If you’ve hit rock bottom financially your thoughts will most likely turn to find ways to get quick cash. But when stressed with mounting bills, creditors’ calls, and a continual sinking feeling you may not make the wisest choices on how to stem the tide of debt. Life’s troubles naturally ebb and flow, so if you’re in a down spot – no matter how dire it seems – there are some things you should really think twice about before doing. Here are a few…
DON’T:
Sell or Pawn Things You Love
No matter what the item, from your grandma’s furniture to that cheesy beer lamp that makes you smile, do not get rid of the things you really love unless it’s a life or death situation. That doesn’t mean you should avoid streamlining your life and simplifying. But it does mean that pawning or selling something that has great sentimental value will most likely never get you as much money as the item is worth, or that you need. Plus once the tide turns in your favor you will greatly miss those things that resonate with you. Before ever thinking of selling family heirlooms or the like first consider getting a part-time job or reeling in some of the other expenses you incur.
DON’T:
Keep Borrowing Money
Being in debt can be a very slippery slope that soon sinks you into a very dark hole. In addition to the psychological turmoil, it causes it’s also just plain bad business because of exorbitant fees and interest rates. It’s especially bad news when one borrows from one source to then pay toward another (unless you are consolidating a loan and possibly getting a better rate on paying back on it all). Stop the cycle of borrowing and instead find ways to limit expenses and make more money. It’s like a financial diet where you eat more wisely and work out more the decision to stop the cycle of borrowing money is crucial if you hope to free yourself from debt.
DON’T:
Resort to Stealing
You may think that this is a given, but when people are strapped for cash they sometimes do crazy, desperate things. No matter how bad things get do not compound your problems by taking things that don’t belong to you. And yes that includes supplies from your place of business. The adversity of any kind will show you what you’re made of so don’t squander this opportunity to take the high road, because when things eventually lookup (and they will) you can look back and be proud of keeping your integrity intact.
DON’T:
Keep Living Large
When you find that you just can’t make the bills in a consistent and timely manner then you know your life needs to change. Is your paycheck spent before you’ve even received it? Do you continue to charge dinners and nights out on the town, even when your bills aren’t getting paid? If so, you need to stop and take a candid look at your spending habits.
Remember that life is like a series of waves, where you’ll experience numerous peaks and dips over time; it’s the natural order of things. And while you can work to safeguard yourself from future financial troubles try not to add to your problems by doing things you’ll regret down the road.
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