Overview

This essay sheds light the top strategies for how to get out of debt without filing for bankruptcy and elucidates why it is incumbent to get out of debt quickly. Moreover, how debt can devastate your future is delineated in this essay. In the digital era, discharging your debts is more viable than ever before since there are a myriad of disparate ways to generate income. Being indebted can be debilitating and detrimental to your finances, health, relationships, standard of living, and well-being since the consequential effects can be eminently calamitous. By being indebted, you essentially mortgage away your future since the interest on debt accrues into the principal each and everyday which further undermines your negative net worth and renders it more arduous to get out of debt. Fortunately, strategies can be executed to alleviate debt burdens without filing for bankruptcy. The first strategy for discharging your debts involves liquidating your assets by selling anything you possess that you do not absolutely need that has market value or resale value. This entails selling your equities, index funds, mutual funds, or other investments you might possess and subsequently utilizing proceeds towards paying off your debt. Moreover, this also involves selling furniture, electronics, toys, antiques, collectible items, and other items you can afford to part with via eBay, OfferUp, Amazon, or Facebook Marketplace. The sales revenue can be earmarked towards further whittling down your debt. It can be incumbent to sell items that do not generate income, cost money to store, and that can be expensive to maintain, especially if their second hand market values are preordained to further plunge overtime. By having far less material possession, you not only downsize your life, but also get accustomed to coping with far less than you presumed you needed. The second strategy for discharging your debts involves embracing minimalism and correspondingly minimizing spending by only buying what you absolutely need. The avowed minimalist undergoes extreme measures to protect and grow their wealth. In other words, they will attempt to cut costs in all areas of their life, such as by living with their parents to circumvent paying rent or sharing a car. They scarcely buy material possessions and only purchase the items they absolutely need. Whenever they buy items, they typically almost always buy them used from the second hand market and have a proclivity to always haggle down the seller's asking price as much possible. Minimalists abstain from eating out at restaurants, taking vacations, paying for subscription based services, and even desist from partaking in activities that cost money to pursue, such as joining a sports league. Minimalists shop with coupons, cook at home, indulge in accessing free entertainment, visit the library to read books, do not squander money on cable, and remain adherent to following a stringent budget. Embracing minimalism will allow you to free up your income by cutting as many unnecessary expenses out of your life as viably possible. These savings can then be allocated towards further truncating your debt. Minimalists make extreme sacrifices to safeguard their wealth and know how to cope with having far less possessions and amenities than most. Minimalists make do without all the amenities and can cope without experiencing the accoutrements of the high life. The third strategy for paying off your debt involves earmarking all your spare time towards profusely pursuing entrepreneur endeavors in order to create as many income generating assets as possible to grow your niche brand. Creating income generating assets to bolster your wealth and brand growth can be in the forms of monetizable videos, informative articles, educational podcasts, insightful ebooks, and automated online courses. Moreover, as content creators, individuals that have attained extreme fame leverage can generate revenue from monthly Patreon donations.

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