Asian Journal- The Filipino-American Community Newspaper

DO YOU want to simplify your life, reduce stress and regain control over your financial future? If you are one of the millions of people in this country who are drowning in debt, maybe you are feeling a sense of urgency and desperation about your situation but don’t know what to do.

Someone said that we are living in a society afflicted with "affluenza"- defined as a "painful, contagious, socially transmitted condition of overload, debt, anxiety and waste resulting from the relentless pursuit for more". Perhaps you recognize the symptoms. Today, our worth is defined by the financial success we achieve and the material possessions we accumulate. Our pursuit of the "American Dream" has caused an epidemic of stress, overwork and excessive indebtedness, in my opinion. We want big houses, expensive cars, big screen TV’s and all the latest toys and gadgets, hoping that having all these things will make us happier. The media, of course, constantly bombards us 24/7 with advertising messages reinforcing this idea.

Simplifying your life can be a simple process but it will take some discipline. First, you need to stop living beyond your means. Cut up your credit cards and don’t sign up for new ones no matter how tempting it may be. Next, you need to learn how to distinguish between "needs" and "wants". You may want a big house but maybe it’s not what you need because you can’t afford the mortgage payments. Not because "everyone’s doing it" means that you also need to jump on the bandwagon and do what everyone is doing.

As I wrote in my article last week, did you know that 95 percent of the population will never achieve financial independence? That’s right! According to statistics, only 5 percent of the population will make it so if you are doing what 95 percent of the people are doing, you will end up exactly where they will end up. So being financially free requires that you have a different mindset and that you go against the so-called "crowd mentality".

If you find yourself working harder and harder, earning more money but falling further behind, you are probably frustrated and wondering what you’re doing wrong. What you need to do is to stop and examine your lifestyle. If you let your lifestyle control you, you will never get ahead no matter how much you make. I am speaking from experience as a bankruptcy attorney. Over the last 10 years, in counseling thousands and thousands of people seriously in debt, I have seen how the lack of self-discipline has destroyed people’s lives.

In Proverbs 13:7, the Bible says: "One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth." Remember that the only things that you truly own are the things that you have already paid for, not the things that you have purchased on credit. You can fool yourself and pretend to be rich but true wealth is what you have in your savings account, not the money you are forced to borrow just to sustain a lifestyle you can’t afford. If the above speaks to you, you know exactly what I’m talking about.

If you are in debt and need to find out what your legal options are, please call toll free (866) 477-7772. We have offices in Glendale, Cerritos and West Covina.

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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped over 4,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1-866-477-7772.

( www.asianjournal.com )

( Published on July 22, 2009 in Asian Journal Los Angeles p. B3 )