Many people today are living with debt, and if asked how they plan on getting rid of it, they’d likely reply:
“I just need to increase my income, and then I’ll be able to pay it off”.
But what if I told you that this isn’t necessarily the correct answer? I’ll explain my reasoning in today’s post.
Let’s begin.
Drowning In Debt
Allow me to illustrate my point by posing this question to you.
If someone is drowning under water what do they need? Logical responses to this question would include :
- Air
- Help
- A boat
Yes, any of the above answers would be correct.
But do you know what they don’t need?
More water.
Imagine that you’re drowning in a swimming pool and gasping for air. As you’re sinking beneath the surface of the water you see your friend running towards the pool.
In his hands you notice he has something with him. In your frantic state, it’s hard to make out what the object is, but it appears to be something large.
As you seem to be going down for the last time, and hope seems lost, you finally make out what the item is.
A 5 gallon bucket. Your friend has come to the pool with a bucket full of more water in an attempt to “help you”.
As silly as this scenario sounds, this is the way that most people try to get out of debt.
Learn To Swim
The way to prevent yourself from drowning is to learn how to swim. Learn how to manage that thing that proves dangerous to others.
In other words, learn proper money management.
Money in and of itself isn’t a bad thing. But if you don’t know how to manage it, it brings dire consequences.
No self-respecting parent would throw their kid in a pool and just expect them to be able to swim.
On the contrary, they would put them in swimming lessons with a certified instructor, and have them learn until they got their technique down.
Likewise, you should equip yourself to manage money by learning. Download apps, watch YouTube videos, subscribe to this blog, and learn all you can about money.
- Create a budget
- Learn investment terms
- Take advantage of the benefits from your job
- Etc.
“Rather than focusing only on increasing your income, learn how to manage the money you currently have”.
Conclusion
More water given to a person who clearly cannot swim is a recipe for disaster.
Likewise a increase in income given to a person with bad money habits will only lead to more problems.
Take the time to learn how to put your army of dollars to the best use. Pay off debt, save for emergencies, and automate any bills that you can.
Until next time, yall have a good one.
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