I have posted a post called Formula To Be Financial Free and Formula To Be Financial Free Part 2 : Budget and this is the part 3 of the series called Controling Your Debt.

Formula To Be Financial Freedom : Achieve Financial Freedom = Budget + Control Your Debt + Invest

Before we start, let us think about a question? Is financial free equals to debt free? There are a lot of misunderstand here but I can tell you, from what I observe from those rich(most of them is my customer), Rich people or financial free people still have debt.

Then what is the different between a normal people like me and you with those rich and financial free? The answer is the way they control their debt. Because the rich know how to handle the debt, so they become RICH!

Initially, I want to use put a title for this post as Formula To Be Financial Free Part 3 : Break Down Your Debt. However I decide to change it as I want to talk about how to control our debt. Ok, back to the point, to financial free, you must know how to handle and control your debts.

The main purpose to control your debt is
1. Don’t let it ruin your life
2. Have a stress less life, so you will have more concentration on making money!
3. Leverage on debt to help you achieve financial freedom
PS: Above is just the main point, but you can add more if you come across any benefits of control your debt. You may share it with me!\

Below is some questions that you must ask yourself so you can know your condition and you better:
1. Since you are in debt, you must know how deep you are? Is it dangerous? Will it damage your life?
2. Ask yourself “How Did I get here?”?Bad Money Management? Too depend on Credit Card?
3. What can you do to control the debt? Meet a financial Expert? Get a book and learn about it?

I know there are a lot of thing to learn and do to control our debts. However, in my opinion, the most important thing is YOUR DETERMINATION! Is your determination is high enough to take action? You only can control your debt after you take action but not thinking, discussing or talking.

Here is the link to Part 1 and Part 2 of this series.

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