As an immigrant building a new life, achieving financial freedom is a powerful win. Here are five things to consider when trying to become debt free.

The new year has started and many of us are still wondering when and how we will escape the vicious cycle of debt. Just like our physical fitness goal we made countless new year’s resolution. Some of us might even consider getting a money coach to help us. However, as we know a goal with a plan is only a wish. Therefore, there are five key things should consider in order to accomplish this goal. Let’s break it down:

Let’s break it down:

1. Financial freedom: Being debt-free means you’re not tied down by monthly payments. You can allocate that money towards investments, savings, or pursuing your passions. It’s about having the flexibility to make choices that align with your goals.
2. Less stress: Debt can weigh heavily on your mind. Paying off debt reduces financial anxiety, freeing up mental energy for more important things – like growing your business or enjoying life.
3. Better credit: A debt-free record boosts your credit score. This means better interest rates on loans, mortgages, or credit cards. It’s a powerful financial tool.
4. More opportunities: Without debt, you can invest in opportunities that might otherwise be out of reach – like starting a business, buying a home, or pursuing education.
5. Legacy: Being debt-free lets you build a stronger financial foundation for your family and community. You can support loved ones, give back, or create a lasting impact.