The 5-Star EntrepreneurSýnishorn

You have to be focused. Many people say you shouldn’t do any extracurricular activities when you’re trying to become debt-free. I don’t believe that. I think you still have to reward yourself occasionally. You have to go out to eat or buy yourself something once in a while. Otherwise, you’ll get burnt out. It would be like going on a diet and saying, “I will never have ice cream again.” Eventually, you’ll either cave or get discouraged. So yes, splurge occasionally, but remain focused on your financial goal. Ask yourself, why do you want to get out of debt? Is it because you’re tired of being restricted? Are you tired of being the borrower instead of the lender (Proverbs 22:7)? Are you tired of the stress?

The reason we want wealth is not to buy a bigger house or a better car. We have to make sure we’re doing these things to bless other people; this is what God desires for us.  If you become wealthy in the right way, you’ll remain wealthy because the more you give, the more you receive—God blesses it, presses it down, shakes it together, and runs it over. In giving, God always blesses; He also tests us to see how we’ll steward what he has given us. 

You have to find someone who knows what they’re doing and be honest with them about where you are, where you’re going, and how you’re going to get there. Give this person the influence and power to speak into your life, and help you take those daily steps in the right direction. 

Many times, we don’t strategize because we’re afraid. Here’s a project to help you out:

Write down every single bit of your monthly interest and fees. If you have a $1,000 mortgage, you’re probably paying $850 to $900 in interest. Your car interest won’t be quite that violent, but it’s still going to be up there. How much interest are you paying per month for your house? Your car? Your late fees on your phone? Did you have any bounced checks this month? Write down the total monthly amount. I want you to come up with a number. Now we’re getting personal. I promise this is going to be good in the long run.