Overwhelming force is a military strategy where every resource available, whether it be troops, fire power, etc. are used decisively, to minimize casualties and end the conflict quickly. According to a recent article from Business Week, Ben Bernanke is using overwhelming force to attack the current recession.
It makes sense that if you dedicate MORE than enough time, money, or resources to a problem you have, it is likely that your probability of success is significantly higher.
So how can you apply this to your personal finance goals, such as debt reduction?
To apply this to debt reduction, you need to dedicate as much time, energy, and resources as you have available which would be more than you would normally think would be enough to pay off your debt in the time frame you want to do it in. In other words, if you will be out of debt by paying $200 a month for 2 years, find a way to pay $400 a month and get out of debt in one year.
Basically, you need to give debt reduction your undivided attention and focus enough resources doing it that you overwhelm it.
It needs to become a priority. You need to get fired up, or angry, or motivated- or better yet all three. This does not mean you neglect your other commitments, or family time, etc. It just means you “throw the kitchen sink” at the problem until you are satisfied with the results you are getting. If it is taking too long, find a way to make it happen faster.
So how can you start eliminating debt with “overwhelming force”?
- Spend some time brainstorming ways to raise extra cash
- Change your spending habits- especially if you still spend money on things you don’t really need
- Look for ways to cut down expenses.
- Find as many ways to start getting out of debt as possible
You must focus and focus very hard to get out of debt and become debt free as quickly as possible. It must become a priority in your life. As with any goal, it is not enough to just want to get out of debt. You have to take as many actions as possible to make it really happen.
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What it boils down to is finding the discipline to focus on your financial problems.
Plus, there’s always ‘extra money’ lying around that can go to debt-repayment.
@TStrump- You are right- finding discipline is a very important (and hard, I find sometimes) part of maintaining focus on debt repayment.
This method can be really effective for those who are facing immense debts on their credit cards or mortgage or simply because of recession and inflation.