Easy Ways To Get Out Of Debt

Easy Ways To Get Out Of Debt – We’re probably meeting because you’re sick, tired of being sick, and tired of your debt and your finances, just like I was ten years ago.

Being in debt and having to pay has always made me feel hopeless. I was so sick and tired of being sick and tired, but I still had no plan.

Easy Ways To Get Out Of Debt

I found myself “cracking tired” because every month I was on the verge of super stress and panic attacks.

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How he should pay was a constant and vexing question mark. It’s not a fun place, you know.

And because of my terrible money habits, almost all the money I saved was completely stolen.

When I finally discovered these steps in 2004, I went into them head first and with manic intensity.

I followed these eight steps like crazy and eliminated $174,000 in debt ($43,000 consumer, $131,000 mortgage) in two years! The best decision I ever made.

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At some points. But the more I drew, my level of magical motivation increased and my magical commitment decreased. I was an addict!

Note that I have used the content of this post to create a free downloadable guide that you can print and use as a solid foundation for your debt elimination journey. You can download the 8 Steps to Clear Debt guide (while you’re here, click 8 Steps to Clear Debt) (download).

Maybe your number is bigger than my $174,000. Maybe it’s smaller. It doesn’t really matter. The principles are the same regardless of the number.

I can promise that if you follow these steps completely, you will kick your debt in the teeth and conquer your freedom.

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I can’t tell you how amazing it is. You just have to experience it for yourself, and I want to help you do it!

Is it difficult? Of course. Worth it? Yes!! I can honestly say that getting out of debt is one of the best things I have ever done.

Being debt free for the past 10+ years has allowed me to do things I would have had trouble doing (like being able to travel abroad for extended periods of time and being on a long mission trip with my wife). Colombia, South America).

As we get to know each other better, you will see that the phrase “trust me” is not a regular part of my vocabulary, except to take these steps. So I say, please believe me, they work!

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I’m not one to beat the hell out of you, let’s go and get out of debt, fast!

All my wife and I have found over the years to help people get out of debt are 8 steps that, if followed, always work.

Again, the more “sold” or committed to the process, the easier it will be.

To achieve this focus, it is best to follow a defined set of steps that have worked for others in the past.

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If you’re trying to get out of debt, here are 8 steps you’ll want to follow:

8 Steps to Eliminate Debt 3- More than 6 months of expenses 5. Invest at least 15% of income in retirement accounts (and increase your savings rate to 50% if possible) 6. Fund college (if possible) 7. Pay the mortgage 8 Build wealth, serve and laugh be generous

If you are currently investing for retirement, we recommend holding on until you are debt free and have at least 3-6 months of emergency savings (that is, until you have completed steps 1-4).

You will never be able to build even the slightest degree of financial momentum when your focus is divided and your debt is stolen from you.

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Yes, debt is a thief, and it steals from you every day you let it in your life.

Who cares if an 8-18% credit card or loan or HELOC (Home Equity Loan) makes 7% on your 401 while you eat lunch.

Like I said before, trust me. Give in this process and you will be able to quickly build a fortune, while banishing your “thief”.

Please don’t take my word for it. Take the time to sit down and do the numbers. Calculate how much interest you pay compared to what you get at your company match. Every time I do this with clients, they are amazed.

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Don’t worry about how long you are away from contributing to your pension. The idea is to get out of debt faster so you can start putting buckets of money into your retirement accounts.

It really depends on how familiar you are with budgeting, as well as your stress level when you first start.

If you are “killing”, then make tons of money and start budgeting because you want to control your expenses and squeeze more value from every dollar, which is a high stress scenario. tens of thousands of dollars in debt, maybe hundreds of thousands of dollars.

They also tend to fail in bills and may have had another stressful event (for example, unemployment or other financial emergency) precede their attempts to create a cohesive budget.

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The thing is, no matter where you start, it’s important to understand that no one is “born budget”.

It is not a “talent” or a “gift”, rather it is a skill or muscle that you have to develop and develop.

Therefore, it is important to understand that the development of this skill requires about 90 days of concerted and consistent effort.

As a coach, this almost always involves doing a full audit of the new budgeter’s finances and recording every dollar that comes in and goes out.

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There are always at least a few things that they forget to mention on a first date. This is completely normal and an example of why you should take 90 days to build your budget. It’s hard to go from a mess to a masterpiece in one sitting. Be patient.

Another important element is to learn to manage yourself and if you are married, working with your spouse and how they feel about this idea of ​​budgeting. Learning to work together is very important and it gets easier the more you do it. Just stay there, don’t stop.

“$1000,” you ask? Well, $1,000 is what you need to avoid using credit cards or other forms of debt in an emergency.

I heard him say, “When you’re in a hole, stop digging.” $1000 reveals the stall.

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Remember, this $1,000 should only be used for real emergencies, such as emergency car repairs or insurance in case of a car accident or sudden disaster.

This emergency fund will grow significantly as we guide you through the next step to eliminate debt. We currently prevent you from using extraordinary debt.

**Post-pandemic update: I now advise my readers to start with an emergency fund of $3,000-$5,000. As we have seen in 2020, $1,000 is not enough as an emergency fund when faced with unemployment, layoffs, or other financial interruptions.

Now keep in mind that depending on the size of the debt, this could take several months or even years. All right.

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It’s about getting started, focusing and being consistent. We have seen thousands of people and families take months and years to take this step.

No matter how much time or effort it takes, EVERYONE says “it was worth it!” You say

The nuts and bolts of the attack… 1. List ALL of your debts from smallest to largest (regardless of interest rate). 2. Pay the minimum on all debts, first (the smallest) in the list. 3. Start making extraordinary payments on the smallest debt. 4. When the debt is paid, transfer that “extra” amount to pay the next debt. 5. Rinse, rinse and repeat until it’s all gone!

One of the reasons we recommend listing all debts from smallest to largest is that, regardless of the interest rate, in the grand scheme of things, the amount of possible “extra interest” is small in comparison with psychological, emotional and actual value. moment of purchase, when you

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