There are a lot of steps people can take. Unfortunately, very few people have the willingness, or the desire to actually do it. Debt can be good, however no debt is even better. Living my retired life, without any car payments, mortgages (except two on 10 properties), means I sleep nearly worry free.
Here is a take on what I contributed to the group. There are a lot of other great answers there too.
You will need debt to get a credit score, which is VERY important. And you might need debt to invest in a rental property, or your own home. A short-term debt to facilitate a quick transaction, while you get your “cash on the sidelines” deployed might be a good thing. Or you might need debt to buy a property to flip. A small investment that turns out a large profit.
Not all debt is bad, however less debt is better debt. Increasing income helps decrease debt. Doing things that others pay for, like cleaning your own home, mowing your own lawn and changing your own oil saves money.
Use Sitting Time to Avoiding Debt
Anytime you are sitting on the couch, drinking a beer, or smoking a cigarette, that is time you could spend saving money by doing something. I mowed grass for 25 clients in my spare time to make some extra money in my 40s. I kept my full-time job, and worked a lot on weekends and after work. You are never too old to get a side gig, and never too good to do manual labor.
Saving is the Same as Making
A dollar saved, is like ~$1.50 earned, after taxes. No one ever makes a million dollars. They make $1.00, a million times over. Even a company that makes billions, likely makes it ~$20 at a time.
Never underestimate the value of saving or earning a small sum. You know you are worth more than $10 an hour, but what are you worth sitting on the couch? What is someone paying you at that instant?
Always Think About Avoiding Debt
When you buy something that is fairly large, think about how much money that item would be in 20 years. Buying a kitchen table for $800, when you have a perfectly good one already, means you have to work another month+ before you can retire. The table or retire a month early, you should be asking yourself those questions. Always think about what you are spending on, and if it is a want or a need.
What are your suggestions to avoiding debt? Do you think all debt is bad?