5. Under which category will 'the financial help to victim' come?
Answers
Answer:
I hope this answer can help you and please make me brainlist
Explanation:
Good information only goes so far when you feel discouraged by your finances. To find freedom from debt, we have to apply the right knowledge with the right mindset.
If we have the wrong mindset with overcoming debt, the hard work to get out of debt becomes extremely difficult, if not impossible, no matter how much knowledge we have.
Training our mind to have the right mindset is key to achieving goals.
Below are 5 common lies that need to be ejected from our mindset in order to successfully eliminate debt.
Lie #1: “I’ll never get out of debt.”
The very first lie that has to be rejected is the lie that you’ll never be debt-free. If we believe that lie, then the lie will come true.
The best way to overcome this lie is by making a plan.
Creating a plan through budgeting, cutting back, and looking ahead at the future can turn a “I’ll never get out of debt” into a “I’ll be out of debt on “x” amount of days.”
Each person’s plan will be different. Some individuals may have high enough debts that they may need help from a professional debt relief specialist to craft a plan.
No matter what, if you have a plan to get out of debt, then you’re actively defeating the lie that you’ll never get out of debt. Make a plan, stick to the plan, and whenever feel discouraged, go back to the plan!
Lie #2: “Making minimum payments on debts is good enough.”
Making minimum payments is exactly what the creditors want you to do, because it means you’re stuck paying high interest rates for longer or even forever. While you can eventually pay off debts by making minimum payments, it could take many years, even decades for some people to get there, and in the process you may be giving away tens of thousands of dollars to the credit card companies.
The best way to defeat this lie is, if you can, to make bigger payments on lower debts. The bigger payment you can make, the better, until that debt is gone. This is also called the Debt Snowball strategy and it works! Download the free Debt Snowball worksheet here.
Lie #3: “I’m all alone and if anyone knew how much I was in debt, they’d judge me.”
A sure way to stay in a situation you want out of is to do it alone. There’s a reason organization’s like Alcoholics Anonymous are effective or community-based weight loss programs see a lot of success. It’s easier to overcome major obstacles when you realize you’re not alone and there are other people around you to encourage you.
No matter where you’re at with debt, you’re not alone. There are others with similar stories and struggles, and you don’t have to walk through it by yourself.
Whether you participate in a community like Debt Free Diaries or other online communities, there are safe places where you can be encouraged on your debt free journey.
Join the Debt Free Diaries community on YouTube here.
Lie #4: “Everyone else on Facebook and Instagram is more successful and happy than me!”
It’s easy to get discouraged by posts from friends and even family members who look like they have the perfect life.
Social media platforms not only breed discontentment for what we have and don’t have, but they affect our psyche so deeply, it’s not uncommon for individuals to experience anxiety, depression, and loneliness simply by comparing themselves to what they see on social media.
The lie of social media comparison keeps us from making individual progress because it sets expectations that are often unrealistic.
You don’t have to look like the people you see on Facebook and Instagram!
Fight this lie by setting personal financial goals that you know you can make, and celebrating those victories. Maybe it’s paying off your first credit card, or saving up to buy a new car. Whatever it is, make sure the goal is grounded in something that brings you joy and doesn’t involve the comparison game we play too often on social media.
Lie #5: “I’ll make it when I’m lucky.”
If you’re waiting on a lottery ticket win, stock market boom, or surprise inheritance from a great-uncle you hope exists, you’ll never achieve the debt-freedom you want.
Not only does getting out of debt require hard work, discipline, and time, but so does building wealth and keeping it. Don’t wait for a lucky strike now, because even if it did hit, research shows that most people lose their jackpots.
The discipline you practice now won’t just help you become debt-free, it will help you build a secure financial future beyond your debt-free day. Your lucky day may never come, but the change you want to see in your life can happen today if you want it to.