Five Key Elements Of Debt Management In 2024

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When it comes to successful debt management, there are a few key behaviors that will ensure that you're being smart with your money. If you really want to get out of debt and stay solvent, then the following tips can help.

It starts with mindset. The first thing to do is to determine whether you’re a spender or a saver. If you’re a spender, try to shift your mindset to being more savings-oriented. Savers save for tomorrow at the expense of today, while spenders think about today at the expense of the future.

The second thing you need is discipline. Are you impulsive or measured? The impulsive person just goes out and gets what they want. However, when you’re measured, you think about how you're going to get what you want, and whether or not you can afford it.

Third, avoid the time-for-money trap. If you want to get out of debt, start thinking instead about exchanging value for money. This way, you can spend less time making more money, which will help you with your debt management. By learning new skills, you can offer more value and earn more.

Fourth, are you budgeting your life? Do you know what’s coming in and going out? By following your budget, you will always know where you stand financially and what you can afford.

And the fifth thing is to have a side hustle. How can you earn money on the side? By acquiring new skills, you can start working for yourself, thereby giving you both flexibility and a way to get out of debt.

Debt management is a struggle for many people. But by improving your mindset and learning new skills, you can become financially free.

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CONNECT WITH PETER BOOLKAH:
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ABOUT PETER BOOLKAH
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I’m Peter Boolkah, The Transition Guy. This tag comes from my passion for helping entrepreneurs attain meaningful change and growth, both in their personal and professional lives.

I provide business coaching to clients around the world ranging from solo entrepreneurs to executive management teams at large organisations.

I understand the overwhelming feeling that comes from a lack of motivation to make changes. I help entrepreneurs channel their ambition to move past roadblocks allowing them to implement change and ultimately free their time to take their business to the next stage.

Whether the ultimate goal is to grow or sell the business, I’ll facilitate year-on-year growth and help you achieve the kind of personal freedom you may have been lacking.

You’ll gain the knowledge to install the right business structure, systems and management strategies, so you, and your business, can reach your full potential.

You deserve the business you had in mind when you started out but the path to success isn’t easy is it? We don’t know what we don’t know. This is why I believe we should enlist experts, when needed, to speed things along.

I’m now proud of the fact that with my guidance clients install the right business structure, systems and management strategies, without which they wouldn't reach their full potential.

By supporting the charity B1G1 I have even more motivation to succeed. It’s wonderful to know that when my business is doing well, many people have the opportunity to live a better life.

[TheTransitionGuy]

If you loved this video, be sure to like, subscribe, and share it with others!
To join our online community, visit: www.boolkah.com/academy
And to learn more about managing your cash flow, check out the free webinar:

[SuccessMindset]

Improving relationship with money improves acquiring more wealth

[janlubbinge]

Hi Peter, thank you for a very insightful video. I can see myself in all the points you discussed. I've learnt such a lot from you and apply your teachings not only in my business but also in my private life. Regards from SA and we hope to see you soon in our sunny country.

[dan_eazzi]

my debt was cleared after all hope was lost
dm ☝☝☝☝