Debt Reduction Tool Box

Ask any professional what it takes to achieve success and he or she will tell you it's all about having the right tools for the job.  The same is true with debt reduction.  Here are a few tools I'm using to reach financial independence:

• Tape measure.  Use this to measure the size of every debt in your household.  Write the measurements down from smallest to largest and use this as a checklist to prioritize which debt to pay off first.
• Hammer.  Use this daily.  Pound the smallest debt first until it's "nailed" and then move on, one nail at a time.
• Leveler.  Use this tool to make sure your money going out each month never exceeds the money coming in. The bubble will move in the right direction as long as you keep paying down on your principal and avoid increasing your debt.
• Floor plan.  You want to review your floor plan for your dream house daily to help you see an accurate picture of what you're building.  Anyone can build a house of cards but you're creating something special.  Every vehicle in your garage will be free of expensive auto loans.  You will live in a smart home meaning you're mortgage free.

Make sure you have all the tools you need to accomplish debt reduction.  The longer you wait to get started, the more expensive the job will be.  Debt reduction is serious business.  Teach your children to use these tools so they can be their own carpenter when they are on their own.  Have a great day.