I wasn’t built be a professional wrestler. Not like my high school buddy Anthony — aka “Santino Marella” — who become the WWE Intercontinental Champion.
He’s like a brick wall and I’m just a skinny guy with a big beard. He bodyslams 300-pound men and I couldn’t hurt a fly. But we have one thing in common: We both know how to knock out our opponents.
His is Hulk Hogan. Mine is debt — and debt is scarier than the Hulkster ;).
So here are four strategies that will help you knock out your debt.
Strategy #1: Erase Negative Thinking and Get into the Ring
Just like a professional fighter, beating debt requires the right mindset. If you think negatively and say stuff like “I can’t do this. I’ll never get my Visa to a zero balance.” — you’re right, you’ll probably never pay off your debt.
But if you train your mind to think like a coach, and focus on the positive and what you can do, then you’ll have the guts to get into the ring.
Don’t be overcome by the massive size of your opponent. Debt is only as scary as you make it. Find your strengths, know your power, and give debt that one-two knockout.
Strategy #2: Make It a Tag-Team Match
You don’t have to fight debt alone. In fact, you shouldn’t get in the ring without having your spouse as a tag-team partner.
You need to take-down debt as a team. When you’re feeling tired and down for the count, they’ll be there to get you on your feet again.
Most people don’t knock out debt in a few months. It’s a long battle – like a cage match – and you’ll need someone to help you out when times get tough.
Get your spouse on your team and tag them in when you need them. Having two people in the fight gives you better odds at success.
Strategy #3: Block Out the Noise
Being distracted by “booing” fans can make any wrestler lose their concentration and end up getting clotheslined. The same goes for budgeting — getting frustrated by Facebook fallacies and comparing your lifestyle others will get you flustered and make you quit your debt-free strategy.
Train yourself to mute the outside noise. Cause that’s what it is — just noise. Your friends probably regretted that Mediterranean getaway when they got the Visa bill. You and I know deep down that a lot of “I did this” or “I bought that” is followed by regret.
Stay focused on yourself, ignore all the flaunting jeers, keep on paying down your credit cards, and pile-drive your debt to zero.
Strategy #4: Take Debt Down for the Count
Things never go as you planned when you’re paying off debt. You might get hit you with an unexpected expense, but that doesn’t mean that the match is over — just a lesson learnt for that round.
Dwayne “The Rock” Johnson put it best when he said, “I like to use the hard times in the past to motivate me today.”
Don’t let financial setbacks throw you off and bring you down. Adjust and adapt as you go.
Tweaking your tactics and learning from your financial mistakes will give you the edge you need to knock out your debt for the count.
Now it’s your turn…
What strategies have you used to tackle debt? What’s your favourite wrestling move? Let me know in the comments below.
P.S. When I was a kid, I met Andre the Giant in an airport. FYI he really was a giant. The airline disassembled the armrest because he needed two seats.
P.P.S. Wrestling’s fake. It’s not real. Hate to break it to you.
We must get together. I love your blog.
Thanks, Leslie! For sure, let’s get together ;).
Great blog Avraham. What do you mean wrestling isn’t real? Sweet Daddy Siki really didn’t do all that stuff to Dick “the Bulldog” Brower? Johnny Power really didn’t have a Power Lock? Bruno Samartino was a fake? (I know, I am dating myself!!)
Lol Ira! Were those guys in black and white? 😉 The only “Bulldog” I knew was “The Brittish Bulldog” Davey Boy Smith. I think he was the generation after Dick. Hey, his last name is “Smith” too. Any relation? I hate to burst your bubble, it’s fake. Sorry ;).
Awesome post Avraham, as always! Do you know of any resources that help connect people to help them ‘tag team’ their debts, any groups or places I could check out?
Thanks, Wesley! I think that the Magic Number system is the best place to start to get couples to become a “tag team”. Here’s a link (it’s a free download): https://www.avrahambyers.com/your-magic-number/. Also, I wrote an article on the 4 tips on how to talk with your spouse about money. Here’s the link for the article: https://www.avrahambyers.com/4-tips-on-how-talk-to-your-spouse-about-money/. As per groups, I don’t know of any. But it sounds like a great idea! Hope that helps Wesley. 😉
Avraham, question for you:
Do you think its a good idea to get a lower interest credit line to pay for the high interest credit cards as a way to “tackle debt”?
Hey, Art. Great question. It depends on the amount owing on the credit card. Assuming that the amount owing is fairly small — let’s say you can pay if off in a few of months — then I wouldn’t consolidate it. Instead, I’d use the Snowball method and knock it off quickly — the motivation of paying it off quickly will outstrip the little interest you’d pay.
But if it’s the credit card debt is high, then I’d roll in into a lower interest line of credit. I’ve seen some lines of credit that will allow you chunk your debts into smaller debts so you can see your debt-paying progress better.
Hope that helps Art.
😉