#3: Stop Debting

You’ll never get out of debt and build wealth if you keep relying on credit cards. I got out of debt by joining Debtor’s Anonymous (DA), a 12-step program that recommends no debting “a day at a time.” I’ve seen miracles happen with all kinds of people and levels of debt. Folks, like myself, who’ve gone on to achieve abundance and financial security. As author Jerrold Mundis says in his excellent book How to Get Out of Debt, Stay Out of Debt, and Live Prosperously, “the day you stop debating is the day you will begin to bring more money into your life.”

Some people stop incurring debt cold turkey by cutting up their cards. Others freeze their credit cards in ice and stash them in the freezer, knowing they can get to them. Mind you, plenty of folks live happily with credit cards, earn points and frequent flyer miles, and pay off their balances each month. But if you’re in debt distress, you need abstinence. As Dave Ramsey, the talk show money guru (whom I love), says, “cash is king.” It may sound old school, but cash works. It’s a pure currency that brings awareness to your spending every time you touch a dollar.

Eliminating the use of credit cards may feel painful, but self-improvement never happens without discomfort. And that’s where growth starts. At the edge of your comfort zone.