Face your debt – the biggest hurdle - Rethink Central

Face your debt – the biggest hurdle

by | Jul 2, 2013 | Debt, Debt Summit, Goals

“You’ve come up with some clever plans to get by on remarkably little just by shuffling resources back and forth.”
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  • The Zen of Saying No
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  • The 'busy' trap
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  • Meet the Trainer: Our wonderfully realistic nutritionist, Chris Sandel
  • A word on goal setting
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Debt.

It’s one of scariest words, isn’t it?

It’s particularly frightening when you’re buried beneath it, and you’re not sure of your next move.

You know that feeling. It’s when the pile of unopened envelopes remains on the table taunting you, and you spend every night figuring out exactly how you’ll shift your money from one account to another simply to make it through the rest of the month.

If this resembles your life in any way, then you’re a lot better with money than you think you are.

You’ve come up with some clever plans to get by on remarkably little just by shuffling resources back and forth. Unfortunately, until you start to face your debt, you’re just digging yourself in deeper.

The reason it’s so difficult to look at our own debt is because:

• We know we should’ve known better or planned better
• We like our things and our lifestyle and we don’t want to lose them
• We’re beyond embarrassed to admit that we’ve got no clue what to do next

Unless you file for bankruptcy, there is no magic button that will reset your debt to zero.

We’re sorry to tell you, but winning the lottery isn’t a plan, nor will the passing of great aunt Gertrude leave you enough to sort out your finances.

The truth is that you are going to have to face your debt one day. It’ll leave you with an icky feeling until the moment that you get down to business on it. But truthfully, it’s easier than you think. You’ve probably had to deal with much worse things in your life – like pimples with puberty, the first time you embarrassed yourself properly at the pub, and ‘fessing up to your boss that you’ve made a gigantic mistake.

Facing your financial woes head on is the biggest hurdle. Once you manage it, you’ll find many of your worries dissipating because you can actively start working on them.

As there is no magic reset – you will have to face your debt woes eventually. The longer you wait, and the more you shuffle money around in blind agony, the more you reduce your options.

Think of it this way: today, you’ve got 60 options and you hate most of them, but some are better than others. Tomorrow, you’ll have 59 options and your first choice will have flown out the window already.

Every day that passes without you actively choosing an option means you’ll be stuck with options that really chain you to the wall. If you know that your “punishment” will be worse the longer you wait, why would you stall?

You need to make a plan because you can’t spend the rest of your life terrified to answer the phone or open your mail. You need to make a plan because you want a “proper” life, right? You dream of waking up to a world full of opportunities, don’t you? Of course you do; everyone does. But you can’t develop a solid plan around guesstimate figures.

You need to know where you stand so you can choose the best option and get working.

And, if you’ve been waiting for a dash of good news, here it is – you can work your way out of debt and into a prosperous life. You just have to own up to your debt. It doesn’t vanish the moment you stare it down, but it’ll become something you can manage and grow out of – like pimples during puberty.

So, just how do you face your debt?

By adding it all up in the context of what you earn and what you need every month.

Not sure how to do this? Stay tuned, Rethink Retreats is bringing you a mighty spectacular workbook in conjunction with our upcoming Debt Summit.

You’ll want to get your hands on it as soon as you can, so you’re ready for the Summit – which is free, by the way.

Take Action!

Be brave. Start working out how much you owe, right now.

Yes, it’s scary – and odds are you’ll discover you owe more than you thought you did. But the sooner you face the big numbers the sooner you can begin to make them smaller.

Knowledge is power. In this case, it’s also bravery. We know you can do this – go on, be brave right now…

-:–:-

This post is part of Debt month on the Rethink Retreats blog – why not check out these other great articles on thinking about your debt:

Video: what if money was no object

Change your brain: change your bank balance

Get more money – 5 ways to earn more money now

And of course do check out the Rethink Debt Summit website

And, if you’ve got a terrific tip about how to deal with your debt, please post it below. How about a success story about beating your debt? Post it here.

 

Face your debt – the biggest hurdle

by | Jul 2, 2013 | Debt, Debt Summit, Goals

“You’ve come up with some clever plans to get by on remarkably little just by shuffling resources back and forth.”
Top 9 Posts

 

  • Low fat cake – no really!
  • The Zen of Saying No
  • Networking: 5 Tips for Success
  • 5 Tips for Meditating at the Office
  • The 'busy' trap
  • Learning from competitors: it’s a good idea
  • Meet the Trainer: Our wonderfully realistic nutritionist, Chris Sandel
  • A word on goal setting
  • 5 surprising foods for stamina at the office
 

 

Debt.

It’s one of scariest words, isn’t it?

It’s particularly frightening when you’re buried beneath it, and you’re not sure of your next move.

You know that feeling. It’s when the pile of unopened envelopes remains on the table taunting you, and you spend every night figuring out exactly how you’ll shift your money from one account to another simply to make it through the rest of the month.

If this resembles your life in any way, then you’re a lot better with money than you think you are.

You’ve come up with some clever plans to get by on remarkably little just by shuffling resources back and forth. Unfortunately, until you start to face your debt, you’re just digging yourself in deeper.

The reason it’s so difficult to look at our own debt is because:

• We know we should’ve known better or planned better
• We like our things and our lifestyle and we don’t want to lose them
• We’re beyond embarrassed to admit that we’ve got no clue what to do next

Unless you file for bankruptcy, there is no magic button that will reset your debt to zero.

We’re sorry to tell you, but winning the lottery isn’t a plan, nor will the passing of great aunt Gertrude leave you enough to sort out your finances.

The truth is that you are going to have to face your debt one day. It’ll leave you with an icky feeling until the moment that you get down to business on it. But truthfully, it’s easier than you think. You’ve probably had to deal with much worse things in your life – like pimples with puberty, the first time you embarrassed yourself properly at the pub, and ‘fessing up to your boss that you’ve made a gigantic mistake.

Facing your financial woes head on is the biggest hurdle. Once you manage it, you’ll find many of your worries dissipating because you can actively start working on them.

As there is no magic reset – you will have to face your debt woes eventually. The longer you wait, and the more you shuffle money around in blind agony, the more you reduce your options.

Think of it this way: today, you’ve got 60 options and you hate most of them, but some are better than others. Tomorrow, you’ll have 59 options and your first choice will have flown out the window already.

Every day that passes without you actively choosing an option means you’ll be stuck with options that really chain you to the wall. If you know that your “punishment” will be worse the longer you wait, why would you stall?

You need to make a plan because you can’t spend the rest of your life terrified to answer the phone or open your mail. You need to make a plan because you want a “proper” life, right? You dream of waking up to a world full of opportunities, don’t you? Of course you do; everyone does. But you can’t develop a solid plan around guesstimate figures.

You need to know where you stand so you can choose the best option and get working.

And, if you’ve been waiting for a dash of good news, here it is – you can work your way out of debt and into a prosperous life. You just have to own up to your debt. It doesn’t vanish the moment you stare it down, but it’ll become something you can manage and grow out of – like pimples during puberty.

So, just how do you face your debt?

By adding it all up in the context of what you earn and what you need every month.

Not sure how to do this? Stay tuned, Rethink Retreats is bringing you a mighty spectacular workbook in conjunction with our upcoming Debt Summit.

You’ll want to get your hands on it as soon as you can, so you’re ready for the Summit – which is free, by the way.

Take Action!

Be brave. Start working out how much you owe, right now.

Yes, it’s scary – and odds are you’ll discover you owe more than you thought you did. But the sooner you face the big numbers the sooner you can begin to make them smaller.

Knowledge is power. In this case, it’s also bravery. We know you can do this – go on, be brave right now…

-:–:-

This post is part of Debt month on the Rethink Retreats blog – why not check out these other great articles on thinking about your debt:

Video: what if money was no object

Change your brain: change your bank balance

Get more money – 5 ways to earn more money now

And of course do check out the Rethink Debt Summit website

And, if you’ve got a terrific tip about how to deal with your debt, please post it below. How about a success story about beating your debt? Post it here.

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