How To Get Out Of Debt Without A Loan

How To Get Out Of Debt Without A Loan – Maybe we met because you’re sick and tired of being sick and tired of your debt and finances, like I was ten years ago.

Being in debt and making a living puts me in a desperate situation. I was sick and tired of being sick and tired, but I still couldn’t wrap my head around the idea.

How To Get Out Of Debt Without A Loan

I ended up with what I call “crushing fatigue” due to being so stressed and having panic attacks every month.

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How to pay my debts has become a constant and pressing question. Not a nice place, as you may know.

And because of my terrible financial habits, the money I had saved up to that point completely disappeared.

When I finally discovered these steps in 2004, I took them headlong and with great gusto.

I followed these eight steps like crazy and got rid of over $174,000 in debt ($43,000 consumer, $131,000 mortgage) in two and a half years. Best decision I ever made.

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There are other seasons. But I found that as I drew more, my motivation level magically increased and my debt magically began to decrease. I fell asleep!

Disclaimer about this article I 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 settlement journey. You can download the guide “8 Steps to Eliminate Debt” (after logging in, just click on “8 Steps to Eliminate Debt” (download)).

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

What I can promise you is that if you really follow these steps, you will finally beat your debt and gain your freedom.

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I can’t put into words how amazing this is. You just have to see it for yourself, and I want to help you do that.

It’s hard. Of course it is. Worth? YES!! I can honestly say that getting out of debt was one of the best things I ever did.

Being debt free for the past 10+ years has allowed me to do things that I would never have been able to do with this burden (like going abroad for long periods of time and being able to meet my wife on a long trip. Colombia . , South America) .

As we get to know each other, you’ll notice that the phrase “trust me” isn’t a common part of my vocabulary, except when it comes to following these steps. So I will say, trust me, they work.

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I’m not one to beat around the bush, so let’s get right into it and get you out of debt, pronto.

In the years my wife and I have been coaching people to get out of debt, we’ve discovered that there are 8 steps that, if you’re committed, will work every time.

Again, if you are “sold” or committed to the method, it gets easier.

To achieve this goal, it is best to follow established steps that have worked for others in the past.

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So, if you want to kick debt, here are eight steps you should dare to take:

8 Steps to Eliminate Debt 0. Stop All Retirement Investments (Until Step 4) 1. Create a Budget 2. $1,000 Emergency Starter Fund 3. Eliminate Small to Large Debt (aka Debt Handball) 4. Complete Emergency Fund Months 336+ Invest at least 15% in retirement accounts (and grow savings to 50%+ if possible) 6. Pay for college (if applicable) 7. Pay off mortgage 8. Build wealth, help and be fun and generous.

If you’re saving for retirement, I recommend waiting until you’ve paid off your debt and have at least 3-6 months of emergency savings (until you’ve completed steps 1-4).

You won’t be able to generate even the smallest level of income growth while your attention is divided and your debt is literally stealing from you.

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

Who cares if you’re earning 7% on your 401k when your midday 8-18% credit card or loan or HELOC (Home Equity Line of Credit) interest rate is eating away?

Like I said before, trust me. Put in the work and you’ll be able to build wealth much faster once you get rid of your constant “thief”.

And please, don’t take my word for it. Take the time to sit down and actually do the numbers. Multiply the amount you pay in interest by what your portfolio company earns. When we do this with clients, they are amazed.

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Don’t worry (hopefully) about the short periods that prevent you from paying your pension. The whole point is to get you out of debt quickly so you can start shoveling loads into your retirement accounts.

It just depends on your familiarity with budgeting, as well as your stress level when you first sit down to do something.

If you’re “killing it,” meaning you’re making a lot of money and you’re starting to budget because you want to manage your finances and get more value out of every dollar, that’s a different situation to worry about. couple.: tens or perhaps hundreds of thousands of dollars in debt.

They may fall behind on bills and have another stressful event (such as a job loss or financial disaster) before attempting to start a joint budget.

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

It is not a “talent” or “gift” but a skill or muscle that you must develop and develop.

Therefore, it is also important to understand that building this capacity will take 90 days of concerted and consistent effort.

When we teach, it always involves a financial planner’s budget and writing off every dollar that comes in and goes out.

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Invariably, there are a few things they forget to write down during the first meeting. This is common and just one example of why it takes 90 days to get the budget right. It’s hard to go from confusion to mastery in one step. Be patient.

This is another important thing, learn to manage yourself and if you are married, work with your partner and their feelings about this budget idea. Learning to work together is important, and the more you do it, the easier it becomes. Just hang in there and don’t give up.

“$1,000?” you ask. Well, $1,000 is about what a debt collector should keep in reserve so they can avoid credit card or other forms of debt in an emergency.

I’ve heard it said, “when you see you’re in a hole, stop digging.” $1000 puts the shovel in the shed.

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Remember that this $1,000 should only be used for true emergencies, such as emergency car repairs or insurance coverage in the event of a car accident or emergency.

This emergency fund will grow significantly if we help you complete your next round of debt settlement. At this time, we are only preventing you from using any type of emergency credit.

** Epidemic update. I now advise my students to start with an emergency fund of $3,000-$5,000. As we saw in 2020, $1,000 is woefully inadequate as an emergency fund if/when you experience a job loss, vacation, or other financial disruption.

Now remember, depending on how much debt you have, this could take months or years. Correctly.

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The idea is to start and stay focused and consistent. We have seen thousands of people and families take months to years somewhere to go through this process.

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

The keys to the attack are… 1. List ALL of your debts, small to large (regardless of interest). 2. Pay less on all but the first (small) loan on the list. 3. Start adding payments on the smaller loan first. 4. When the loan is paid off, withdraw the “extra” amount to pay off the next loan. 5. Rinse, rinse and repeat until it’s all gone.

One of the reasons we recommend reporting all loans, large and small, regardless of the interest rate, is that in the good of things, the amount of “extra interest” you pay is insignificant compared to the speed of thought, emotion and reality. . you

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