How To Get Rid Of Your Debt

How To Get Rid Of Your Debt – We may have met because you were sick and tired of debt and finances, as I was over ten years ago.

Being in debt and living paycheck to paycheck keeps me out of unhappiness. I’m so sick of being sick and tired that I haven’t made a plan yet.

How To Get Rid Of Your Debt

I had what I called a “weakness” because I was under a lot of stress and had panic attacks every month.

Paying Down Your Debt?

How to pay my bills is a constant question mark. It’s not a nice place, as you know.

And because of my bad financial habits, whatever money I had accumulated so far was stolen.

When I finally found the steps in 2004, I walked into them head first and could almost feel the power.

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

How To Get Out Of Debt With Bad Credit

At some point. But I found that as I gained more energy, my motivation increased dramatically and my debt began to decrease. I’m stuck!

About this post I used the content of this post to create a free printable guide that you can print and use as a solid foundation for your debt relief journey. You can download the 8 Steps to Get Out of Debt guide (if you’re logged in, just click on 8 Steps to Get Out of Debt (download)).

Maybe your number is more than $174,000. It might be small. No problem. The principle is the same regardless of the amount.

What I can promise you is that if you really pay attention to this step, you will kick debt in the teeth for good and gain freedom.

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There is no way to describe how amazing it is. You just have to figure it out for yourself and I want to help you!

It is hard? True. Does it work? I’M DOING IT!! I can honestly say that getting out of debt was one of the best things I have ever done.

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

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

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I’m not one to beat around the bush, so let’s get a loan, quick!

With my husband and all the years of coaching people to get out of debt, we know that these 8 steps, if you’re tired, always work.

Again, the more you “sell” or indulge in the process, the easier it will be.

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

How To Get Rid Of Your Debt

So if you want to kick your debt in the teeth, here are 8 steps you should follow diligently:

8 Steps to Get Out of Debt 0. Freeze All Retirement Investments (Until Step 4) 1. Create a Budget 2. $1,000 Starting Emergency Fund 3. Draw Down Small to Too Much Debt (aka Debt Snow) 4. Complete Emergency Financing 3- Cost 6 + months 5. Save at least 15% of retirement income (and build savings up to 50% + if applicable) 6. College funding (if applicable) 7. Home mortgage payment 8. Wealth building, service and empowerment

If you’re investing for retirement, I suggest holding off until you’re out of debt and have at least 3-6 months of emergency savings (of which until steps 1-4 are done).

You will not be able to build even the smallest degree of financial strength if your mind is divided and if your credit is stolen from you.

Ways To Get Out Of Debt 💸

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

Who cares if you get 7% on your 401k when your credit card or 8-18% loan or HELOC (Home Equity Line of Credit) interest is eating lunch.

Like I said before, trust me. Obey the process and you’ll be able to build wealth quickly once you kick out the resident “thief”.

And please don’t take my word for it. Take the time to sit down and actually do the numbers. Add the amount you pay in interest to your earnings in your company’s calculation. Every time we do this with a client, they are amazed.

How To Get Out Of Debt Fast A Step By Step Guide To Debt Reduction

Don’t worry in the short term (hopefully) that you won’t be able to contribute to your retirement. That means getting out of debt as quickly as possible so you can start putting more money into your retirement account.

It all depends on how familiar you are with budgeting, as well as how nervous you are when you first sit down to make one.

If you’re “killing” that means you’re making a bunch of money and you’re starting to budget because you want to control spending and get the most value out of every dollar, that’s a very different situation than your twenties or so. even hundreds of thousands of dollars in debt.

They also can’t pay their bills and may experience other hardships (such as job loss or other types of financial difficulties) before trying to start a budget.

Getting Out Of Debt

The point is, wherever you start, it’s important to understand that no one is “born on a budget.”

It’s not a “talent” or a “gift,” but a skill or muscle that you need to build and develop.

So it is also important to understand that building these skills requires 90 days of continuous and continuous effort.

When we practice, we almost always include a full financial picture review of the new budget and record every dollar that comes in and every dollar that goes out.

How To Get Out Of Debt The Book

Usually at least a few things are forgotten on that first date. This is just one example of why it takes 90 days to create a budget. It’s hard to go from messy to great work in one meeting. Be patient.

This is another important element, learn to control yourself and, if you are married, work with your partner and their feelings about this whole financing idea. Learning to work together is important and gets easier the more you do it. Just stay and never stop.

“$1000” you ask? Yes, $1,000 is about what it takes to get rid of the remaining debt in savings to avoid using credit cards or other loans in emergencies.

I’ve heard it said “when you hit a hole, stop digging”. $1000 put the shovel in the house.

Your Step By Step Plan For Creating A Budget To Get Out Of Debt

Remember, this $1,000 can be used for true emergencies, such as emergency car repairs or auto accident or accident insurance deductibles.

This emergency fund will be greatly expanded following the next steps in debt relief. We currently do not allow you to use emergency credit.

** Illness Update: I now suggest starting my students with an emergency fund of $3,000-$5,000. As we see in 2020, $1000 is enough to be an emergency if/when you lose your job, vacation or other financial problems.

Remember, depending on the size of your debt, it could take months or years. It is good.

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It’s a matter of getting started, staying focused and persevering. We have seen thousands of individuals and families go through anywhere from months to years to reach this milestone.

No matter how much time or effort it takes, they all say, “It’s worth it!”.

The keys to their attack… 1. List ALL debts from smallest to largest (regardless of interest rate). 2. Pay the minimum on all debts except the first (least) one on the list. 3. Start making extra payments on the smallest debt first. 4. Once the debt is paid off, roll over the “extra” amount to the next debt payment. 5. Rinse, rinse and repeat until done!

One of the reasons it is recommended to list all debts from the smallest to the largest, regardless of the interest rate, is that in the grand scheme of things, the amount of “extra interest” often pales in front of your mind. feelings and true power. get it while you have it

How To Pay Off Debt

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