Get PDF The 6 Steps to Financial Freedom: How to Turn Your Debt Into Wealth

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The sad reality is that Americans are taking on more bad debt, and it could be the canary in the coal mine for another recession. For many people, debt is a four-letter word.

7 Steps to Get Out of Debt and Build Wealth - Book Offer

The conventional wisdom is to tell people to stay away from it like the plague. Many financial gurus have built their whole empires on decrying debt and helping getting people out of it. Rather we make an important distinction between two types of debt: good debt and bad debt.

Why is it called bad debt?

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It makes you poorer. This is because liabilities take money out of your pocket each month, not put money in them. Good debt, on the other hand, is debt that puts money in your pocket each month. It makes you richer. It is used to purchase things like investment real estate, grow your business, or take advantage of other investment opportunities. In short, it is used to purchase cash-flowing assets. The cash flow from those assets pay for the cost of the debt. Unfortunately, most people in America are saddled with bad debt and have no idea how to put good debt to work for them.

6 Steps To Get You On Track Towards Financial Independence

And the reality is that before you can put good debt to your advantage, you really need to take care of your bad personal debt. Those were hard times for Kim and me. For a short time, we even lived in our car. Having as much debt as we did, coupled with the emotions of losing my business, it would have been easy to roll over, get a good job, and give up on my dream of building a successful business.


Using all we had learned about money and how it worked, we looked for great opportunities to build our asset column—and eliminate our personal consumer debt—bad debt. By implementing this plan, we were completely debt free within a few years and on our way to financial freedom. The following are the six simple steps you can use to eliminate your personal debt. If you implement them, they will work.

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If you have credit cards with outstanding balances , discipline yourself to use only one or two credit cards. Any new charges must be paid off in full every month. Do not incur any more long-term debt. If you have a good financial education and understand how to have money work for you, this should be relatively easy to do.

You will now pay the minimum payment plus the extra money on that one credit card.

What Are the Baby Steps?

Overspending is what led you to debt in the first place. Decide each month what is coming in and what will be going out. Assume only minimum payments on all debts, but whatever happens, the income must be greater or equal to the expenses.

The 7 Steps To Financial Freedom Every Doctor Should Know

If you have a credit card in your wallet, you will use it, so cut it up. This is your starter emergency account. No matter what other bills or obligations you have right now, set this money aside in a money market or savings account first. Your car breaks down, the hot water heater dies, or the roof leaks — all good reasons to access money. Your emergency account is not fun money and should never be used for anything that is predictable and not vital in your day-to-day life. Contribute to your k only enough to maximize the employer match. Usually, your employer will match your k contribution up to a certain level typically, a percentage of your salary.

Unshackling from money problems: First steps to financial freedom - reimenocoo.tk

The best return on your money is a risk-free match from your employer; take full advantage of the free money. If you do not have a k or an employer match, skip this step. Remember, you should not be working on the next step until you have completed the previous one.

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Pay off your debt. Make a list of all your debts, excluding your home mortgage. Your debt list should include car loans, credit cards, student loans, and so on.