Month End: October Snapshot


At the end of this month, I was able to pay off another one of my credit cards. Slowly and consistently throughout this year my debt has reduced at a faster rate than the last time I was getting out of debt, and even faster than when I began blogging about Debt Free Me in 2015. Why is there such a difference this year versus previous years and attempts? Honestly, I can attribute it to two factors: My wife’s willingness to let me focus on paying my debt and removing distractions from paying my debt. The extra $350 a month that I’m committing toward my debt vs using it toward our budget is a key factor. Also, I’ve cut back on letting my time and energy be pulled in different directions. I’ve said no to situations, and don’t focus on income opportunities. No is a complete sentence. Am I sacrificing opportunities by not building my asset class? Yes, and I’m completely content saying no. This year has been a year of restoration for me. I’m thankful to my wife for her love and support, finally achieving the salary I’ve wanted, and the consistency of continuing to pay down my debt.

If you notice the amount above is the amount that is being paid toward the principal and doesn’t include the accrued interest. If you’re going to work toward being debt free, then pay more than just the minimum payment or the accrued interest. If you’ve practiced the self-lending principle, you can see how much interest compounding daily can be for your benefit on an income side, but also how much it takes away from the expense side. A good personal goal as you’re paying down debt is to set aside income. Saving money will create a margin and give you the ability to handle unforeseen events. I recommend saving three months’ worth of income as a long-term goal, and one month’s worth of income as a short-term goal. Saving can be challenging at times, so find someone you trust to help you stay committed to achieving this step. If you’re using a credit card, then continue to pay it off monthly. Personally, I have one credit card that I use and pay off monthly. Why? Because debit cards can become compromised, and if a debit card gets compromised then your banking account is compromised. Yes, you could carry cash, but if you have the discipline, use a credit card and pay it off monthly. Find a credit card that offers some form of reward incentive either points or cash back. Personally, I like a cash back rewards, and my wife prefers to use points, so she can use it toward discounted store purchases. Next month is Thanksgiving and I have a lot to be thankful for.

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 CURE TO LAZINESS (This could change your life) 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.”
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Deuteronomy 28:12 NLT‬‬
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http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me

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Month End: May Snapshot


Thankfully this month, I paid off the Prosper loan, and now I’m focusing solely on the credit card balances. Remember that paying off your debts will give you a raise. Without debt, you will be able to experience your true take home pay (gross profit). Having a budget, will help you know how much your disposable income will be, and your disposable income is how you will build wealth. Mind your own personal investment portfolio. As you pay down debt, look for ways to increase income. I’ll plan on taking advantage of the loan balance transfer offers to reduce my personal line of credit to pay for emergency expenses and look for income producing opportunities. My wife is preparing to interview and will start working in the field that she loves starting next month. I believe you should do what you love and do it with excellence. If it’s possible to do what you love and generate income from it, then leverage the internet to reach as many people as possible. If it’s not possible to generate income from what you love, then let it be your motivator to do your profession with excellence. Our time is finite, but our impact can be eternal.

Over the next few months, my goal will be to reduce either credit card balance by $1000. By year end, my goal is to position myself to be able to make $1000 debt payments toward my debt via my job, and businesses. Some of the new habits I’ve adopted is listening to motivational videos, and relaxation videos through YouTube. However, for me, my core foundation remains the same, prayer, the Word, and worship. What’s your 1st response when things go right or wrong?

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.”
‭‭Deuteronomy28:12NLT‬‬
http://bible.com/116/deu.28.12.nlt
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I believe in your journey to….

A Debt Free Me

Here’s this month’s video: THROUGH HARD TIMES – Powerful Motivational Video 2017 | PART I from the Motversity YouTube channel.