Posted in Debt Free Me

Month End: November Snapshot

I have so much to be thankful for this year. Out of all the things I’m thankful for, I’m thankful for my wife, our home, and both sides of our family. Looking back on how this year started, I didn’t know I’d be at this place. Thank God for my loving family and my close friend Joe. This month I applied more toward the Capital One card, and next month I decided to take a rest from aggressive debt reduction. I may or may not take a break next year. This year I want to be able to have money to use towards Christmas and have a little extra money in my checking account to remind me of the time before I was in debt. It’s important to be able to rest, reflect, and appreciate how far you’ve come.

Last month one of my Barclay’s credit cards was bought by Mercury, and so my balance was transferred to a Mercury Credit Card. I had to create a new username and password and re-adjust the information in my budget. With that transfer, and my excellent payment history, my credit limit was increased. A credit card company will increase your limit in order to tempt you to start using the card. A credit card company must send you a notice if any type of information is being changed. When information is changing, I look for two things: an annual fee, and my new interest rate. Even with my credit limit increase, I’m continuing to pay this balance, and not adding anymore new debt. One of the mistakes I made while reducing my debt again was looking for balance transfer offers, and loans to consolidate credit card debt. I think you should use a balance transfer or consolidation loan only if you have the self-discipline to not add balances back on the cards you pay to zero. Even if that means you must cut up the cards, store them away, or give them to someone you trust, stay focused on becoming debt free. I made the mistake of doing a balance transfer and not committing to bringing the balance to zero before the promotional rate ended. I had consolidation loans but would also re-use the cards. Having a consolidation loan and using the cards again reduced my cash flow (cash I had to live on after expenses are paid) and increased my debt to income (a ratio that for creditors can play a factor in granting increases in credit or new credit). Only use a balance transfer option if you have ability to pay the balance off before the promotional rate ends, and if you can commit to your debt reduction strategy.

This year is different. Often people will say it’ll be different this time, and then end up doing the opposite. Why is this year different? For me it’s because of small consistent steps, and emotional support that’s really helping me succeed. For me it’s about faith, a mission and a vision. Your journey to a debt free me is different than mine, but if I’m getting closer to being there, then take one more step with me. You can do it.

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 The BEST ADVICE you’ll Ever Hear! Will Smith from the Video Advice 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.”

Deuteronomy28:12 NLT‬‬

I believe in your journey to….

A Debt Free Me

Posted in Pursuit of Excellence

May 17, 2017

Items in italics are direct quotes from the articles below

A year and a half ago, the idea of buying the virtual currency bitcoin was laughable. After a rapid rise in value in 2013, the cryptocurrency’s value more than halved by mid-2015. At its lowest point, one bitcoin was equal to about $230. But now Bitcoin is at an all-time high, and rising. Within the last month, the price of one bitcoin has climbed from $1,280 to around $1,480. Given the currency’s covert nature, the average person still may not understand how buying and selling actually works. Using the app Coinbase, which lets anyone trade bitcoins for a small fee, we decided to find out. A brief warning: If you’re going to do this, tell your bank you’re about to buy bitcoin. More on that later. This article provides a step by step process of buying Bitcoin, so I recommend reading the article if you’re interested in purchasing it. The author also has his reservations about using Coinbase, however I personally am going to use this site to buy Ethereum. It is another cryptocurrency. If you’re interested in forming an investment group with me, then contact me.

Jacob Fugger was a German banker who financed kings, explorers, bishops and popes — and along the way made the biggest fortune ever amassed by a business person. The grandson of a peasant, he persuaded Leo X to legalize for-profit lending. One of his money-making schemes provoked Martin Luther to write the 95 Theses and kick off the Reformation. He played kingmaker in the 1519 election for Holy Roman Emperor. Jacob (Jakob in German) Fugger and his money gave the vote to Charles V of Spain and put Charles atop an empire as big as Napoleon’s. Fugger was worth about $400 billion in current dollars at the time of his death in 1525 — or 2% of Europe’s GDP at the time. (John D. Rockefeller was close in dollar terms, but his wealth equaled a smaller part of the U.S. economy.) Here are some of his secrets: invest when others fear, be indispensable, know the facts, know the numbers, get a good education, keep cool, and give something back. It’s best to not let fear or analysis-paralysis stop you from making a move when it comes to investing into your future. Do you have a vision? Do you have a mission? Do you have it written out? Be indispensable not just in your work place, but in your life. If you have integrity then people will trust in you and be willing to help you. Do what you say and say what you do, but make sure you think before you speak. Knowing the facts and the numbers will help you stay grounded. Getting a good education will help you draw out the person you are destined to be. Study what you love even if it’s for free, but think about how can you turn it into an income generating asset. How can it generate passive income or any form of income? Keep cool and use your will to stay focused on your plan whatever it may be. However, in the end, look at everything through the lens of eternity and legacy. There’s no sense in amassing great wealth with no plan on how you can help humanity. Fugger is best known as the creator of the Fuggerei, the world’s first affordable housing project. He thought anyone who worked deserved to have a roof over their head. Rent came to one quarter the market rate. The Fuggerei remains in operation and is the largest tourist attraction in his home city of Augsburg. Greg Steinmetz is the author of “The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger.” I encourage you to read a book on a topic that interests, and a topic that is challenging to read to keep feeding one of your greatest assets: your mind.

If you need are interested in creating a budget, then contact me for a financial checkup in the contact me section. Also, learn more about the self-lending principle in the mustard seed section.

For this week, I’ve included MOTIVATIONAL VIDEO – LIVE LIKE A KING from MulliganBrothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG