Is A Completely Debt-Free Lifestyle A Real Option?

Debt-free lifetyle

Is it possible to live a debt free lifestyle? I know there are already a few readers that are saying, of course! I do it every year and never rack up any debt that I owe. Ah, but are you really debt free? Don’t forget if you rent a property, you’ll pay money to your landlord, your energy providers and the council collecting income tax. If you don’t have those bills set up as a direct debit on your account, there’s a possibility that you pay them late every so often. If that happens then technically for that small amount of time, you are in debt.

If you own property, you might still have a mortgage. Most people cannot afford to buy a house without some type of mortgage. That’s why you’ll commonly see the property being advertised that can be bought with five percent of the asking value. It means that you can be left with a staggering amount that actually just hasn’t been paid. Instead, you’ll be paying it back through mortgage repayments across multiple years of your life. If you ever fall behind on those payments, you’ll be in debt to the lender.

Or how about credit cards? I’m sure that you have at least one credit card that you use occasionally. Some people just can not resist the possibility. They love the idea of being able to purchase luxury items that they otherwise might not be able to afford. For instance, we’re sure you’ve bought a holiday on credit at least once. You can get the dream vacation without having to worry about the cost until later. I guess what we’re trying to decide here is whether or not it’s possible to live without borrowing money. The answer, unfortunately, it seems is no.

Borrowing To Survive

There are multiple times in life where borrowing is your only option. It starts at the grand old age of 18 where you’ll have to borrow to pay for your education. There’s no way around it because most colleges and universities charge thousands a year in fees. The only way to handle it is with a student loan. Despite what you may have been told once you earn a certain amount of money, this does need to be paid back.

At the same time, you may be attempting to move out of your parent’s home. At this point, you’re going to be looking for your own place to live and most people want a deposit. This ensures that if you damage the property, they are covered for any expenses.

Further down the road, you’ll be thinking about starting a family and buying your own home. With the best job in the world, you’ll still struggle to get a cash buy. Therefore, borrowing almost seems to be a built-in part of society. There’s no escaping it and no way around it.

However, just because you end up borrowing doesn’t mean you have to find yourself in debt. Or, rather find yourself in debt that you can not afford to pay back.

debt free

Avoiding Unmanageable Debt

If you do start borrowing money and I think it’s safe to say you will, you need to be careful. Make sure you are planning a budget and know what comes out of the account each month. If possible, you also want to a strong saving fun that you build up more each year. If you don’t do this, then an unforeseen bill could push you into debt quicker than you would like to imagine.

Remember, at a certain point, you may have debt owed to multiple sources. For instance, you could have bills to pay, credit card loans and repayments on a home. At this stage, if the debt is becoming more unmanageable, you may want to consider a debt consolidation loan. With a loan like this from a business such as LendingTree, you can wipe the slate clean. You’ll be able to start again, paying off the building debt as one easy sum. It’s also a great way to cut your debt down if you owe too much.

Although arguably, the best way to avoid this situation is to treat money with respect. There are plenty of people right now who think they can spend how they want when they want. Christmas is coming, and a lot of people will be treating themselves and other people. But you have to consider whether this is always a smart idea. Taking spending seriously is the only way to stay out of debt and eventually move towards a completely debt free lifestyle. If you save now, once you get older you won’t need to borrow anything at all. You’ll be able to buy everything using the cash that you have earned over the years.

There Are More Ways to Be Your Own Boss Than You May Think!

ways to be-your-own-boss

Many of us dream about being our own boss at some point. But we tend to think it’s a very difficult thing to do. And there’s no denying that it is tough and requires a lot of hard work. But you may have more routes open to you than you think!

First things first

Before you set off into the world of business by yourself, you need to make sure you’re prepared. The shackles of a regular job in which you’re not your own boss can be frustrating, yes. But they also offer a relative amount of safety and security. You have to make sure you’re in a pretty good financial position. You should have a few months worth of living expenses saved up. You also need to consider the costs of starting this particular endeavor. You’re about to make yourself independent. But independence will cost money!


Starting a small business

This is what most people are thinking of when they are considering being their own boss. If you have a great business idea and have the right drive, you should go for it. This course, however, is certainly the riskiest and most complicated. It can also be the most expensive. Getting the right amount of capital is essential, but you should gauge interest in your business idea first. Its best to research the logistics of growing a small business before you start making any big moves.

Creating a blog

Let’s say you have plenty of time. You want to be your own boss, but you’re in no particular rush to quit your job. Maybe you’d like to start setting down the steps that will let you take off in a year or two. In that case, you could consider starting a blog. If you keep the content coming on a frequent basis, keep it engaging, and pay attention to your niche? It’s definitely possible that your blog could actually make enough money for you to live on. It’s best to get it started on the side while you work at a full-time job, though.


Considering a franchise

Let’s say you’ve got some money saved up. You’ve got the drive. You know you want to run a business and may even have a lot of leadership and team-building experience. What you don’t have is a unique business idea, not yet, anyway. So what can you do? Well, you could look into purchasing a franchise. The brand is ready-made for you. Your main goal, at first, will be expanding that business and hiring the right people. You’ve got to make sure you find the right business for you if you take this route. You an find a commercial cleaning franchise for sale, or some other kind of business.

expert boss

Become an expert-for-hire

So you’ve got marketable skills and have excelled in your field. You’ve got a proven record of creative thinking and excellent problem-solving. You’re easy to work with and you get results. So why not look into contract work or consulting? There are plenty of businesses out there who need consultants or coaches to help take them to the top. This could help you be your own boss while keeping your skills sharp.

Shrink The Staff, Sell The Office, Slice The Costs

We’re not sure if our readers are aware of this, but the economy could be heading for a tumble. There were already signs of this yesterday after the results of the US election were finally announced. The world market dived down as investors started to panic. Now, the good news is that everything stabilised and the horror scenario some predicted didn’t happen. But, if we’re playing devil’s advocate it could still occur further down the road. So, now might be a great time to tighten the belt buckle and trim the fat right down in your business. Here are a few ways you can do just that.


Sell The Office

Our first suggestion is that you consider selling the office if you’re still working from one. A lot of people have already embraced the home run business model and found plenty of success. There were once fears that home run businesses would never work. But technology has changed the game quite a lot since then. Indeed, it’s true to say that it’s possible to function from home as you would from a major city office. You do need to invest in the tech but once you have that your business can run like a dream.

You might worry about what happens when your clients find out that you’ve downsized. Well first of all, who’s to say they have to find out? It’s entirely possible to switch to running your business from home without ever telling the clients. You can do this with a service like – registered office address service. With this service and others like it on the market, you can make it look like your business is run from a large central city office. Clients will never know it’s being run from home. Since you’ll be cutting the costs here, there’re a few other ideas we’d like to introduce.


Cutting Down Staff

These days, it’s easier than ever to run a business with a smaller office staff. You can do that by investing in outsourcing. With an outsourcing company, expensive areas of your business can be handled out of house. An example of this would be marketing. Rather than investing in the services of a full marketing team, you can instead hire a company for a fraction of the cost. You still get a great service without the added paychecks added onto your bills.

You may also want to investigate the possibility of automation. With automation, you don’t need any employees at all. Instead, everything is handled by machine and mechanical processes. This is a possibility when setting up customer service communications within your company.


Go Digital

Lastly, since you might now be running your business from home, you may want to consider going digital. You can get digital replacements for things such as file storage. Digital storage is often seen as the better choice as it is more secure and easier for big and small companies to use.