Every organization and every individual at times gets into indebtedness one way or the other. However if young adults get into debt, this could a start in life in the wrong footing. There are several keys that can help young adults become debt free.
The time honored key is to live within their means, they should not indulge or try to copy the lifestyles of well endowed individuals. Lifestyles are addictive and if a young adult gets into the wrong lifestyle he or she could find him or herself soaked in debt. There is the saying that, “You cut your cloth according to your size.” Meaning that you must try and live within your means.
Young adults could also engage in small enterprises to make an income and thus avoid falling into debt. There are small ventures one can get into with very little capital, one get into the bakery business for example, buy an inexpensive oven and start baking bread and confectionery straight away. A young adult can also get into the business of selling small items door to door whenever they have free time and make some income.
Young adults must keep off drugs and alcohol as these will drive anybody deeper and deeper into debt. They are expensive and addictive which can lead any addict to stealing or into debt.
Young adults should also do small time jobs whenever they have free time from college or school, they could for example find work in stores that require little education and training, they can run errands for established businesses and earn an income.
Young girls can easily take up nanny, cleaning, house help, and other jobs requiring low level training. This will not only keep them busy and out of behavior that can lead them to debt, but they can earn money and learn house keeping skills that will help the later in their adult life.
Volunteering in aged peoples’ homes, hospitals, and other charitable organizations is an honored vocation. This keeps the young adult busy and out of behavior that can sink them into debt. At the same time they get skills and citations that are useful later in life.
Debt is avoidable to young adults if they realize their circumstances, refuse to flow with the tide and live their own lives. Rich people’s lives are admirable but most if them have worked hard to get to where they are. They did not start with flashy lifestyles and other indulgences, they worked tirelessly until they earned good money to live the lifestyles they now live. If you start your life so early in debt, debt might not leave but sink you into even more debt.
Debt is very costly, the interest rates are high, thus if you get into debt you might get entangled in it for life. Avoid Debt