Legendary investor Warren Buffet once said he has seen more people fail because of liquor and leverage (borrowed money).
Way back in 1991, Buffet said “I’ve never borrowed a significant amount of money in my life. Never. Never will. I’ve got no interest in it.”
If you are heavily burdened by loans and don't know how to become debt-free, here are some strategies to help you do it fast.
As per this strategy, you should eliminate the smallest loans first, slowly reaching the largest loans.
This strategy suggests eliminating the loan for which you are paying the highest interest.
This strategy suggests getting help from a trusted financial planner, who can prepare a plan to settle your debts fast.
This strategy suggests grouping multiple loans into a single loan and then doing the repayments.
Please note that these strategies may not be applicable in all cases. Therefore, look for what's more suitable for you or connect with an advisor.
Once you are debt-free, try to stay that way. Take a loan only when it's absolutely necessary!
Thanks for reading!
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