We've all heard about how to achieve "The American Dream", and each of us has a unique idea about what it is, and how to achieve it. But in a rough economy, when trying to eliminate debt and develop a debt management plan seem like impossible tasks, how do you capture the American Dream with little or no money? Almost everyone has the desire to be financially secure, and through a series of simple, long-term goals, you too can achieve the American Dream with a very small amount of money.

Eliminate Debt

If you want to achieve the American Dream, you need to first eliminate debt by coming up with an effective debt management plan. Regardless of how much debt you have piling up, with a realistic approach toward repayment, you can eliminate debt without sacrificing the other enjoyable things in your life. Many people consider movie tickets, new shoes, or seats at a sporting event to be important, but as long as you're on a quest to eliminate debt and achieve the American Dream, these things need to go on the back burner. A good debt management plan will focus on only using your credit card for truly important things, like gas and food, and only when you 100% don't have enough money in your account to pay in cash.

Once you've stop using your credit card as much, you can focus on repayment. First, call a credit counseling service, and see what debt management plan they suggest for reducing your debt. Each person has a unique issue, and they'll inform you about consolidation, and other helpful methods to eliminate debt.

So why should you eliminate debt as your first step to achieve the American Dream? Because your credit history determines how much banks are willing to lend you for a home, car, or other necessary loan. With a bad credit history, they can either only offer you sky-high interest rates, or worse...refuse you the loan. And if you declare bankruptcy, your credit will take over ten years to recover. So if you want to achieve the American Dream of owning a home, a car, and being financially secure, the first step is to control your debt and spending.


So you've got your debt management plan underway, which is great. It's important to realize that debt repayment can take quite a long time, so it's important to not get discouraged while trying to eliminate debt. Just keep up with your monthly repayments, and you'll be on a secure road to bringing down that mountain of a debt into a molehill which will help you achieve the American Dream.

In the meantime, you need to start saving. That's right, you can save while you're trying to bring down your bills with your debt management plan. Even if you can only afford to put aside 5% of your earnings, it's a good start, and you can always put more aside once you eliminate debt. First, realize that not all banks are created equal. Before you put money into a savings account, look at your options, and see how you can make your savings earn you the most money and help you achieve the American Dream.

Saving doesn't just stop at putting money into an account, it also includes continuing a debt management plan and not spending as much, or looking for options to spend less on the things you already buy. Brand name items almost always cost more than generic items that work or taste the same. From generic clothing, to groceries, to home goods, you can save about half of what you currently do just by changing your buying habits while trying to eliminate debt with your debt management plan. You're still buying the things you need and want, but you're not paying more than you need to.

Economic Achievement

As you continue your debt management plan, and increase your savings, you're on the path to achieve the American Dream, but you're still not quite there. Instead of spending your paycheck every week on entertainment, restaurants, and clothes, invest some money in a reliable stock, or open a Certificate of Deposit (CD) at a bank. These will give you high-yield, long term options for growing your assets and a good idea for when you're building residual income. So, to achieve the American Dream with little or no money, you need to continue to be reasonable about your needs and wants.

Just as your debt management plan helps you to eliminate debt, your savings plan can help you to eventually put a down payment on a house or car. You can draw from your investments and savings, as over time, they will have grown in value and earned you more money than you put in. However, as with savings accounts, not all stocks, stock brokers, or banks are created equal. Do some research to see which ones will help your money continue to grow, instead of just charging you tons of fees.

Again, banks and lenders look at your credit history and your ability to provide stable income when considering you for a home or car loan. So with these basic steps to eliminate debt, start a debt management plan, and save and grow your money (even if you're low on money right now) so you too can soon achieve the American Dream.

Author's Bio: 

Darrel Giann is the founder of Just14-95.com, a website that helps individuals begin a career in finance and earn extra income. Giann is also a financial consultant who has years of experience teaching people how to get ahead in life. He now works to help others achieve financial freedom. To learn more about Just $14.95, please visit www.Just14-95.com.