Want to Get Out of Debt and Build Wealth? Cultivate These 5 Habits | Inc.com

If you want to get rich, the first thing to do is get out of debt so your personal math works for you, not against you.

If you weren’t born into wealth, and yet you want to know how to get rich, there’s only one answer: Learn to become an entrepreneur and Market your business accordingly.

Step number 1 on that journey is to make the commitment to become a producer, not a consumer, because a producer spends his or her time doing things that accumulate wealth, while a consumer transfers his or her wealth to somebody else.

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I’m inspired in this column by a post written by Tracie Fobes, who runs the website Penny Pinchin’ Mom (which she started after she and her husband worked their way out of $35,000 in debt). Becoming debt-free is an important starting point on the journey to a producer’s mindset.

So where do you begin? By cultivating the right daily habits practiced by debt-free people–which happen to overlap with the producer’s mindset.

1. The habit of restraint.
Restraint is comprised of patience, dispassion, and self-control. It’s the ability to resist temptations–most notably, impulse buys. On her site, Fobes uses the example of a person who drives an old clunker or even takes the bus for a few years, so as to be able to afford to pay for a new car in cash.

Of course, a person who truly practices restraint might take things a bit further, deciding never to splurge at all on something like a vehicle that will depreciate, and instead investing in assets that will ultimately produce returns.

2. The habit of experientialism.
Experientialism is defined as “the philosophical theory that experience is the source of knowledge.” It’s used here as a juxtaposition with its opposite–materialism. If you’ve heard people talk about how they’d rather have experiences than things, well, that’s part of it.

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