We live in the greatest country in the world (if you live in the United States of America). There's freedom. There's family. There's the American Dream. There's large amounts of debt…?

Yes. Even though the average American family has more than the average family in the rest of the world, they also have more debt than the average 10 families around the world as well. If you were to chart the average income combined with the average savings in the USA with the same in other major countries in the world, you would see that America is living on about -2% of their income!

Is this possible? And what does this mean?

Yes. It's possible. It's happening. And it means that most families in America are living on borrowed money. That's right. We're a debt ridden society living on borrowed money to buy things we think we want to impress people we don't know, don't like and, in some cases, just to keep up.

What are the costs? And is it worth it?

Well the costs are amazingly significant. Because if you are living on borrowed money, that means that you're having to pay back more than is borrowed. This is an increasing problem as more time goes on - if you do not change your behavior.

BM = BT ? Borrow Money = Borrowed Time

You see, if you choose to live like this, you are one disaster away from bankruptcy or foreclosure. The statistics show that the average person who lives like this, would only have to miss about 2 paychecks before they would start to have to make decisions to sell off the high-dollar stuff that they borrowed to get in their financial mess.

We could continue to paint the grim picture and it would only get worse. But if you, at any way connected with what has been said so far, then you may be a candidate to change your financial lifestyle.

How?
Here's the best place to start.

STOP
The first thing you're going to want to do is to stop borrowing. Yeah. This is going against the grain of the American society. But, if you want a secure financial future, then you've got to get radical. Besides, if you've been borrowing all this time, how's your future looking now? Most people would answer by looking at their empty checking and savings account with no real hope of a chance at any dignified retirement plan.

SET UP
Next you want to lay ALL your bills out on a table and take inventory of what kind of monster you're going to be slaying. This is where you have to have a strong backbone. You can not allow the overwhelming feeling of what you find out effect you to the point of paralysis. It's not hopeless. Instead, channel that feeling into a reservoir of fire that you will feed on to get you out of this hole.

Now, all the debt that you have that is not a monthly utility or necessary tool for living, put it on one side of the table. The necessary utilities go on the other side of the table. Then choose one of the bills that you are going to kill from the unnecessary stack. Pay minimum on the rest and put everything you possibly can on that one bill. Sell some things. Get an extra job. Do what ever it takes to get that one paid off. After that one is paid off, take everything you were paying on that one and add it to the next one you decide to pay off. Continue this cycle until they are all gone.

START
At the same time you'll want to START saving a little bit. It wouldn't be a bad idea to, before paying on the debt, save somewhere around a thousand dollars. That way, if you have a car problem or a washer problem, you'll have somewhere to pull from. You won't have to borrow again. Start saving.

This is a great way to turn your family around and even begin a new tradition with your children. Eventually by following this plan, you'll be in a place that will allow you to invest with your own money - which will earn you more of your money. That's the fun part.

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