Why you get into debt
Why you get into debt
This happens to be a pertinent question proving obstinate to be answered all over the globe. A man wrote "at the beginning of a year, give $10000 to a rich man and a poor man, and at the end of the year, make analysis of their profit and losses, and who in turn get rich, at the end of the test, the observation made were that the rich became richer and the poor got poorer. Why is this happening?
One answer to this question is the fact that so many people spend more than they earn, take for example, a student who earns #20000 as pocket money for the month, but at the end of the month after he had made analysis of his income and expenditure, he observed he has spent #25000, and that infers that he is in #5000 debt, quite lugubrious to hear
The essence of this paragraph is that if you spend more than you earn, you will fall into debt.
There is what we call assets and liabilities, assets bring money into your pocket, while liabilities take money form your pocket.
According to Robert T kiyosaki,
A poor man has equal income, equal expense, small asset, large liability
A rich man has large income, low expense, large asset, small liability
It is ideal that one procure more of assets to get rich.
An ideal approach to tear down the mountain of debt is to embrace savings, on a bank account, save at least 10% of monthly income, as of the#200000 earlier, save #2000, after paying tithe.
Never forget the law of the bible as regards giving "give and it shall be given unto you", give unto as many as come your way, if you tighten your hand, there is no way you can receive new ones, but if you give, I bet you the door of blessing will be opened to you then, and you will escape from debt totally.
Try the income/expenditure analysis, for as many money you collect form someone, it is your income and as many money you spend, it is your expense, calculate them to see if you are at loss or gain, know that when income=expense, profit =0, income expense, profit= gain-embrace this, practice now and you are free from debt
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