Imagine if your car’s fuel tank had a hole and was leaking, say, 25 dollars worth of fuel each day,and it was spilling onto the ground and flowing away.
What would you do?
A. Would you ignore it and live with it?
B. Would you go out and try to earn more money to compensate for the loss?
C. Would you plug the hole and stop the leak as soon as possible?
Obviously, the most prudent choice is to stop the loss as soon as possible.
Interest you pay out to lenders is like that leaking fuel. You own it while it’s in your tank. But once it’s out of the tank and on the ground, it’s gone and you’ve lost the opportunity to use it. It’s wasted.
Unfortunately, a vast majority of people have been conditioned to accept the first two options as being normal when it comes to having debt. Perhaps that describes you. Ignoring the problem and living with it is not a winning strategy. Going out and trying to earn more money to compensate — whether by working harder each day and for more years, or hoping investments will pay off tremendously someday — is putting a lot on the line.
How Long are You Going to Put Up with It?
Every moment that passes by that you allow the leak to remain, you’re losing money. Even if you’re losing a few dollars each day to interest, that adds up to a significant sum over time. Are you pleased about losing tens or even hundreds of thousands of dollars unnecessarily?
Now is the Time to Fix the Problem
Hopefully this analogy has helped you feel a sense of urgency about stemming the loss of money to interest payments. If you want to plug the hole and stop the leak as soon as possible, without having to change your lifestyle or wasting valuable time trying to figure out how to do it, then be sure to see this video about financial GPS software. It is indeed possible to pay off debt and become debt free in record time, and build wealth instead of losing it.
Thank you for reading this article about the choices people have when it comes to their debt situation. Please feel free to share it with others who may benefit from this information.