Set your Goals on Debt Management
They say that the best and most successful people in the world have goals. And not only that, those who write down their goals are even more successful. You find this in almost any personality development book in any bookstore out there. Winners in life always have a plan. And while not many plan to fail, a lot of people fail to plan. And of course, one must always execute the plan. And I believe this separates those that succeed and those who don’t.
In everything you want to be good at, you need to have a comparison. A person who wants to be good in kung fu compares himself to a kung fu master. There is a need to have a something which you can compare you performance against. Companies have key performance indicators. They measure themselves against targets and check to see if they are on track. Then if the need arises, they adjust what they have to and do things differently. Then the process repeats itself. They monitor performance again. Analyze to see what’s wrong and then modify their approach to things. And on and on, this cycle repeats itself. And always in mind, they want to do things better. This comes from a Japanese term “kaizen” which means continuous improvement.
Why shouldn’t a person who wants to be out of debt practice the same thing? It makes a lot of sense to do so. And the most important one is that it works.
Write down all your outstanding debts. And for each write down goals and objectives on how to manage each one. Write down all your options from doing it on your own to getting help from debt management experts. What should you adjust in your budget? Check the benefits as well as the disadvantages. See of one outweighs the other. Writing things down makes it easier for you to see your options. Then after deciding on which option to take, make a time definite target. An example will be to pay off debt in 6 months. Make sure that this will be realistic. Then execute the plan. Monitor yourself and see if you’re on track. If you’re not, go back to what you’ve written and check what you can do better. Would it have been better to slash your clubbing expenses than your hobbies? Can you make money out of your hobby and use it to pay your debts? Then try that out and monitor your improvements. Go through your list. The important thing is seeing the impact of what you are doing. This will help you decide on what to do next. A plan also helps you adjust faster when something unexpected comes up. You will have some options ready since you have been thinking about how to do things. And if you were a good planner, you might have a contingency action planned against a particular scenario.
I’m not sure where I heard this but it said that one may not be able to control the wind, but he can adjust the sails.
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