By Kathryn Mandelcorn, FMA

Have you ever dreamed about what you do if you won the lottery? It can be fun to imagine sudden wealth and all its possibilities. Many people preface their plans with; first I’d pay off all my debts.

We all like the idea of being debt free, so why don’t more people achieve it? There are as many reasons as there are people, but here are three habits in particular that can keep us stuck.

Confusing talk, or thought with action.

We make new year’s resolutions, we read financial blogs and books, we decide to spend less on groceries, maybe clip some coupons, we talk with our friends about how we never catch a break, that just when we decide to make bigger payments on our debt the car breaks down, or our child’s sport fees go up or our furnace needs repair… Money is so constantly on our minds, that we think we are doing the best we can, when in fact we have often done nothing concrete to change the situation. Continue reading →