Well, Hi everyone, and welcome to another wise money tools video or podcast depending on how you contact with us. So in this video, I want to talk about something that may not be so easy to talk about. You know, one of the hardest things when it comes to money and finances is kind of talking about debt. Right. Now all that, before you click away, I want you to hear me out, this isn't gonna make you feel more stress or guilt. But I want to offer you a potential solution. Okay. So money and finances is one of the leading causes for arguments in a marriage. And sadly, it's one of the leading causes of divorce to as part of our that argument, it's always about spending in debt. You know, debt can really Weigh Down a marriage.
This is a topic, you'd better figure out pretty quickly. If for no other reason, just have one less thing to argue about with your spouse. That can cause stress. Simple as that in life is hard enough. When you add to it the financial stress and debt, it just gives you a potential power cake. Now debts such an easy thing to get into and such a hard thing to get out of. But banks and credit card companies, they love it, when you shackle your income to paying them for as long as they can keep you coming back. You got to learn how to break those ties, and at the very least, you become the bank. So here's how you may think about it. You know, what if you could get out of debt, on average in 9 years or less, including your home without changing your lifestyle or budget.
Okay, now hang on there for a second. See getting out of debt, it's kind of like dieting or losing weight. There's plenty of fad diets out there, all of which I'm sure work for some people. But the only diet that really works long term is the one you can incorporate in your lifestyle and enjoy it. I remember the water diet where you drink gallons of waters every day risk of drowning just to shed some weight. The problem is you just can't live like that. Well long term Anyway, after 15 or 20 days and your eyeballs are up to here with water. It's just not sustainable. Then there are fasting diets, you know where you fast, like 18 hours every day. Again, you may shed some weight, but it's the thought that you have to live this way the rest of your life and starve every single day.
It's just unpleasant and you end up giving up. There's thousands of diets just like that. It's very similar to getting out of debt. There are a bunch of theories and ways you can get out of debt. But the ones that require you to change everything about your lifestyle. And the debt programs that are gonna make you suffer if you will just don't work long term. Now Dave Ramsey has a great way to get out of debt. For some it works. The problem is Dave's is kind of like an army drill sergeant. He's bent on making your life miserable and break you any way he can. Doesn't make it pleasant. And it seems like he's almost sadistic trying to make you miserable just to get out of debt. I call it the rice and beans diet. You live on rice and beans never go out for entertainment, no vacations, no life, and put every penny half towards your debt. And sometime in the future, you're going to finally be out of debt.
Now this may work not saying it doesn't. But for so many, it's just not sustainable. It's so miserable, that you begin to wonder why even go to work at all, all your income goes to the banks and credit cards and you're eating rice and beans for the 30th, 90th, 200th day. There's no enjoyment in life, but things happy as he watches you suffer every day. For those who can do it great. We had a debt, however, for the vast majority are probably gonna fail. There'll be so miserable and frustrated that it won't take long to fall back into the bad spending habits again. Just to get a decent meal might drive you off the plan.
So what you need is to have a debt elimination program that can let you basically keep your lifestyle with some minor adjustments. But it's livable. Like dieting, if you have a program that lets you enjoy life, enjoy food, maybe add a little exercise, curbs some of the most harmful foods and incorporate some healthier foods. You're probably gonna feel better, you're going to look better. And it's a sustainable and enjoyable lifestyle. That's the only way a diet works long term. Because it's not a diet, there's not a time frame or a way cull, it simply becomes your way of life. Getting out of debt doesn't have to be all that misery and pain either. It's about small and simple lifestyle change is that can last. Now it's a really easy approach. It's kind of a step by step approach. And it goes something like this.
First, you got to formulate your game plan, a plan that you can live with that doesn't stop your heart. Think of your income, as if it's filling a bucket, and the bucket is full of money. That's like having holes at the bottom of the bucket. And it's all seeping out. Every time you put money in, it pours out of your hands and goes to the bank and credit card companies. The next step is to see if we can find where you might be losing some of your income, oftentimes, unnecessarily or unknowingly. Then what we want to do is redirect money that may not be doing as well for you, as maybe getting the debt paid off would. As an example, Sometimes a retirement plan and other savings plans are giving you a lower return on your money than paying your debt off would be.
Once we have figured that out. Then we set up a business banking system where eventually you will control the capital and spending without the need for banks. But what you need is a step by step plan on how to save what debt to pay off first, when to pay off the next one, and so forth. Once you get the second one, the third one, obviously, you're at some point going to be completely out of debt. And it's not as hard as you think. And it doesn't have to be drudgery either. You don't have to go on some crazy fad diet to lose weight, and you don't have the rice and beans to get out of debt. Look, I know some of you may seem like a steep mountain to climb, I get it. But if you have a desire to get rid of it, it can be done. And again, without changing your lifestyle dramatically.
There's some peace of mind even some power that comes when you control your money instead of it controlling you. You don't have to go on a starvation program and load up on rice and beans for the next five years either. In fact, you don't have to dramatically change your lifestyle at all. There's a much greater chance your debt elimination program is gonna work and be successful if it becomes part of your lifestyle. So you have to think about getting out of debt, and not necessarily all the sacrifice that goes with it. Let's see if we can't make it really easy for you. If you'd like to have a strategy session and see how this might work for you, just click on the time trade link below. Grab a time that works for you. And we'll have a quick little discussion. And as always, if you have any questions, shoot them at questions at wise money tools.com. I'll answer them just as quick as I can. If you have any comments or thoughts, put them down below and I'll try to respond to those as well.
So I hope this has been informative. I'm excited for those of you who are really committed to getting out of debt, but doing it without drastically changing your lifestyle. And again, I asked the question, if you could see a way to get out of debt in 9 years or less, without dramatically changing your lifestyle with that be of interest to you. Would that help you in your financial situation? That's it. Well, good to have you. I'll see you next week. And until then, take care.
