What is debt? Debt is nothing more than borrowing from your future income to buy now what you cannot afford to purchase with current income.

The only problem with borrowing money is that you have to pay it back.

No pressure on a household is quite like the burden of debt. The pressure to repay debt can feel like the powerful tentacles of a giant sea monster pulling you down into the suffocating deep.

A much spoken axiom is “live within your means”. While that is very good beginning advise for those who dive into heavy debt by “living beyond their means”, it hardly provides for one financially over the long haul. Getting out of debt is an attitude before it is an action. To live a life that is debt free, bondage free and heading happily towards a comfortable retirement requires a different pattern of living.

Financially, you must “live substantially below your means”.

If you have been living above your means, you are already in serious debt with no hope of becoming debt free unless you quickly change your financial habits. If you have been living within your means, you may be debt free, but you have little or no savings or investments to carry you through your retirement. What you must begin to do is live substantially below your means.

Tell me “your” success story. Your comments appreciated!

Content © Rich Brott, 2011

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