Discover Personal Loans | 4 Strategies To Tackle Debt and Build Wealth
Rianka R. Dorsainvil, CFP®
Carrying debt can feel like something to keep secret — even from yourself. But not acknowledging it may be holding you back from your future goals, like buying a house or saving more for retirement. That’s why the first step in tackling debt isn’t setting up a spreadsheet — it’s conquering the myths that are holding you back from your financial goals. Rianka Dorsainvil, a certified financial planner, has seen this play out with her clients across a variety of tax brackets.
“Paying down debt starts with a mental shift,” Dorsainvil says. “It starts with making the decision to want to manage your money in a way that’s more effective for you.” That starts by ditching the following common myths around debt and embracing strategies that can help build your financial health. Once you know what you need to work on, you can find the tools to help you reach your goals. This might include considering a personal loan, such as one from Discover Personal Loans, which can help you consolidate debt, save money on interest and set up a plan to get on financial track for the future.
Debt and money management
Some people are just “good with money,” right? Not according to Dorsainvil. Financial management is a skill, and one that you can always build on, no matter where you’re starting. “Understand that the more time it takes you to get into debt, the longer it might take you to get out,” Dorsainvil says. “We think there’s a quick fix, but there isn’t. There are different plans and strategies to help you set realistic goals.”
Debt and the future
When you’re carrying debt, it may feel like your future financial goals, like buying a house, are on hold. But that’s not the case. Get granular about what’s most important to you: Is it a house? Is it beefing up retirement savings? Once you have your “why,” you can do the work to make it happen.