CLEVELAND, OH (WOIO) - Can you live a debt free life?
For most of us that is an unrealistic expectation. But with hard work you can, according to financial advisor Tom Stockett of www.clevelandwealth.com, live a life that includes only healthy debt.
Stockett considers healthy debt to be a reasonable mortgage and reasonable car payment.
To get started Stockett advises that you have to be engaged in setting and reaching personal financial goals, and spending less than you earn.
And you must, Stockett advises, focus on your own finances and not those of the people around you.
"Whether they're neighbors, family or friends stop trying to keep up with their lifestyle," Stockett says.
We also must start paying attention to the details of our financial lives.
You should have a handle on the interest rates of your mortgage and car loans, and you should negotiate to have the best capable deal possible and monitor your utility bills.
"These little dollars or small amounts of dollars on the front end can really impact your big dollars down the line," Stockett says.
The best advice boils down to thinking long term and that starts with living within a responsible budget.
"We need to think smart, we need to be smart, and we need to embrace a culture of saving," says Stockett.
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