt-liberation outcomes, make sure to tune into this episode of the Rich Life Revolution podcast!

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