[COLUMN] Don’t let excessive debt ruin your financial future

ARE you worried about your future due to having too much debt?

You’ve probably heard the saying, “The failure to plan is a plan to fail”.  And yet so many of us don’t realize how we so easily neglect to plan for our financial future.

Ask a few people you know what kind of financial planning they have done for the next 5 to 10 years and you’ll be amazed at the responses you will get.  “Oh, I can’t worry about that right now.  I have enough problems dealing with my current financial situation, let alone think about what my life would be 5-10 years from now.” Or maybe you’ll get something like, “I’ll start saving for the future at the right time.  I just can’t start doing that right now.” And then, of course, “the right time” never comes.  Before you know it, years have gone by, and no preparation has been done.

I think that the reason this happens is exactly what most people will tell you. If you are so wrapped up in your own financial struggle at the moment, you’ve got blinders on that stop you from seeing anything else but your present situation.

According to Maslow, man’s primary need is the need to survive. So long as you’re in survival mode, the only thing in your mind is the goal to work as hard and as many hours as you can so that you can make enough to make ends. And because your ability to survive depends on your ability to produce income that will sustain your needs, you become very vulnerable to anything that threatens that security.  Instead of being on the offensive, you are always on the defensive.

Have you ever watched a boxer in the ring with a good defense but has nothing else, no offensive strategy, no counterpunching ability? That means you may always be able to block the punches that life throws at you, but you’ll never win the fight. The moment you let your guard down, you’d be down for the count.  And it can happen in a split-second.

What you need to do is to get out of “survival mode” so that you can start taking control of your own future. No one else is looking out for you. Remember, people who succeed in their financial goals are those who make things happen, not those who wait for things to happen.

Once in a while you have to ask yourself the following questions:  Have you set financial goals for yourself and your family for the next 5-10 years? What kind of lifestyle would you like to have then? Where would you like to live? What school would you like to send your children to?  How much do you need to have in your bank account before you can start feeling a bit secure?  Only you can provide answers to these questions.

If you are currently in “survival mode” and want to get out, do you have an exit plan that can get you back on track? Or are you just rolling the dice on your financial future hoping that “things will change somehow, sometime” for the better? Don’t leave something as important as your future to chance. You need to have a definite plan, a detailed map of where you want to go. See, that “lucky break” you’ve been waiting for may never come. It is time to take matters in your own hands.  Earl Nightingale once said that “Luck is where preparedness meets opportunity”. Now, it’s your move.

If you have serious debt problems, perhaps you need to find out what you can do legally to wipe the slate clean and start over. Remember, our federal bankruptcy laws allow you to either eliminate or consolidate your bills when debts become unmanageable.And while bankruptcy is not the solution to every problem and should only be resorted to when necessary, it has allowed millions of people regain control of their finances and change their lives for the better. For a free attorney consultation, call Toll-Free 1-866-477-7772.

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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 6,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call RJB Law Offices at TOLL FREE  1-866-477-7772.

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