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Find Your Emotional Maturity 

It's important to point out that financial intelligence is also emotional 

intelligence. Warren Buffett, the world’s richest investor, says, “If you 

cannot control your emotions, you cannot control your money.” 

The reason many people fail in the process of getting out of bad debt is 

they cannot live without instant gratification. Many will sacrifice a richer 

tomorrow for a few indulgent purchases today. I didn't make much money 

in my 20s and 30s, but I make millions today.

The need for instant gratification is a high priority in today’s society. 

That's why so many get-out-of-debt educators make you cut up your credit 

cards. They’re addressing the symptom instead of addressing the cause. Why? 

Because it’s easier and it’s quicker. They take the easy way out by addressing 

the symptom instead of addressing the cause.

There are two reasons why I don't tell you to cut up your cards:

1. It’s a band-aid for a bigger problem and doesn’t solve the problem

2. Your credit cards may be the key to getting you out of bad debt

(I’ll explain in Step 4)

3