First Step – Stop Digging


Famous investment guru and billionaire Warren Buffett once said that if you find yourself in a hole, the first thing you must do is “stop digging”.

While this sounds basic, people every day are digging themselves deeper and deeper into debt. They are spending more money each month than they bring home from their paychecks.

If you are serious about changing your financial future and getting on the right track to enjoy more freedom with your money, then you must stop negative spending habits! You must commit to ending this bad habit now. Debt and overspending have an incredibly negative impact on your financial future as well as your relationships and marriage.

If you have consumer debt now, what is your PLAN to pay it off? Do you have a PLAN? Do you know WHEN your debt will be completely paid off at your current rate of repayment?

How about your cash flow? Do you know to the dollar how much money you bring home each month? Do you know exactly how much is going out?

Which scenario sounds better?

  1. You and your spouse are always bickering over money and you constantly feel the stress of living paycheck to paycheck.
  2. Or…you live within your means; have money in savings, and you and your spouse’s money arguments have ceased.

Action Plans:

Here are some critical first steps to help you STOP DIGGING and START PLANNING.

  • Set goals. Set aside one evening with your spouse and write down your short, mid-, and long-term goals. These can be directly about money or not…but just about every goal seems to involve money in one way or another.
  • Identify your total take-home pay. You should know this automatically, but if you do not, locate your last couple of pay stubs and see how much comes home each month, after taxes and retirement contributions at work.
  • Identify how much you spend each month. To be as accurate as possible, you should track your expenses every month. Many expenses vary month-to-month.
  • Identify your POSITIVE or NEGATIVE monthly cash flow. Do you spend more than you make? If not, how much is left over?

Commit to yourself, your family, and your future, to follow these steps over the next TWO WEEKS and develop a PLAN to STOP DIGGING!


About Trevor Hammond

As a veteran of the mortgage industry, Trevor Hammond is the co-author of "Borrow Smart, Retire Rich," a Certified Mortgage Adviser and a founding Faculty Member and Contributor to the National Institute of Financial Education ( And he has provided thousands of homeowners with the clarity and confidence to make smarter decisions when it comes to their mortgages and money. In 2013 he launched an entirely new kind of mortgage company: Aspire Mortgage Group, which is committed to educating and empowering homeowners to increase savings, eliminate bad debt, and safely increase net worth. The specialized group of mortgage professionals at Aspire Mortgage Group have redefined what homeowners should expect from a mortgage company. To learn more about Trevor Hammond and our team of mortgage advisors please visit our website at or email Trevor directly: Aspire Mortgage is a Sierra Pacific Mortgage Partner.
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