Think yourself out of debt

For every dollar the average Jamaican earns, more than half goes to debt, according to a report by the Bank of Jamaica in 2016.

Now the year 2017 is almost gone, and given the current debt owed by the nation and its citizens, it is important to formulate a plan of action to reduce the consequences of loans.

That said, this is not your typical financial planning solution of save more and spend less. Not at all. According to Elizabeth Terry, neurolinguistic programming (NLP) coach, you have to think yourself out of debt.

Behavioural economics has always found a correlation between how people spend money and how they feel about money, and therefore to say it all begins in the mind is an accepted practice.

So Terry offers three ways that people can free themselves of the burden of debt and grow their wealth.

Debt is produced by a scarcity mindset.

Terry explains, “The scarcity mindset is the belief that there will never be enough. Consequently, when you operate from this perspective, you are operating from a space of lack. You cling to everything you have because you fear that if you give it up or give it away, you will not get more.”

http://www.jamaicaobserver.com/business-observer/think-yourself-out-of-debt_117029