What to do when debt overwhelms you.

Wow!

I've been getting tons of messages from people that are frustrated with their current financial situations. I know how stressful it can be (having lived through 2 bankruptcies during my life, plus other challenges), so I thought I'd share more thoughts on money, economic survival and how to get through it all.

Here's the message (unedited) from Rena:

“am financially down at ds moment and dont know wer to go and wat do..am full of debts an still recovering..not really my debts but my frens who ask for my help but as my name was the loaner or the guarantor then am the one oblige to pay..and my frens are nowhere to be found and others always saying they are also hard up this time… until ds moment am always short of budget…even our daily needs was affected..hw can you help me to elevate my finances and living..thank and God bless”

My response:

Hey, Rena:

Thanks for your email. So sorry to hear about your troubles.

So…first of all, you probably already learned that taking care of others before you take care of yourself isn't such a good idea. In fact, when you're on an airplane, they instruct you to put on YOUR oxygen mask before assisting others.

Yes, it's a hard lesson to learn when you want to help those you love, but it's critical for you.

Next…how do you create more money when you're short of cash and feeling overwhelmed?

That's a challenge that I think we've all had at one time or another in our lives. Typically it comes down to 2 possible solutions:

1. Reduce your expenses.

or

2.. Increase your income.

Smart people do both.

If you've got bad habits (such as smoking or drinking), cut them out completely. Smoking is a disgusting, life threatening addiction that doesn't mess up your health, it also drains your pocket of cash. Drinking is optional too. You may need to cut out entertainment and eating out for a while.

Some people downsize their living arrangements (for a while, after the economic crash many years ago, I lived on my Mom's couch for a few months).

These area all things you can do cut your costs. They're not fun, but they're necessary for you now.

Let's say you've done all the cost-cutting you can do now.

How do you increase your income?

Well, first, start with setting specific, tangible goals (that's why we've included The 100 Day Challenge as a bonus for iBoostify™ Society members).When you set a solid, definite goal, weird things happen. Opportunities will seem to show up out of nowhere.

I can't explain it…but DO miracles magically happen…it's like God is conspiring to help good things come to you.

That said, you must take action. Whether you take a short-term 2nd job, ask for (and get) a pay raise, start your own small business or something else, nothing happens unless you get clear on what you want, and then take ACTION.

Want specifics on how to make more money? There are plenty of “make money now” strategies out there. You only need to google it or search through YouTube, so I won't get into that here.

Heck–you could even share The iBoostify™ Society with your friends or groups you're a member of and earn a referral fee when they join (but I think there are better, more profitable ways for you to make money).

I'll close with this final thought…

The best way to get out of a mess is to start with your mindset. Believe in yourself. You got yourself into this situation and you CAN get yourself out of it.

Yes–go back to your friends and get them to start to help YOU and return what they borrowed from you.

Change who you hang out with. Connect with people that have the right attitude about life…and the people that are building better lives for themselves and their families.

That's one of the best ways to get your head straight and get back on track…then you can get stabliized…and from there, the sky is the limit!

I hope that helps, Rena. You can do this!

You can learn more about The iBoostify™ Society (and our special Charter Membership offer) here.

Photo by Ehud Neuhaus on Unsplash