You cannot spend your way to wealth, unless it’s a debt elimination plan. If there was a magic pill to getting rich, you would think that more people would be taking it, but that simply isn’t the truth. The truth is that most people have and hold very high moral values and want to fulfill on their obligations in life. The “magic pill” is sheer determination, hard work and time to live debt free and build wealth. I know a few millionaires, and I know what financial sacrifices they have made to grow financially. One friend lives in a house that is fully paid for because he worked two jobs, never refinanced the house and stayed focused long enough to pay it off early and he’s not even 50 years old. Another started his retirement plan at age 19. He’s over 40 now and has amassed more than the average retirement account, and then some. So don’t tell me that it can’t be done.
If you want something bad enough, you will have it. Every time I look at a potential client’s financial picture, I am evaluating their options. Do they have enough income to repay some or all of their debts? If so, will they be able to obtain freedom from debt within say, five years?
These are important questions because I can help clients with their long term debt problems under Chapter 13 bankruptcy protection with a court ordered payment plan. A debt repayment bankruptcy fulfills on the moral need to repay the debt and provides a controlled environment where the client makes payments they can afford, while living within a manageable budget. We solve income tax problems, student loan debt problems, mortgage problems and can even support them in saving for retirement. Essentially, we reorganize their financial house to regain control and begin to create a future again.