How to Become a Millionaire in 7 Easy Steps, Part 4

Here's part 4 of a piece from Bankrate that tells how to become a millionaire in seven "easy" steps:

4. Lay off the credit. Some people say that if you can eat it or wear it, don't put it on your credit card. That's good advice, but take it further. Try not putting anything on your cards that you can't pay off in two or three months. You need only one or two credit cards. If you have a fistful, pay them off and cancel them. Remember, debt holds you back.

Good advice for everyone to follow. Debt is probably the #1 factor keeping most people from growing their net worths.

For related posts on debt and credit cards, see these links:

• Get Out of Debt
• Yes, You Can Erase 15 Years of Debt in 14 Months
• Alarming Credit-Card Tricks
• You Can Beat Debt
• Nine Ways to Pay Off Debt
• How Many Credit Cards Should You Have?
• Five Dangerous Loans to Leave Alone
• The Eight Commandments of Credit Cards
• Fixing Bad Credit
• Escape the Credit Card Trap
• Four Credit Card Traps
• 8 Ways to Consolidate Debt

Click here to read part 5 of this series.

Free Money Finance recommends Emigrant Direct.

Comments

[Dr. Artfredo C. Abella Ph.D.,- New York, USA - U.E.]

Lay of your debt is one of the soundest advice that we can ever have to lay the grounds in becoming a millionaire. Simply put it make money your slaves and not your master. You become the slave of money if we borrow money, since by borrowing money we have to pay interest charges and that way we are working for money instead of letting money work for us. Besides borrowing money is spending ones income in the future. While if we lay off all our debts we will be in the position to lend it instead and hence, we simply make money work for us if we lend and invest our money.