Multi-Millionaires Lessons and their Application to Get Out of Debt

Research indicates that there are 4 primary ways to become a multi-millionaire: Saver-Investors, Corporate Climbers, Virtuosos, and Dreamers. The Saver-Investor is by far the easiest path and if you start very early you are almost guaranteed to build a significant net worth. The only requirements are living within your means by saveing 20% or more of your income by living off of 80% or less of your income, and consistently and prudently invest your savings.

To get out of debt you must/should make the most of every dollar; get a side hustle; track spending; use the power of extra payments; consider consolidation and settlements. Building a budget is critical to any financial plan, but especially so when you’re paying off debt. A budget is an easy way to get organized at the start of debt repayment, becuase it helps you track your income and expenses.