Writing down goals makes them 42% more likely to be achieved.
6 benefits of writing down your debt:
6 benefits of writing down your debt:
1. You see the whole picture
Think of a hiker's perspective versus someone flying above the forest.
The hiker can only see a few steps ahead, but the person flying over the forest can see the whole picture , and the path becomes clear.
Think of a hiker's perspective versus someone flying above the forest.
The hiker can only see a few steps ahead, but the person flying over the forest can see the whole picture , and the path becomes clear.
2. You make better decisions
When you see the whole picture, you have more information.
When you have more information, your decisions have a bigger impact.
For example, when you know all your debts, you can choose which account to pay off first.
When you see the whole picture, you have more information.
When you have more information, your decisions have a bigger impact.
For example, when you know all your debts, you can choose which account to pay off first.
3. You get more motivated
When you see all your debts together, you may be:
- angry
- relieved
- surprised
These emotional reactions lead to actions that get results.
When you see all your debts together, you may be:
- angry
- relieved
- surprised
These emotional reactions lead to actions that get results.
4. You create educated goals
The more you know, the better you can plan.
When you understand how much you are paying in interest and minimum payments, you have the ability to create a realistic timeline for when you will be debt-free.
The more you know, the better you can plan.
When you understand how much you are paying in interest and minimum payments, you have the ability to create a realistic timeline for when you will be debt-free.
5. You create a strategy
There are two common approaches to paying off debt:
The Debt Snowball
- start with the smallest debt first
The Debt Avalanche
- start with the highest interest debt first
There are two common approaches to paying off debt:
The Debt Snowball
- start with the smallest debt first
The Debt Avalanche
- start with the highest interest debt first
6. You see how much you could invest
When you see how much you are paying in monthly payments on your debt, you realize how much you could be investing if you didn't have this debt.
For me, this was huge.
I realized my debt was stealing my future paychecks.
When you see how much you are paying in monthly payments on your debt, you realize how much you could be investing if you didn't have this debt.
For me, this was huge.
I realized my debt was stealing my future paychecks.
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1. Follow me @iamcoriarnold for more of these
2. Share or RT the first tweet to share this thread with your audience
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