[COLUMN] Get out of debt to build real wealth

Don’t let this happen to you!

A client of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The “pre-approved” credit cards just kept coming in the mail and he never said NO to any of them. Buy now and pay later, why not? As long as they allow you to pay in installments, just charge it.  Easy peasy.

When the time came that he was able to save a little bit of money for a down payment on a house, he purchased the biggest house he could buy because the bank gave him an “interest only” loan for 5 years. Of course, he also had to buy a nice car to go with the house- it looked great in his driveway. He thought he was living the “American Dream”.

Everything seemed OK until one day my client lost his job of 15 years.  He thought he “owned” everything he had until he found himself scrambling just to keep from losing it all.  That’s when reality hit him like a ton of bricks- He realized that in reality he owned NOTHING and that the banks actually owned EVERYTHING. The moment he could no longer pay, they took everything away.

Don’t get me wrong. There is nothing wrong with buying a house and the toys that go with it if that’s what makes you happy. Just make sure that by doing so, you are not living beyond your means or otherwise there’s a good chance you’ll end up losing it all or in bankruptcy court. Everything you want in life comes with a price. And when you are borrowing money to purchase and the bank takes a security interest in what you are buying, you don’t own it until the loan is paid off.

Have you become a prisoner of debt?  You see, as long as you owe people money, they actually own you- until you pay your debt. A lot of people who come to me for help tell me that they just want to live a better life and build wealth so they can be financially free one day.  But see, it is impossible to save any money when you have excessive debt hanging over your head.

A government study shows that 95% of the population will actually never achieve financial independence. That’s almost everybody! Yes, 95% of all the people in this country, at the age of 65, will end up depending on the government, charity or their families or they just need to keep working until the day they die!!!  Can you believe that?  Is this the kind of life you want to live? I was completely bothered when I read that.

I know how stressful life can be when you are in debt.  For the last 23 years, I have counseled thousands and thousands of people whose lives have been wrecked by debt problems. If you are currently in debt and have been honest with yourself, don’t be afraid of taking a reality check and seeing exactly where you are at the current moment.

Face the cold hard facts now and figure out a way to get out of debt- the sooner, the better. Some people may find that they have no other way out but to file bankruptcy and start over.  Some may find that bankruptcy is not necessary and other options are available. Before you can build up personal wealth, you must eliminate all the debts that are hindering you from planning for the future.

For a free consultation, call Toll-Free 1-866-477-7772. Let me evaluate your situation and recommend possible options.

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NOTE: Due to the pandemic, consultations via phone or video are available. Please call the office at 866-477-7772 to schedule your appointment with me. Questions? Email me at [email protected].

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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 5,000 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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