Debt Freedom March
Our Top-Viewed Monday Money Tip: Paying Off Debt
Today’s featured Monday Money Tip is our most-viewed tip: The Debt Snowball Technique
It is how I eliminated my debt, and it can work for you too!
You can receive all of my Monday Money Tips via email by registering here today: http://www.mondaymoneytip.com
Debt Free WOO-HOO! Call
When we travel the nation to teach the Financial Learning Experience, we encourage people to call us when they achieve debt freedom. We’re getting these calls more and more, and I just wanted to share one of those calls with you.
Listen to the call HERE (takes only 4 seconds!)
It’s that simple – and it feels really cool to YELL once you’re debt-free!
When YOU achieve debt freedom, will you call us? Just yell – no names or anything. We’ll celebrate knowing another person has achieved such a monumental moment!
10 Reasons I Love Debt Freedom
10 Reasons I Love Debt Freedom
- I remember what it was like to be in debt
- I do not mail all of my money off to a bank every month
- Able to give more money away
- Able to save more money
- Able to spend more money
- Equipped to absorb "life happens" events – like surgery, unexpected Baby Sangl miracle, appliance failure, and car breakdowns
- Able to focus on the long-term with our decision-making
- Less STRESS!
- We earn money with our money instead of paying others for money we have borrowed
- Having to pay cash forces us to wait – which forces us to demand a deal for all of our purchases
Would you add any reasons?
Debt Freedom March – Couple #2 – Month 12
Introduction
This couple is THROUGH with debt! They announced that they were breaking up with debt in October 2007. They have agreed to share their Debt Freedom March with everyone in the hopes of inspiring others to do the same!
Here is this month's update.
Here is their updated Debt Freedom Date calculation …
Month By Month Progress …
Sangl Says
Couple #2 have torched over $33,000 in debt in less than two years! They are ON IT! They have backed off on the debt pay-off plan for a little while because they are replenishing their emergency fund and their new baby fund! Exciting times for Couple #2!
You Can Not Borrow Your Way Out Of Debt
I have seen so many people attempt to borrow their way out of debt. I have personally tried to borrow my way out of debt. The problem is that it does not work!
Here are some ways I see people try to borrow their way out of debt:
- Debt Consolidation Loan Roll all of the credit cards into a single loan.
- Home Equity Loan Roll all of the credit cards and car payments into a single loan using home equity.
- Loan From The Parents Roll all of the debt into a single loan from Mom and Dad.
I have never seen it work because these "solutions" only address symptoms! You must address the root cause of what created the debt in the first place.
Iit is necessary to change spending behavior and money management behavior.
I have seen a lot of people use the crutch of "it is medical bills" and expect to receive a free pass on the debt. That is so frustrating because in nearly all cases, the reason the medical bills exist is because the individual or family opted out of carrying health insurance.
I have seen a lot of people use the crutch of "I lost my job" and expect a response of "Oh, that makes your debt OK." BUT it would have never happened if they would have made an emergency fund of three to six months of expenses their top priority instead of a house, cars, furniture, and numerous other "gotta-have-it" purchases.
You simply can not borrow your way out of debt. It requires a written plan and a ton of focus. You can start your journey by reading THIS SERIES and preparing your own written spending plan using the FREE TOOLS.
Related Resource
- Joe's Book: I Was Broke. Now I'm Not.