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Increase income to accelerate debt repayment from "summary" of Debt Free for Life by David Bach
To truly accelerate your debt repayment, you need to focus on increasing your income. This might sound obvious, but many people overlook this crucial step in their journey to becoming debt-free. The reality is that cutting expenses can only take you so far. At some point, you need to bring in more money if you want to make a significant dent in your debt. There are several ways you can increase your income to help speed up your debt repayment. One option is to ask for a raise at your current job. This can be intimidating, but if you believe you deserve more money based on your performance and the value you bring to the company, it's worth having a conversation with your boss. Another option is to look for a higher-paying job. This might involve updating your resume, networking with people in your industry, and actively searching for new opportunities. You could also consider taking on a side hustle to bring in extra cash. This could involve freelancing, consulting, or starting a small business on the side. The gig economy has made it easier than ever to find ways to earn money outside of your regular job. Additionally, you could rent out a room in your home on Airbnb, drive for a ride-sharing service like Uber or Lyft, or deliver groceries through a service like Instacart.- You'll have more money to put towards your debt each month. This will help you pay off your debt faster and ultimately save you money in interest payments. While it might take some time and effort to increase your income, the benefits of becoming debt-free sooner rather than later are well worth it. So don't be afraid to explore different options for bringing in more money and accelerating your debt repayment journey.
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