Is Your Focus on Your Debt Getting in The Way of True Prosperity?

Melanie ConsMortgage Talk Canada

We all have debt. It’s inevitable. No one comes into the world with enough money to immediately buy everything we could ever want or need. That’s okay. As long as you keep it under control, you can live a perfectly healthy financial life and, dare we hope, prosper at the same time.

Now you probably think of debt and prosperity as mutually exclusive. You can’t have both at the same time. But let’s borrow a basic tenant from the self-help field for a moment here in aid of our goal: Focus on the solution, not the problem.

Many people get so caught up in paying off any debt and bill they may have that it dominates all else. It becomes who they are and they focus on the elimination of that debt to the detriment of all other financial goals. Ensuring that your bills are paid on time IS important and gradually reducing your debt IS something you should be doing. But don’t let it distract you from creating some wealth for yourself.

Most financial planners advise that you set up an automatic debt repayment plan. This allows you to focus on savings, prosperity and growth. Having a mindset that is solely about getting out of debt and ensuring that your bills are paid is not going to be healthy financially in the long run. Set up a payment plan and focus on savings and growth together instead. Having debt is a reality that we all face. How you deal with it however is what’s going to set you apart.

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