There is life after debt. In fact, it’s a pretty glorious life. Sadly, for many people mired in debt who feel desperate and unsure where to turn, that life seems like a pipe dream. Ann Wilson has seven steps to break free.
Step 1: Imagine
Get very clear on what you want and why you want it. Write an outline of your ideal life – see it, feel, it, get excited about it. Write it in the present tense and in the first person: “I am doing… having… creating… experiencing.” This will start to help you focus on the life you want and will help you create it. Start every day by reading this outline, getting excited about it, adding to it. Consciously change your focus from worrying about your debt to creating the life you want.
Step 2: Be proud
Every night while you’re brushing your teeth before you go to bed, ask yourself these five questions:
- What am I proud of in my life right now, in relation to my wealth and my money?
- What am I committed to in my life right now, in relation to my wealth and my money
- What am I excited about in my life right now, in relation to my wealth and my money?
- What am I grateful for in my life right now, in relation to my wealth and my money?
- Who do I love, and who loves me?
Here’s the deal. You can’t stop brushing until you have at least one answer in each category. Look at the bright side. Either you’re going to end up with the most amazingly sparkling clean teeth, or you’re going to have discovered so many things that you’re really proud of and excited about and grateful for in your life right now. Hopefully, it will be both.
Really answer them fully and mentally record how you feel when you get your answer. If nothing clear pops into your mind, just keep asking the same question until something does. Write your answers down in your wealth journal and really start noticing how wealth starts expanding in your life. It’s about mastering your focus, so make sure you do it, even if it feels a bit woo-woo.
Step 3: Blitz your debt
Put in place a simple debt-blitzing plan, commit to it and make it as automatic as possible. You can get the full debt-blitzing recipe with step-by-step instructions on how to implement it in your life in my book, The Wealth Chef.
Step 4: Relax
Relax, breathe, and know that by having a debt-blitzing plan in place and by your commitment to stick to it and free yourself from consumer debt, you can now focus on creating wealth.
Step 5: Wealth flows
Learn about money, how it works, how it grows, and start looking at the way you have been managing it. Determine what your money flows have been in the past that got you where you are and, with that understanding, change your money flows to wealth flows that enable money to stay in your life and grow.
Step 6: Pay your self first
Start paying yourself first. What this means is, start allowing money to stay in your life by starting both a saving and investing plan.
One of the things I always get asked is, “Shouldn’t I put all my money into clearing my debts first?” No, what you need to be doing is creating new money habits and you must create the habit of investing at the same time as destroying your debt.
Energy flows where focus goes and if you only focus on your debt that is all you will know. Part of breaking a habit is replacing it with a new one, and your new wealth habit is investing. The great thing about investing is, you are still buying stuff, except now you not buying things that starve you; you’re buying things that feed you. If you don’t do this, you won’t break the debt habit. Even if you clear all your debt, you are likely to go back into debt if you haven’t created a new investing habit.
Step 7: Focus
With your money now being given great leadership by you, you can focus on bringing more in and converting more of it into assets that can work hard for you while you get on with living a rich juicy life.
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