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News Room

How To Become Debt Free By The Age Of 30

Compare Guru
2015-06-26
It’s easy to fall into a habit, but it’s so much harder to get out of it. Impatience, poor planning, purchasing ostentatious goods, and constantly borrowing can quickly see you in debt before you’re 25 or even younger. Find out how to unburden yourself from it.
Written By: Melissa Nyman
It's easy to fall into a habit, but it's so much harder to get out of it.
Impatience, poor planning, purchasing ostentatious goods, and constantly borrowing can quickly see you in debt before you're 25 or even younger.
Here are some tips for those eager to unburden their shoulders from the worry of debt.
Stop Thinking Like A Poor Person
In the case that you were born poor, that shouldn't be the reason you end up poor. You end up poor because of a poor mentality about money rather than a lack of it.
This is a poor money mentality:
  • You must be smart in order to be wealthy.
  • Fate determines your wealth or poverty in life.
  • Blaming others for your financial condition.
  • You need to become rich.
  • Your parents need to be rich for you to become rich.
Stop Spending More Than You Make
Behaviour is the number one reason for debt. The assumption that it's normal for everyone to have bad debt is wrong. It's not normal to spend more than you make. Once you wrap your head around this statement, only then does the process of becoming debt free by the age of 30 begin.
Here are four things you should consider doing.
Start Up A Business
A business can mean anything from selling your paintings, selling handmade crafts at the flea market, or reawakening a faded passion/hobby as a means for extra income. In this way you can eradicate debt from your life faster.
Educate Yourself Without A School Loan
There are so many other ways you can educate yourself today, without the huge debt of university fees. Many employers are looking for people with experience and a portfolio.
A degree no longer assures a job, even though tuition fees is the second most frequent cause of debt today. When you do decide to study, do it because it's something you love, and not because it's going to make your parents proud and then see you drop out in a few months.
Consistently Manage Your Debt
It's like going to rehab or dieting. You need to take each day as it comes but also plan ahead. You need to consistently manage your debt  and murder it slowly through a sound, realistic plan.
If you are in debt, by following these steps, you could see yourself free of it before the age of thirty.
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