Breaking Free from Debt and Building Wealth Fast – Part 3: Roadmap to Clearing Debt

strategies for accountants Feb 19, 2024

Debt is a word that sends shivers down the spine of many. It's a trap that can be all too easy to fall into, especially when success seems to be within reach.

This is part three in my series ‘Breaking Free from Debt and Building Wealth Fast’. In this blog post, I want to share my personal strategies for clearing debt fast, the lessons I've learned, and the freedom I've gained.

The Weight of Debt

I remember the days when I was drowning in debt. Mortgages, car loans, credit cards – they all added up. I felt trapped, working hard but never seeming to get ahead. The interest was piling up, and I was stuck in a never-ending cycle.

My turning point came when I realized that I was working for the banks, not for myself. I was paying them interest every month, and it was eating away at my hard-earned money.

I knew I had to make a change.

Strategies for Clearing Debt Fast

1. Understanding the Debt Snowball

I started with the debt snowball method.

I listed all my debts from smallest to largest and focused on paying off the smallest one first.

Once that was paid off, I used the money I was paying on that debt to tackle the next one. It created momentum, and I could see progress.

2. Refinancing and Consolidation

I investigated refinancing options for my mortgage and consolidated some of my high-interest loans. By getting a lower interest rate, I was able to pay off the principal faster.

3. Cutting Unnecessary Expenses

I took a hard look at my spending and cut out unnecessary expenses.

No more eating out every week, no more impulse buying. I created a budget and stuck to it.

4. Increasing Income

I looked for ways to increase my income. I took on extra work, sold items I didn't need, and even started a side business. Every extra penny went towards paying off my debt.

5. Staying Committed

Clearing debt fast required commitment and discipline.

I kept my goals in sight and reminded myself why I was doing this. The freedom from debt was worth the sacrifices.

Success and Freedom

It took time, effort, and determination, but I finally broke free from debt. I paid off my mortgage, cleared my credit cards, and even paid off my car loan early. The feeling of freedom was indescribable.

I learned valuable lessons about financial responsibility, the importance of living within my means, and the power of focus and determination.

I realised that debt was not just a financial burden; it was an emotional one as well.

Clearing debt fast is possible, and I'm living proof of that.

It requires a clear plan, determination, and the willingness to make some tough choices. But the reward is worth it.

If you find yourself weighed down by debt, know that there is a way out. Take control of your finances, make a plan, and start your journey towards financial freedom. The road may be challenging, but the destination is worth every step.

Make sure you check out my full video on how to get rid of debt FAST.

If you missed parts one and two of this series, check them out:

If you found this valuable and would like to learn more about value pricing, I run a free live online training session every month with a topic chosen by you. Attend live and you can ask me any questions you have. Click here to register and I will send you an invitation to the next session.

Wishing you every success on your pricing journey

Mark Wickersham

Chartered Accountant, Public Speaker and Author of Amazon No.1 Best Seller “Effective Pricing for Accountants”