Do you have DEBTS right now? And do you want to apply a brain hacking tip to make you move on with your debts?
Did you know that CREDIT is not the right word for having money in your bank account?
Wanna know what’s the correct one?
Okay, I’ve studied accounting, so I knew a little bit of financial terminologies. Just a little bit, I got kicked out by the way, but I pursued something related to accountancy. Business Administration Indeed.
So, to begin with, let first define, what is DEBIT!
DEBIT in the bankers account, it is money added to their account.
CREDIT in the bankers account, it is money deducted to their account.
And so, if YOU are receiving money from them, the term that they would use is ‘CREDIT’ for example, a credit card.
Now, let’s go ahead and look at the account holders accounting…
In which YOU and ME is an account holder.
DEBIT in your account in money, is money added to your account.
CREDIT in your account in money, is money deducted from your account.
So, when you deposit money to your business account from your savings account, it’s a CREDIT to your savings account, but a DEBIT to your business account. (if you have separate accounts! for savings and business.)
Now, you might be a little bit skeptical…
So, let me paste below, Wikipedia’s definition of Debits and Credits.
All right! She talks about decrease, now let’s talk about increase!
An increase to an asset account is a DEBIT. An increase to a liability or equity account is a CREDIT.
Okay? So, to make the long story short, I’d like to suggest that you define DEBT as CREDIT, because it is, and not DEBIT.
Liability is a DEBT or credit, not DEBIT.
Okay, now how can we apply the magic word that would help you move on from DEBT, emotionally?
Instead of focusing on debt and credit, think of DEBIT!
Add ‘I’ in it!
I hope that by the end of this article, you would be convinced to shout in your head, out loud, the word DEBIT! ADDING MONEY TO YOUR ACCOUNT!
It’s a very cool brain hack to divert your focus into adding more and more money in your bank account! And just let the bankers do its part to ‘write-off‘ amounts of money from your bank account to replenish your debts or credits!
Credit is not an addition but a reduction!
So, think of DEBIT instead of DEBT of CREDIT now!
By the way, if you’re interested in learning accounting? It’s awesome!
This book ‘Accounting Made Simple: Accounting Explained in 100 Pages or Less‘ will guide you through!\
Accounting skills is a very important skill that everyone who wants to become an entrepreneur in the future, or in the NOW; must learn!
Tracking your financial stuffs, and being aware of your current financial status, will open up your eyes, and will make your brain decide to take necessary action!
Finally, let me give this page final words!
The advises presented above is just a hacking TIP that may or may not work for you! There’s no promises made here! Just a personal quick tip that you can try for yourself, to help you start taking action and think of debiting your account even more instead of crediting it!
P.S. Okay, I’m an affiliate marketer, so in case you’ll buy products though the links in this page, you must know that I’m actually getting a commission for that valid buy-in, okay? Thanks in advance!