Month End: April Snapshot

At the end of April, I’m truly amazed at what can happen in just a month. While having dinner at a Mexican restaurant one night, my sweet wife and I came into agreement about taking a bold and risky move. I made a withdrawal from savings to pay to zero the SVF line of credit. Although this line is my debt, it was on my wife’s credit, and I didn’t want it to impact her credit anymore. The plan is to not just replenish the line of credit to what it was, but to charge myself a high enough interest that will not only put the self lending principle to practical use, but recover the interest that would be in the savings account even if it hadn’t been removed from the account. The way you can achieve this goal is by charging yourself an interest at least 5 times or more high than the current interest rate of your savings account. For example, the current interest rate in one of my savings accounts is 2.25% annual percentage yield, so I’m charging myself 15% (6.67 times) and calculated payments based off a 12 month term so I have a minimum payment that is manageable, and if necessary I can stretch the term by 24 months for more cash flow. Your maximum term when using the self-lending principle is 24 months. Anything longer than two years lowers your commitment to finishing what you start.

Paying off this line of credit was also necessary, because we needed to get a new car. Our cars were over ten years old, and we had maximized the usage out of each car. We know how to take care of our cars, and I noticed that more and more money was being poured into her car. It’s in a situation like this one, that I think it’s a good time to look for a new car. We decided to get an SUV, because this type of car would be good for the day we begin to have a family for the sake of transporting children, groceries, and other necessities. Thankfully my, father-in-law was able to find a fantastic deal on a 2018 Ford Escape. Personally, I didn’t want that kind of vehicle, but the car had less than 1000 miles on it because it was used by the dealer only. It was a mid-level SUV, but it had extra amenities on it that added to its overall value. I liked that the vehicle had Bluetooth capability for hands free driving, it had the necessary storage space for groceries, and it had overall better gas mileage than my car and her car. However the most important point is that we were able to get the car at half its MSRP (Manufacturer’s Suggested Retail Price), and have purchased on a 5 year loan at an interest rate less than 5% for a monthly payment of less than $300.00 This flexible term and payment will give us the ability to consider home ownership and at the same time not hurt our budget. Our overall net income or disposable income is still high enough that we can still stay on track on paying off our existing debt. Once my debit is paid off, I can easily switch gears to go after this car loan.

When you are considering a major purchase such as a vehicle or home ownership, you need to look at it from as many different levels as possible. Not just the personal intangible features, but just as important, the financial impact it has on your budget. For me a major purchase is anything that I can’t pay cash for and or it’s $5,000+. In my opinion, some don’t have $5,000 in liquidity easily available to make a purchase. When making a major purchase that may involve getting a loan, ask yourself: Can you truly afford it? Keep in mind that having a good credit score will help you get a loan at an interest rate that will be more in line with your budget. If you have poor credit history, then you could end up paying more in interest over time. Knowing your bottom line is critical and having a peace about your decision will prevent buyer’s remorse.

If you want to learn more about how I’m increasing my income while reducing debt, or if you want to have someone to discuss your debt reduction strategy with, or if you need me to check your financial pulse then, contact me.

Also, learn more about how I use the self-lending principle through contacting me

This month’s video is Kevin Hart FIGURING IT ALL OUT (This will change the way you think!) from the Mulligan Brothers YouTube channel.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Deuteronomy
28:12
NLT‬‬
‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me

Advertisements

Month End: December Snapshot


2018 is ending, and I’m glad this year is over with. This year has been a Year of Restoration. There’s been restoration in my finances and even more importantly restoration in my marriage. Restoration isn’t an easy process. When you think about a car being restored, there’s a lot of sweat, hard work, and physical reconstruction that can happen. Our Jack Russell Terrier, Sasha, had surgery to have two tumors removed and now she’s cancer free! There were quite a few challenges especially toward the end of the year, which increased the level of stress in our lives, but in those moments our faith increased too. When you find yourself in stressful and difficult moments, make sure to surround yourself with people who genuinely want to lift you up even if it’s emotionally. Throughout the year, and at the start of the blog, I haven’t fully disclosed all my consumer/credit card debt. I didn’t give full disclosure because I didn’t want to share how large the number was, and at the same time I didn’t want to discourage anyone from taking the steps to become debt free. Going forward I will disclose all my credit card and lines of credit debt for the purpose of being honest. I do have $25,067.91 in student loan debt, but my path to becoming debt free involves becoming debt free of credit card and lines of credit debt. My student loan is on a set income driven repayment plan and will be paid off by 2034 at a fixed rate of 3.125%. 2019 will be a year of great joy and you’ll see the remaining debt I have left to pay as I step closer to being debt free.

To encourage you, I started this year at $43,824.60 in credit card, revolving line of credit, and term debt combined. As of now, I’ve paid it down by $19,624.60 to $24,200.00. I was able to reduce my debt by this much by selling what I didn’t need to pay down portions of debt, consolidating multiple cash accounts, and using portions of my tax refund and bonus toward debt. I also completely focused on reducing a balance. Since the first blog post you’ll notice I don’t share the interest rate on the debt. The reason is because I want you to explore the two different debt reduction methods: the debt avalanche method and the debt snowball method. Personally, both methods work, and I’ve focused on debt based on how it makes me feel. I’ll also add that in addition to how I feel, I discuss with my wife my reason for switching to pay one debt with a lower interest versus a debt with a higher interest rate. In those scenarios, it’s because the balance is low enough that I can eliminate the debt within a shorter time frame. The second reason I don’t share the interest rate is because your debt reduction strategy is YOUR debt reduction strategy. You personally own it, must be responsible for it and most importantly be committed to following it day after day and month after month. My debt reduced when I finally committed to reducing it.

Your journey is different than mine, but we can take one step at a time together.

If you want to learn more about how I’m increasing my income while reducing debt, or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

This month’s video is When You Are About To Give Up WATCH THIS! – Motivational Video Speeches 2019 from the Mulligan Brothers YouTube channel.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Deuteronomy
28:12 NLT‬‬
‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me

Month End: August Snapshot


Near the end of August, I was surprised to have my previous annual review completed. It’s something that I had been hoping, praying, and struggling over throughout the year. Normally it’s completed at the end of the year, so not having a review concerned me. Even though I knew I was working as hard as I could, I felt frustrated and unimportant. I had talked about my frustrations with my wife, therapist, a close co-worker, and the Lord, but I was at my wits end. I knew I contributed greatly and was valuable in my workplace, but the lack of communication, had taken me to a place where I even considered alternate options. Surprisingly, I was called in for my review and sat down for the first time with my boss for my review. In previous years, I would complete my evaluation, and it would be submitted for approval. This year, he apologized for the delay, and asked for my thoughts on my career path. It was honestly a relief to have communication, but the greatest blessing didn’t come until the end of the month. He handed me a card showing what my new salary would be. Even now I’m so thankful to God, I had been trying to reach this number since I first entered the work force after leaving college fifteen years ago. This salary amount will allow me to pay down my debt faster, and at the same time set aside money for the future. I immediately adjusted my budget to set my current monthly income as my new estimated income and have made plans to adjust my actual income, so I can set aside a portion of this income for savings and investing.

Pray, plan, and build the future you want. I can’t say that it will happen overnight, and most of the time it will require a lot of work and sacrifice, but if you have the right attitude and work ethic you will achieve the goal you set. I’m proof that if you’re in the right environment it can happen. It’s important to keep the faith. If you receive an increase in pay, make sure you have a plan for your money. A plan can be a budget, or even a discussion with someone you trust about how to handle the change in income. Don’t waste your new income. If you’re trying to get out of debt, then stay on your path, and don’t get into more debt. I’m planning on using my debt reduction plan toward other debts I have, but I’m continuing to chip away at the credit card debt above.

If you want to learn more about how I’m increasing my income while reducing debt, or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

This month’s video is WATCH THIS EVERY DAY| You Are More Than A Conqueror Motivational Video from the Lion of Judah YouTube channel.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Deuteronomy 28:12 NLT‬‬
‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me

Month End: July Snapshot

At the end of July, I’m so thankful to be able to figure what was causing my stress and the sudden onset of depression. It was a work-related situation that had caused the stress. Stress can be very detrimental to not just your physical health but your mental and emotional health too. If you’re facing any signs of those types of internal struggle, have the courage to reach out to someone. One of the greatest reliefs you can experience is to open up to someone and have them say, “You too?! I thought I was the only one.” On your journey to being debt free, always remind yourself that you are not alone. Even if you put yourself into debt, friends, family, faith, and encouragement can help you climb out. The most important step is the first step, and the commitment to each step after the first.

This month I focused on the other debt I wanted to pay down, and so the principal balance only decreased slightly. The Amount Paid doesn’t consider what I also must pay in interest. It’s important to read your credit card statements and look for two things. 1) your interest rate you are paying 2) the disclosure which shows how long it will take you to pay off the balance if you pay just the minimum payment. This minimum payment also assumes that you don’t make any additional charges on the card. Thankfully, the one card that I do use consistently I pay off its balance every month. If you must use a credit card, then have one you are committed to paying off monthly. If you can’t do that then you should stick to using a cash system or debit card only. However, this situation also depends on knowing your budget how much is coming in and how much is going and how much is left over. Take the time to take inventory of exactly how much you owe and discuss your plan with someone.

If you want to learn more about how I’m increasing my income while reducing debt, or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

This month’s video is BEAT THE ALARM – Motivational Video [WARNING!!! – This Will Get You Out Of Bed Early] from the Mulligan Brothers YouTube channel.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Deuteronomy 28:12 NLT‬‬
‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me


Month End: June Snapshot


At the end of June, I faced something I hadn’t faced in a long time. My wife and I traveled to Delaware to visit her grandfather, and the trip was meant to be relaxing for me, but instead I felt heavy, and tired. Unfortunately, there were moments in our trip that didn’t make it a vacation, but marriage is for better and for worse. Even if the worse is yourself. In the end, I was glad to be spend time with her and her grandfather, and I was glad to be able to get away from home and work. This month I focused more toward the Capital One card. After discussion with my wife, I’ve decided to focus on paying off one of my other debts. When you’re seeking to be debt free, make sure that you surround yourself with people that can give you sound and good advice.

If you want to learn more about how I’m increasing my income while reducing debt, or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

This month’s video is UNBROKEN – Motivational Video 2018 from the Mulligan Brothers YouTube channel.

Month End: April Snapshot


Ending April, I’m thankful to say I’ve made a significant step toward paying off another credit card. By the middle of May, the card I’m targeting should be paid off. I’m very thankful. With each card, or loan I’m paying off I’m taking the loan payment I was paying and rolling it into the amount I’m paying toward debt. It is a snowball effect. There are at least three different ways to pay down debt. The core principles of debt reduction are targeting a balance, targeting an interest rate, and using extra income to target a balance. My wife has taught me a very important extra principle in my journey to be debt free. The extra principle is to set aside a portion to save. I’ve focused on paying down debt and building assets, but it’s important to set aside a reserve. To be honest, getting out of debt is exhausting, and so is saving. But if through your spending whether responsible or irresponsible, you’ve ended up in this position, then I think it’s your responsibility to fight to get to your original place. A place of debt free. It’s exhausting if you’re alone, but I want you to know that you’re not alone. A key component of your journey to being debt free is believing and knowing that you are not alone.

Even if you don’t have a significant other, you have an inner voice that says you can do it, keep going, and press on. Listen to the voice that gives you hope and strength. And if the voice doesn’t say those things, then know I believe you can be debt free. Plan your work and work your plan. You may have to work harder than most, but the seed you plant if it is a good seed will reap a good plant.

If you want to learn more about how I’m increasing my income while reducing debt, or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

This month’s video is WHEN LIFE HITS YOU AND YOU FEEL LIKE GIVING UP | MOTIVATIONAL VIDEO from the Lion of Judah YouTube channel.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Deuteronomy
28:12
NLT‬‬
‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me


Month End: March Snapshot

At month end, I’m so thankful for what God has done. Honestly, it’s nothing that I could do on my own, and I haven’t been able to do what’s happening now in all my years of fighting debt. Including what you see in the snapshot, a term loan, and a credit card balance have been paid to zero. I had to sell an asset to pay off the term loan, but the peace of mind is worth it. Also, we received back our Alabama tax refund, and I’ve been able to increase my savings at an amazing rate. All these miraculous changes are because of my willingness to be open and honest with the one I love the most. It’s freed up something that I was meant to have for a long time. This situation applies to my life, and your situation is different than mine. But I encourage you to not do life alone, and if you need help seek help. Nonetheless have a vision, and a plan to be debt free. Build a space in your life for what it will look like. You weren’t born into this life with credit card and or student loan debt. Somewhere at some point, you may have made a choice to enter debt. But the truth is you can, and you are meant to be FREE. Ask yourself, if the Borrower is slave to the Lender then how can I be both at the same time? Build a budget to know how much you have at the end of the month, and when do your debts have to be paid. Ask yourself can I find a way to make an extra $100 to $200 a month?

Your journey to a debt free me truly begins when you can be honest with your self both financially and internally.

If you want to learn more about how I’m increasing my income while reducing debt, or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Deuteronomy 28:12 NLT‬‬
‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me

Here’s this month’s video: Motivation To Get Up Early- BE UNCOMMON – Motivational Video from the Mulligan Brothers YouTube channel.