Stop the Debt Cycle!

in LeoFinance2 months ago

The first thing you must do
if you want to get out of debt
is to stop borrowing money.

Only using money you already have is what that entails. Not the cash that you will receive tomorrow, on payday, or as soon as your employer pays you. Spend only the cash you currently have in your hand or in your checking account.

Since most of us aren't accustomed to doing that, especially if we're on a low salary, it can be challenging at first. However, it is entirely possible and becomes easier with practice.

And once you start paying things off, it gets simpler because less of your money is spent on paying off debt. The fact that you have more money at your disposal makes things simpler.

In other words, it is the antithesis of a vicious circle.

It takes a permanent change in behavior to get out of debt. It entails solely using funds that you already have.

Many different types of people manage to pay off their debts— both young and old people, married and unmarried people, people with and without children, people with and without college degrees.

You can choose not to be in debt
if you so desire.

Gold and Silver Stacking is not for everyone.
Do your own research!

If you want to learn more, we are here at the Silver Gold Stackers Community. Come join us!

Best Regards,


I am not a financial adviser. This article is not meant to be financial advice. My articles on cryptos and precious metals share my personal opinion, experiences, and general information on cryptos and precious metals.
All photos, gif, and video were taken by me with my iPhone, unless specified.

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You received an upvote of 100% from Precious the Silver Mermaid!

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You have created a Precious Gem!

But I will always in debt by our friendship.

Always, with love 🤗🌺❤️

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As I am, sis😊
!LADY 😍🌺🤙

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Do NOT 100% agree.

The fastest way to get out of is to pay of the debt of higher interest with lower interest! It's mostly not the debt that gets you stuck but the interest rates. The evil law of compounding sucks you into a vicious cycle and enslaves you.

Debt is nothing more than a tool. A very sophisticated tool. Robert Kiyosaki said it very well in his classic bestseller "Rich Dad, Poor Dad".

Tried it, done that.
Hahaha! To each his own!

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You know Ms. Saver @silversaver888
There is a Special place in my Heart for Newport Beach in Your California..........




It's easy to get ruined financially with debt, that's why for the most part it's best to not borrow unless it's for a mortgage

Hear, hear!!!

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"Ahh'm onlie indebted tae me crew o' th' mighty Frigate Silverton! Salute!" 😉 -Keptin

Hahaha! I am indebted to you too Thank you!

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Greetings friend @silversaver888, hugs and blessings. 💕

Hugs and kisses @dayadam 😊
!LADY 😍🌺🤙

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How are you dear friend @silversaver888 good morning
Wise advice so that people can get out of our debts
I appreciate all these tips
happy and prosperous week

It takes a decision, @jlufer!

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Whether they like it or not.

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I don't have credit card. APR too high !

I have two with effective zero balances. Yes.. 14.99 % is high!!!

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poor financial management has disastrous consequences for anyone

We certainly did not learn personal money management in school!

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Good advices! Debt is useful but well used, otherwise it becomes a kind of addiction. The only debt I have requested was to buy my house.

Yes, same here. I don't have any revolving debt. That gets zeroed out every month. The only debt I have is my mortgage!
Great job, @yeckingo1!

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Preventing ourself of not get addicted to debt is spending what we have. Good advice 👍

It takes practice. It's hard at first, but it gets easier with time. We have to remind ourselves to live within our means, @adedayoolumide!

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Debt really deprives one from been financially stable so it is very much advisable to withdraw from such act

It's like throwing money away in interest charges!

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Spend only the cash you currently have in your hand or in your checking account.

Many people do not have enough money to buy food at the end of the month. This is why they borrow money. Deep poverty is a very sad thing. I know. I see it every day. I am also poor. I am glad and happy that not deeply poor.

Many Americans live as if there is no tomorrow, robbing Peter to pay Paul.
It's difficult in extreme cases. One can get assistance here is the US, and if one lives frugally, it suffices.
We count our blessings.
My sis @kerrislravenhill and I live frugally. I am so proud of what we have accomplished.

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Our culture and our world so enables us to take that fast track to getting what we think we desire! Living within or even below your means, is definitely the way to go. It does take discipline, but it's worth it in the end.🤗🌸💞😘 !LADY

"living within or below your means is definitely the way to go!"
It is understanding the phrase "I cannot afford to right now" and "it is not necessary, I don't need it right now". Discipline!
Hugs and kisses, sis😊
!LADY 😍🌺🤙

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🌸😘🤗💞 Indeed!

One of the first rules to follow before investing.....
Paying off your debt @silversaver888 !!😇
So many revolving credit cards keep you trapped in debt my friend! I remember when we were first married I was told that my employer was happy to see you purchase a home, because they knew they had you as a steady employee...........

Oh yes, it is commonplace! I have a credit card in college!
It was like... the must-have item. You pride yourself for having credit cards and you use it like there is no tomorrow. You don't want to hear theories about that, hahaha.
Lucky for me, I had minimal credit card debt, which made it easier to stop using them while I paid it off in two years. I kid you not, I did not buy anything for two years!!!
I'm still thrifty... but secure!

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You must be killin' it out here!
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You earned 1.000 PIMP for the strong hand.
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I am very glad @silversaver888, it was very fortunate that you got a handle on your credit spending.😇
And now with silver and gold stacking, we can be confident that we are saving "real money"!!😀

I was lucky!!!!

You and me both my friend, they make it very easy to get in debt!!😳🙄

Very well said. Stop borrowing money if you want to quit been in debt is the best

Indeed, my friend!

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I really appreciate this which will really help when abiding to it.

Nice Treasure, SILVER SAVER - @silversaver888.

Yes, i have done. No debt.

Me too!

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My dad didn't teach me much before he passed, but one of the lessons he bestowed was to never be in debt. Or to never have anyone in your debt - said the nights are easier, and the days were shorter. I keep that to this day, and I have to say my mind has been t peace at least on that front. 🙂

Good for you!
Yes, I recall my parents telling me not to get into debt when I was young. It entered one ear, and out the other, hahaha. It was not until I was 37 that I learned to manage my money! Thanks to the Silver Stacking elders of YouTube!

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At least you got there. A lot of people sadly don't. 😅 The journey we each walk is our end, and I believe shapes us into the best person we can be. Dwelling on the past does little in that development.

Here's to 37 good money management years! 😁🍻

Ms. Saver @silversaver888
You know how the FIRST Coins in a New Series usually do well in the Aftermarket. I may have to pickup a few of these myself at APMEX of course..........


Product Details
This bullion Silver coin is part of the the new Cambodia Wildlife series, featuring the iconic wildlife animals native to Cambodia. This 1 oz Silver Coin has a limited mintage of 10,000 coins.

Coin Highlights:

Contains 1 oz of .999 fine Silver.
Limited mintage of 10,000 coins.
First in the Cambodia Wildlife Series.
Coins come in protective capsule.
Obverse: Displays Angkor Wat along with "Kingdom of Cambodia". Also includes the year of issue and legal tender denomination.
Reverse: Features the Clouded Leopard sitting with leaves surrounding. The inscriptions "Clouded Leopard" is above the Leaves and animal. 

I !LUV that they come in Capsules and the Mintage is only 10,000


Ms. Saver @silversaver888



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