A lot of people in the USA have been consumed by the reality of debt that they have reduced their dreams from being successful to just getting out of debt.
This is not an impossible dream. You can unbury yourself from the piles of debt that you are in.
And if you are successful enough to get out of debt, here are the first things to do:
- Create an emergency fund. Make no mistake. Emergencies can happen, and you should be prepared. You should build a financial stronghold around you and the people you love by building a huge emergency fund. This way, you can avoid using your credit cards again.
- Prepare for retirement. Bulk up your retirement funds. Invest on retirement accounts to prepare for your golden age. Meet with a financial planner to help you out with it.
- Think about your next career move. Maybe you are working on a job you don’t like because you just have to pay your debts. Now that you’re out, think about your passion, what you really want. Maybe you want to go back to school, pursue your dream job, or start your own business.
- Make wise financial decisions. Set up a new budget that could make you more money.
- Have fun. Enjoy your freedom. You probably look like the guy from Shawshank Redemption spreading his arms under the rain after getting free from prison. This does not mean you have to splurge on things you want. Spend enough to have fun, but still have enough savings for the future.