How to Be Debt Free

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How to Become Debt Free....5

It's difficult to be debt free and to acquire assets at the same time, but it's important to only acquire good debt when working towards a goal of being free of debt. Find out how to get rid of a mortgage early by making extra payments with help from a registered financial consultant in this free video on credit and personal finance.

Part of the Video Series: Credit & Personal Finance
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Video Transcript

Financial adviser Patrick Munro talking about how to be debt free. Basically being debt free is a goal that all individuals want to aspire to towards the latter part of the retired life. The goal is though to acquire assets you must often times acquire debt as well. It can be responsible with the acquisition of debt and you want to make sure that you acquire good debt as opposed to bad debt and then set on a program to retire that debt down to 0 therefore being debt free. When an individual starts off they have their student loans and it is important to work with a financial adviser to help minimize those student loans. An automobile has four wheels, it will get you down the road just as much as a fancy one. Make sure that you be mindful that you don't spent your money on your automobile and keep it for a long period of time, pay it off and then you will have excess cash to do that as well. You can also retire your mortgage by paying extra payments, going forward and if you do all of these things in the end the net result will mean that you will be debt free and that of course equates to peace of mind going forward because all the money that comes into your life at that point through a pension, IRA distribution, because you were able to save your dollars, then allows you to go forward in life and travel and take advantage of other pursuits whereby you don't have to take care of paying bills per se. This is financial adviser, Patrick Munro talking about how to be debt free.


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