7 Financial Minimalist Principles To "AVOID" Debt

Here's how I have avoid debt...


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Debt is a big issue that many people face in their lives and many people spend a lot of time trying to figure out how to pay off debt. Debt is basically, "Selling your future for your present." Once a person gets in debt, it is hard to get out of debt. In this video, I discuss "7 Financial Minimalist Principles to Avoid Debt."

1. It’s much easier to do something than undo it

It's much easier to take on debt than get out of debt. It's much easier to max out a credit card or get a car payment than to undo those actions. It's important to think through your decisions before making them because one you do the action, it is much harder to undo it.

2. Keep it simple, stupid

I believe in keeping my finances simple and avoid making things complex. It is impossible to avoid things coming up financially; however, we can minimize the things that can go wrong. If you have a bunch of expensive monthly payments and a bunch of things, there is more that can go wrong and expenses are already high. However, if you have cheaper monthly payments and few things, then there is less that can go wrong.

3. Your burdens must remain your burdens

Debt is basically selling a burden to someone else. Normally, it is in the form of a credit card. Once you sell a burden to someone else, it changes who is in control and gives you less power over your life. And sometimes the burden of the debt can become worse than the original burden.

4. No money must mean more than $0

When someone says, "I have no money," that could mean a lot of different things. For many people, "no money" means when all of their credit cards are maxed out and they're in debt. And that is the point where they start making changes in their finances; however, it is too late at the point. It's important to change your financial habits before you reach $0.

5. Know Thyself

When it comes to finances, it's important to know your strengths and weaknesses, and to not put temptations in front of you that you can't handle. We all have things that we don't like about ourselves that we want to change, but it is just who we are. It is important to know yourself and not put temptations in front of you that you can't handle.

6. Practice patience

I believe that the key to achieving anything in life is "patience." Most of the time, we go in debt over things that could wait. We want things quickly, so we take on debt to get it sooner. When you practice patience, you can avoid debt and you might get more appreciation once you get the item.

7. Stop pointing fingers because Superman ain’t comin’

When it comes to personal finances and money, we love to point fingers and say, "That's why I'm having problems." Then, we hope that Superman will come down and save the day; however, personal finances is about personal responsibilities. It's world is crazy and the world will always be crazy. It's important to be your own superman and take change because help isn't on the way.

*None of this is meant to be construed as financial advice, it's for entertainment purposes only. Austin Williams does not guarantee any specific outcome or profit. Some links above include affiliate links to which Austin Williams will receive compensation at not cost to you.*