There's an untapped world of wealth potential foryou in real estate investing, but to fully tap that potential you need toposition yourself as favorably as you can. If you're struggling to make ends meet because of a mountain of debt,it's time for you to get serious about the burden you're carrying around.  Debt is to your finances what fat is to yourhealth, so you need to attack what's killing you so you have the flexibility toreach your real estate investing dreams. Here's a simple seven step process that will get you back on track andfree up additional resources for building real estate wealth.

1.     Make the commitment ? If you're overweight,you know you didn't wake up one day 75 pounds heavier.  Guess what? Debt is the same way, but instead of packing on pounds one forkful at atime you piled up excessive debt one ?easy? payment at a time.  The key to regaining control of your financesis to acknowledge that you have a problem and that you're committed to takingthe steps necessary to get out of debt ? regardless of how much it might hurt.

2.     Pay Cash ? One of the quickestand easiest ways to begin the process of reducing your cash burn rate is toquit spending like a Congressman.  Don?tuse credit cards for any reason.  Youmight think you really need something, and the fact that it's on sale mightmake you feel justified in making the purchase. Guess what?  You might save 20% bycharging it, but you'll save 100% by forgoing the purchase altogether.  If it's a genuine need, do what yourgrandparents did:  find the cash to payfor it or live without it.

3.     Budget Your Expenses(and track your progress) ? You can't expect to win a game if you don't know what thescore is, so budget your monthly expenses and track your progress.  Are you consistently going over budget onsomething?  If you are ? increaseit.  If you find you have a consistent surpluson a budget item, apply it to a debt; you'll have something to show for it.

4.     Prioritize Your Debts ? You can't expect todig yourself out of debt if you don't know how deep the hole is.  List all of your debts in order ofimportance.  Obviously the most importantdebt you have is your mortgage payment followed by your vehicles.  After that, list your other debts ? largestto smallest.

5.     Reduce Your InterestRates ?Make reducing your interest rates a priority to helping to pull you out ofdebt.  Call your credit card companiesand ask for a lower rate.  They aren?tpredisposed to dropping your rates because of your friendly disposition andyour sense of humor, but they are motivated to keep your business.  If they think there's a chance you mightclose your account and take your business elsewhere ? along with your balance ?they might be a little more inclined to reduce your interest rate.  If not, you might consider transferring yourbalance.  As a real estate investor,you're used to negotiating.  Put yourskills to work.

6.     Plan, Plan, Plan ? It's been said thatfailing to plan is planning to fail, and it really is a true statement.  Start paying extra ? every spare dollar youcan ? on your smallest debt while paying the minimum monthly payment on your otherdebts.  This advice runs contrary to whatsome so-called experts advise (who recommend you start working on the debt withthe highest interest rate.  That's allwell and good, but psychological victories give you the motivation you need toreally accelerate your efforts.  Be amotivated payer and reap the financial rewards.

7.     Follow through ? If you've everdieted, you know the temptation to cheat can be overwhelming at times.  Debt reduction is no different.  Remember your commitment, your goals, and whatyou're trying to accomplish.  If you docheat, make it a small one.  Enjoy thesplurge and do it without guilt.  Thenimmediately get back on track before you fall back into your old habits ofspending too much and adding to your debt burden.

If you follow my advice you'll begin makingvisible progress as you reduce your level of debt.  Every time you pay off a debt, take a markerand scrawl ?Paid in Full? across the top of your billing statement ? and keepthem together in a nice stack.  Then,when your last bill is paid and you've reached your goal of being debt-free,call your kids into the room, cut the bills up into tiny pieces and have aconfetti party.  When you're done, putthe kids to work cleaning up while you start planning your next real estateconquest.

If your kids complain about the unfairness of itall, pat them on the back, smile, and remind them that membership in the debtfree club has its rewards!

Charrissa Cawley has a longstanding reputation for excellence as a gifted speaker, real estate trainer andwealth coach. Her strength lies in training entrepreneurs in the areas of realestate, investing and financial literacy. Her passion is bridging the gapbetween learning and doing. She has helped thousands of entrepreneurs all overthe world seeking financial growth by equipping them with the tools, resourcesand specialized knowledge to succeed.  Charrissa offers accurate andproven strategies to investors of all different levels and is the founder of http://www.reiconferences.com, oneof the fastest growing real estate investment training organizations in the USin addition to http://www.rewexclub.com , the toprated Real Estate Investor Community on the web today.