There’s a huge difference between good debt and bad debt. Good debt is when you borrow money from the bank and invest it into an asset that puts money in your pocket from day one. Bad debt is when you borrow money from the bank, typically a credit card and it takes money away from you.
Most people rack up huge credit card debts because they are simply not disciplined to save and stick to cash expenses. I once had that problem where I was in so much credit card debt it just screwed me over for years. However, with much pain and discipline, I was able to pay off my credit card and since then, made the habit to paying off my credit card off before the month ends.
Below are some great quotes in getting out of debt. I hope it helps you if you’re struggling.
‘The safest way to double your money is to fold it over and put it in your pocket.’ —Kin Hubbard
‘Budgeting has only one rule: Do not go over budget.’—Leslie Tayne
‘Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest.’ —Dave Ramsey
‘Never spend your money before you have it.’ —Thomas Jefferson
We are lending money we don’t have to kids who can’t pay it back to train them for jobs that no longer exist. That’s nuts.
~ Mike Rowe, Dirty Jobs
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
~ Warren Buffett
Money is usually attracted, not pursued.
~ Jim Rohn
So you think that money is the root of all evil. Have you ever asked what is the root of all money?
~ Ayn Rand
Formal education will make you a living; self-education will make you a fortune.
~ Jim Rohn
Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.
~ Franklin D. Roosevelt
To acquire money requires valor, to keep money requires prudence, and to spend money well is an art.
~ Berthold Auerbach
“Don’t buy things you can’t afford with money you don’t have to impress people you don’t like.”
“The wicked borrows but does not pay back, but the righteous is generous and gives.”
“Pretending to be rich can make you poor. Learn to live within your means.”
“It’s not your salary that makes you rich, it’s your spending habits.”
“Success is not final, failure is not fatal: it is the courage to continue that counts.” Winston Churchill
“It is only through labour and painful effort, by grim energy and resolute courage; that we move on to better things.” Theodore Roosevelt
“Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.” Ogden Nash
“The man who never has money enough to pay his debts has too much of something else.” James Lendall Basford
“The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem.” Suze Orman