There’s a harsh belief forced upon U.S. citizens in the world of consumerism.

That belief is that debt, and especially credit cards, are necessary in order to experience a better and more fulfilled life.

We are inundated with credit card offers promising great rewards, simple payoff plans, and more, but the uncomfortable truth is that they only create more problems than they typically solve.

For young professionals in the United States, the question seems to be skewed towards how much debt they will have, rather than if they will have any at all.

Between credit cards and student loans, the millennial generation seemingly has debt forced upon them from the get-go, and at a glance it seems like the best way to experience the lifestyle they dream about.

But what about simply living debt-free? Many might wonder if that’s even possible, and if so what are the trade-offs. Well, our Fixed Income Fund blog is here to tell you that there are countless benefits to living debt free, and there are a few simple steps you can take in order to attain that status.

So, what are the benefits of a debt-free lifestyle? Keep reading to find out.

More Money To Invest

The less debt you have, the more excess money you have. That means you are afforded an opportunity to save for later in life, compound your wealth, and truly achieve financial security through a variety of investments.

Investing is one of the smartest things you can do with your money, and the sooner you are able to get in the game the better off you will be. However, it’s important that you find the right high return investment with the least amount of risk. There are only a few out there which can truly help you reach your financial goals.

Take the Fixed Income Fund, for example. Rather than making constant, seemingly endless payments on your credit card, and even worse your credit card interest, you could instead be generating interest through a simple to understand investment.

All it takes is $50,000 to get started with a principal investment, and even a 10-year note would generate stable monthly returns with an interest rate of 4.75 percent, around twice the amount than you could get with most fixed annuities. Less debt equals more savings, and more savings equals more bliss. It’s a simple formula, really.

More Experiences

Really, it doesn’t take a credit card in order to splurge on a new adventure, a new TV, or even a new car. If you are debt free to begin with, you’ll have the freedom to make those types of purchases on your own volition. Being debt-free can bring new adventures into the mix, all without the hassles of minimum payments or a suffering credit score.

Peace Of Mind

This may be the biggest benefit to living debt-free. Without credit card companies, or even student loan companies, breathing down your neck every month, you are afforded the opportunity to rest easier and live worry-free. The importance of peace of mind and financial security can not be overstated; that’s why it’s important to tackle debt as soon as possible. How can you do that? Let’s take a look.

Tips To Achieve Freedom From Debt

Being able to explore your investment options, have more life experiences, and live worry-free with peace of mind are three great benefits of living debt-free. Now’s the time to take a few careful steps in order to achieve that type of bliss. Here are a few quick tips that will allow you to cut down on debt.

  • Create a monthly budget and stick to it.
  • Make more than the minimum payments on your credit cards each month.
  • Tackle the most expensive debt balances first (i.e. student loans).
  • Stop using your credit cards altogether.
  • Put work bonuses, extra pay, and tax returns toward your debt.
  • Hold a yard sale and use the funds to pay off credit cards.
  • Change your habits if you’re spending too much or becoming reliant on credit.

Contact Tactical Wealth

Whether you’re a young professional looking for a way to invest your excess cash, or you’re gearing up for retirement and need an additional source of income, the fixed income fund can afford you a unique opportunity. Contact Tactical Wealth today to learn about our unique investment strategy, and start working towards peace of mind.