Lower your debt-to-income ratio
If your debt-to-income ratio is 50%, that means half of your check is dedicated just to paying debts. Imagine taking $400 from a $800 paycheck to pay your debt and then using the remainder to pay your basic cost of living. To get out of this trap, pay down all your debts in full. Lower your debt-to-income ratio as much as possible. The less you are paying in debts, then the more money you can save for wealth generation.
