If I make more money, will that get me out of debt? Unfortunately, a larger income alone usually won’t get you out of debt. This sounds counter-intuitive at first until we realize that most people don’t go into debt over lack of money. They go into debt because they spend more than they make. For example, there are famous people who made millions of dollars, but filed bankruptcy, anyway. The list includes Mike Tyson (boxer), Donald Trump (entrepreneur), Anna Nicole Smith (model-actress), Ted Nugent (rock star) and Larry King (talk show host) to name a few. Earning more money will not get you out of debt. The real issue is usually bad spending habits. The reason many people have financial problems is because they have bad spending habits. Using a budget and spending plan are great tools that help you develop good spending habits. They work because they prevent you from spending more than you are making.
To learn more about creating a budget, using a spending plan plus lots of money-saving tips, buy my new e-book, How to Create a Budget and Use a Spending Plan. How to Create a Budget and Use a Spending Plan will help solve your money problems.
Note: This is a downloadable e-book, not a book made out of paper.