Posted in Debt Free Me

Month End: April Snapshot


Every journey has its own setbacks and detours, however despite those moments, you must remain consistent about where you want to be. Will you run into unforeseen expenses and liabilities? Absolutely! I encourage you with this idea: I’m in no way perfect, but I serve a perfect God. He knows an exit strategy into every situation I’m placed into whether it’s good or bad. Repent quick, Forgive quick, and Move on quick. This previous month, I had to adjust my strategy and take advantage of the zero percent balance transfer offered on the Capital One card. As the wedding date draws closer, Jill and I have had to discuss the costs involved in the wedding. I’ve found this discussion very important, because in discussing finances, we’ve come into agreement on how to handle our finances together. I love her more and more each day, because she fills in and covers the weaknesses I never knew I had.

Specifically, I’ve re-focused my debt reduction on paying down the Barclay’s card while slowly reducing the other debts and applying principal reduction payments where I can. Always seek wise counsel where you can and use their counsel to take advantage of the best situations that present themselves. Their counsel will help you discern if the choice you make is the best one for you. When I got out of debt before, all I did was focus on making extra money to pay off debt. This time I’m paying down debt, saving, investing in assets, and growing my assets that produce income. Why? Time is fixed. We only have 60 seconds in a minute, 60 minutes in an hour, 24 hours in a day, 7 days in a week, and 52 weeks in a year. Time will run out. Use and manage your energy efficiently and effectively so that you can get as much out of each moment as you can. If you consistently focus on saving and buying assets, then when you finally are out of debt, you will have a larger amount in savings and more income producing assets vs. getting out of debt and then having to build savings and assets. Also, by saving and investing while you are getting out of debt, will create a discipline inside of you. How am I able to do it this way vs. the last time? I have a budget. A budget will put order into your life. Order proceeds increase and increase proceeds multiplication. Knowing your net income number is the key to being able to get out of debt, save, and invest. There is a process that I follow that I will share in future posts. Remain consistent and diligent on your journey.

Have someone to discuss your debt reduction strategy with, and if you need a financial check-up contact me. More details about a financial check-up is in the contact me section.

The rich ruleth over the poor, and the borrower is servant to the lender.
https://bible.com/1/pro.22.7.kjv

I believe in your journey to…. A Debt Free Me

Posted in Debt Free Me

Month End: March Snapshot

Over this past month, I’ve had the opportunity to pay off the Wells Fargo Line of Credit and utilize a zero-balance transfer option on my Barclay’s card to reduce the payment amount of my overall debt. My next target will be the Barclay’s card as I chip away at the Capital One card. It’s important to be flexible with your debt re-payment strategy. Set your sight on a balance and target it but be open to opportunities to reduce the debt faster, even if you utilize a promotional balance transfer option. A word of caution, when you do use a promotional balance transfer remember two points: 1) the offer is for a 12-month period on average (check your terms) and 2) you are charged a balance transfer fee (weigh the cost vs. benefit). In the end, a balance transfer can eliminate the high interest debt which can not only eliminate the payment but also create a lower payment overall which increases cash flow.

An increase in cash flow, creates more money to reduce debt, or to be used towards living expenses. In your journey, you’ll experience a lot of emotional forces at play which may encourage you to spend. The best process to fight these forces is to seek help from others, set up small reward systems to curb the spending, and grow your asset column. As I said in one of my earlier posts, I’ve gotten out of debt before, but when I did, I had no control over my spending and got right back in the hole again. Why? Because I didn’t take time to address my spending issue in the first place, and I didn’t grow my asset column. While you’re getting out of debt, see if you can create something which will produce money for you. The one thing we have which is absolutely fixed is time. At some point the clock will reach zero. Value your time and maximize your use of it.

This new year has been challenging, because of the wedding planning and the financial obstacles that present itself. Every obstacle creates an opportunity to trust God and those closest to you. You’re not in this process alone. There’s a four-step process that I do whenever I receive income, which I will share with you in a later post. This process has blessed me in my journey to debt freedom. I’ve included a short video clip from Joe McGee to help you turn an obstacle into an opportunity. Enjoy:

Turning an obstacle into an opportunity is about changing your vision and your thinking. Have someone to discuss your debt reduction strategy with, and if you need a financial check-up contact me.

The rich ruleth over the poor, and the borrower is servant to the lender.
https://bible.com/1/pro.22.7.kjv

I believe in your journey to….

A Debt Free Me

Posted in Debt Free Me

Month End: November Snapshot

Below is a progress report of where I am at the end of November:

Talking with my fiancé, we agreed that I could balance transfer over $200.00 to the Capital One debt, which is why the Capital One debt increased. I made a $670.00 payment to the Barclay’s card to pay my debt off before year end. Remember if you’re going through a debt reduction plan to always communicate with your partner, and to keep a laser focus on reducing the debt.  I’m able to pay down my debt at such a fast rate because of two reasons: 1) I know my numbers because I have a budget 2) I’m willing to sacrifice, sell what I don’t need and work for extra cash.

Next year, my focus is going to be paying down one specific debt, because I need to save money for our wedding, but I will keep my heart and mind open to any opportunities that come available.

The rich ruleth over the poor, and the borrower is servant to the lender.

https://bible.com/1/pro.22.7.kjv

I believe in your journey to….

A Debt Free Me