The Secrets to Becoming Debt Free By Angeline Ng Mei Lin

The journey towards financial freedom is deemed to be a life long journey that many gave up due to the frustrations encountered along the way. How do we increase our chances of success?

Followings are the secrets of increasing our chances of achieving financial freedom:

* Mindset is an integral part of wealth building. We need perseverance and discipline towards our goal. The believe that we deserve to be rich is major driver towards our objective. We must have faith so that we will be able to think creatively and out of the box. Taking responsibility for our action will weed out any desire to procrastinate over our task. Having a positive mental frames will reduce the chances of deviating from our goal.
* Knowledge opens windows of opportunities. Wealth loves knowledge. Being a knowledgeable person and to be able to act upon the knowledge, greatly enhances the process for wealth building. The curiosity of how to generate money should the main agenda of our life.
* F.Q.- Financial Quotient is what set each and everyone of us apart. The delayed gratification will certainly put help us to overcome our impulsive act of spending our income. One should not overlook the power of compounding variable.
* Being able to take a certain amount of calculated risk is the mark of a rich person. Investment knowledge will certainly accelerate the income growth exponentially. Investment can be in a form of tangible and intangible product . Example: property or stocks.
* Understanding the concept of passive income is vital to the wealth building process due to the limited amount of time that we have. It is a financial tool for leverage hence we do not trade our time for money.
* Having multiple sources of income will definitely accelerate our objective.
* To manage the current debts, we need to consolidate our debts into a main account. By consolidating our debts, we should opt for the financial institution that offers the lowest interest repayment.
* Debt traps exists at every corners that we turn. We should take the extra precaution to identify the debt traps so that we would be able to differentiate between a basic need and a want. 80% of the time we ended buying things that we already owned.

We should always embrace change. Having the right mental attitude will make our journey towards debt free an easy task.

For further information, visit us at: How To Generate Money
http://howtogeneratemoney.blogspot.com

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Angeline Ng Mei Lin - EzineArticles Expert Author