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A budget is really important. In fact some of the gurus did mentioned a good budget can solve debt. A good budget is spend wisely and don't spend for things that you don't want. The most important in good budget is your principle and attitude in spending.
Too Much Debt- Reject Passivity
Passivity is the mind-set that things will somehow take care of themselves. It's the thinking that somehow if you keep on doing what you are doing, you will get different results. How's that working out for you so far? Things don't magically change for the better. A lottery ticket purchase does not translate to actively fixing your debt problem. You must actively reject passivity. Reject the notion that you are so far in debt that you need to live as long as Moses to get out of debt. That is a weak mind-set which focuses on the past and not on the future. So reject passivity and get your "you-know-what" off the couch.
Accept Responsibility
Take a quick look at your debt. Don't look at the reason(s), just look at the amount. Now accept the responsibility that you either were fully responsible, partly responsible or not responsible at all. But NOW YOU ARE RESPONSIBLE for paying it off. So stop complaining and pointing fingers. Take responsibility and create a plan to get out of debt.
Lead Courageously
This is taking the bull by the horns with a plan in hand with two purposes:
Don't get into any more debt.
Get rid of the debt you have.
Leading means involving others. By that I mean let other close friends know of your plan and keep them routinely apprised of your status. Ask for help if you need it.
We don't own it all. Another concept that gets tossed under the rug is the notion that we don't own anything really. A reporter asked the wife of the late Mr. E. "How much money did Mr. E Leave?" She responded: "All of it!"
We cannot take it with us. The best we can do is bequeath it to our family, friends or some well-meaning organization. But the question you must wrestle with is: who owns it if I don't. And if I don't own it, how should I be handling all this debt I have accumulated?
Consider taking the posture that you are only the manager of what you have and not the owner. If you are a manager and have to give account for what you have done, then you will treat what you have with more respect.
Below are the summary:
Reject Passivity- Get off the couch
Accept Responsibility- Don't point fingers
Lead Courageously- Make it happen
Invest "Timelessly"- You can't take your money with you when you die.
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