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Save Money And Get Out Of Debt – Simone Milasas is an entrepreneur, developer, creative business coach, international business owner, author and International Business Director of Income Consulting.
No matter what your current reality is with money, most of us want to become something bigger. Whether it’s getting rid of debt, increasing your monthly income, or investing to grow your money even more, some of us are happy with our financial situation and want to be more.
Save Money And Get Out Of Debt
What if making more money is easier than you think? What if money was as accessible as the air you breathe? Do you want to be? Ready to enjoy? Are you letting money come to you… with ease? If you want a different financial reality, you can have it. The real question is…will you dare to vote?
Get Rid Of Your Debt Sooner!
Here are 3 tips I used to get out of $187,000 in debt, increase my income, and enjoy life:
Do you invite money into your life or push it away? It’s interesting that when you make decisions about money (or anything else), only those that align with your purpose can appear. For example, if you conclude that you have to work hard to get money, you will always work for money. It is determined that it is. It will be so.
When you ask questions, you review everything you’ve done so that you can present new options. You may begin to wonder, “What is possible that I haven’t asked?” And, “if I had to choose my financial truth, what would I choose?” Or, “What can I focus on today that will increase my income?”
As you ask questions, you move decisions that take away money and open up opportunities that bring in money.
Simple Ways To Start Saving For A Debt Free Christmas In July
People always think that if they have money they will be happy. The opposite is true, be happy, choose joy and money will appear. Money after pleasure. Happiness is not money.
If you want to be happier, start doing what you love. Don’t assume there’s no way your loved one can make money. That’s a conclusion, not a question. Take out a notebook and start writing everything you want. It doesn’t matter what it is. Cooking, gardening, reading, walking the dog, talking to people. Don’t think about whether you are useful to others. If you like it, add it to the list. Keep adding over the next few days and weeks. So take a look — are you doing what you love?
When I tell people, “You have to be willing to make money,” a lot of people look at me like, “Huh. Of course. Everyone wants to make money.” Actually, that’s not true. Most people want to spend money. but few want to be If you have money, you don’t have to spend it. Thank you for the power of what you share.
Save 10% of everything that comes into your life. This is not the essence of rainy days. It’s your money and you watch it grow. You can keep it in cash, you can keep it in a bank account, whatever is fun for you. When you “save” money, it means you want to spend it. This is different because when you have money you invest in yourself and your future.
Four Steps To Turn Debt Crisis Into Millionaire Opportunity
How would you go about your life if you saw a large amount of money every time you opened your wallet or purse instead of a completely empty room and a few bills? The habit of having money. Live around the amount of money you think a rich person would live on.
These are the exact tools I use to get out of debt and completely change my financial situation. They will work for you even if you use them. Money wants to come to you. Will you call him?
Join Simone Milasas and Christopher Hughes in this class to ask yourself and ask the world to have a different reality with money.
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What Are The Easiest Ways To Save Money?
When I finally realized that building up emergency savings was something I needed, I had a tough decision to decide whether to pay off my current debt or save my money. It was a hard decision because I know both are important. So how do I choose which one to tackle first?
I started crunching the numbers. It’s easy to feel pressured to save, but sometimes it’s not worth it. For example, I have many high interest credit cards that pay 20% to 25% interest. To keep up with my credit card payments, I pay over $160 a month in interest. The hard truth is that even if I make minimum wage and put my extra money into savings, I will lose money.
If you are currently trying to make the tough decision of whether to pay off debt or start saving, I hope this article gives you the knowledge to make the right decision for you.
I’ve learned from experience that it’s best to clear high-interest debt before saving for an emergency fund or adding to your retirement. In general, if you have high interest debt of more than 5%-7% and it is not tax deductible, you should pay it off before saving. The simple truth is, you won’t earn much interest on your savings, but you will have to pay interest on your debt. Simple math determines that if the interest you pay is greater than the interest you receive, you lose money.
How To Save Money While Paying Off Debt? (4 Smart Strategies To Help)
Remember, paying off debt before you start saving isn’t for everyone. Deciding to pay off your debt early means you won’t have money set aside for emergencies, which could mean taking on more debt when an unexpected expense pops up.
The first debt to tackle is consumer debt. Consumer debt is used to finance consumption rather than investment and includes credit card debt, payday loans and leases.
Consider this example. Let’s say you have $1,000 in savings earning 0% interest and credit card debt that is costing you 10% interest. Basically, your net worth is zero because your assets ($1,000 in savings) minus your liabilities ($1,000 in credit card debt) equal zero. Each month your net worth will decrease as you earn interest on your debt while you have nothing in savings.
When you pay off credit card debt with savings, your net worth doesn’t change, but you stop losing money. The hard part is that you may not be sitting on $1,000 for comfort, but that comfort comes with little return at a very high cost.
How To Get Back On Track If You’re Drowning In Debt
There is another big advantage to paying off high-interest debt early. If you’re struggling to improve your credit, making the decision to tackle your debt first can kick-start your plans for improvement. Consumer debts, such as credit cards and loans, are factored into your FICO credit score and have a big impact. In fact, this number is 30% of your score. That yes!
The main thing you need to do to improve your credit score is to check your credit score. You can do this in no time by paying off what you owe and reducing your balances. This gives you access to lower interest rates, which you can use to pay off your debt faster. Here’s the exact method I used to pay off over $7,500 in credit card debt with a balance transfer.
I would only recommend this option if your debt has a very low interest rate. If you decide to save money before tackling debt, I recommend building your emergency savings before focusing on anything else. Consider a CIT Bank savings account.
Unexpected costs are a big reason why people go into debt. If you have low-interest debt and just focus on paying it off, you can have great results when unexpected needs arise. This can lead to having to borrow again and becomes a vicious cycle from which it is difficult to get out.
Should I Pay Off My Debt Or Save?
If you want to focus on savings, I suggest you focus on one
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