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Backyard EntrepreneurTM Debtor Neither a borrower nor a lender be -- William Shakespeare
Get out of debt, protect your credit, make a budget, and save your money. Most likely you'll owe someone money most of your life. It may just be a credit card debt you pay off in 30 days or a home mortgage loan you pay off in 30 years. It may be a large business loan. What all must aim for is a managable debt and one that was absolutely necessary in the first place. Get Out of Debt Get out of debt and stay that way. Get rid of your credit cards. Keep one for emergencies and to use to establish credit -- if and only if you can pay it off at the end of each month. Pay cash for everything. If you don't have the cash, you cannot afford it anyway. Concentrate on saving your money and building a nest egg. See our page Wishing Well Investor for more ideas. Shop garage sales for all of your needs. Forget Wall-Mart, garage sales are cheaper and more interestging. You have to shop every weekend and have patience. You will find wonderful items and bargins. Save Your Money Get a job and walk to work until you save $3,000 for a clunker of a car that may look bad, but runs well. Then start saving for your next car. Don't make someone else rich paying them interest. Some used car lots will make you a really good deal if you have the cash. In business, you will have to borrow money to expand. Make certain that you do not bite off more than you can chew. Have money saved up to live on for a year or so if beginning a new venture. Better yet, start that venture while still employed. Protect Your Credit To get a loan, you have to have good credit so protect your credit. The national debt is staggering as is personal consumer debt. Make a Budget Live debt free. Get your ducks in a row. Get a budget. Give 10% of your paycheque to charity. Invest another 10% for your retirement -- this is for long-term use and not to be touched. See our investment page for more ideas. Save 10% for emergencies. Spend the rest wisely. © Backyard EntrepreneurTM 2007 Link to us. Contact us if you wish your site listed here as a resource in living debt free. Here are some ideas to help you get started. Links Books Get Your Credit Report
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