• Step No.1: Make the minimum required debt payments on all of your outstanding debt -- This is absolutely vital to protecting your credit score.
• Step No.2: Save $2,000 as a "starter" emergency fund -- According to a study by The Consumer Federation of America, this is the average amount of "unexpected" expenses an individual faces in a given year.
• Step No.3: Contribute to your employer-sponsored retirement savings plan up to the maximum point of your employer's match -- This is literally free money, so do all you can to take advantage of it.
• Step No.4: Build up your emergency fund (the one you started in Step No.2) to three to six months of your expenses (i.e., your absolute essential needs) -- The one thing in foundation life you can expect is the unexpected. This fund will give you the financial flexibility to roll with the punches.
• Step No.5: If you have any credit card debt, pay more than your monthly minimum payment -- Paying off credit card debt is one of the best investments you can make in your financial future. Increasing your monthly payments according to the schedule below will dramatically reduce the time it takes to rid yourself of your debt.
Your additional credit card debt payment every month should be at least $50 to $150.
If your debt is:• $5,000 or less: Pay at least an extra $50 every month.• Between $5,000 and $10,000: Pay at least an extra $100 every month.• More than $10,000: Pay at least an extra $150 every month.
Note: Pay this extra amount on your debt with the highest interest rate first.
• Step No.6: If you are ready to buy a home, it's time to save for a down payment. Your home down payment is one of the largest "big-ticket" items you'll ever make so you'll need to make it a savings priority.
• Step No.7: If Step No.6 isn't relevant because you aren't ready, don't want to, or have already bought a home, then keep saving for your retirement. Remember that the dollars you save early on for your retirement are the most powerful as they have the most time to grow for you. As discussed in Chapter 9 of the new book, "On My Own Two Feet: A modern girl's guide to personal finance," there are two special types of tax-advantaged retirement accounts (an employer-sponsored retirement savings plan and an IRA) that you can use to "super-size" your retirement savings.
We hope you find these steps helpful as you navigate your personal financial road to financial success. As you utilize them, remember that they are rough guidelines that need to be tailored to your unique situation. At the end of the day, only you know what's best for your personal situation. That said, with this map in hand, you will be well equipped to navigate the competing demands on your money. This in turn, will help reduce the level of financial stress in your life. Here's to your living from a position of financial strength.
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Friday, September 21, 2007
Wednesday, September 19, 2007
Another Way to pay
One of the simplest ways to pay off your debt is to consolidate it into your mortgage. That's right I don't care what the experts say, If you consolidate and don't create any new debt because you have " Extra Money" that is the way to go. You see if you only have the one bill, you can pay the minimum plus the total of what your other bills were. What this will do is increase your mortgage payment, but if you are diligent it will allow you to pay it off sooner.
How would you just like to have a mortgage payment. The reason the experts recommend against this, is because if your not a strong person on a mission you will just create more debt. So this is not for everyone. But if you can do it this is the way to go.
Here is an example say you mortgage is $200000 and you have debt of $100000 and your house is worth $500000. On a $200000 dollar loan you payment is maybe $1800 and you combined debt payments are $1200. Now if you paid off the debt within the mortgage your now mortgage would be $300000 and your new payment will be about $2400. But you just freed up $1000 dollars worth of payment money. So you take that and the regular payment and your total will be $2800 or $3400 one would be and extra $400 a month. The other would be an extra $1000 a month. With the $400 it's like making two extra payments a year and with
$1000 it's like making 4 extra payments a year.
This should cause you to be debt free and to pay off your house in a shorter period of time. With each $1000 extra payment you make you will cut the interest by close to $10000.
Visit http://www.thewoodsgroup.com/pcdiet.htm
How would you just like to have a mortgage payment. The reason the experts recommend against this, is because if your not a strong person on a mission you will just create more debt. So this is not for everyone. But if you can do it this is the way to go.
Here is an example say you mortgage is $200000 and you have debt of $100000 and your house is worth $500000. On a $200000 dollar loan you payment is maybe $1800 and you combined debt payments are $1200. Now if you paid off the debt within the mortgage your now mortgage would be $300000 and your new payment will be about $2400. But you just freed up $1000 dollars worth of payment money. So you take that and the regular payment and your total will be $2800 or $3400 one would be and extra $400 a month. The other would be an extra $1000 a month. With the $400 it's like making two extra payments a year and with
$1000 it's like making 4 extra payments a year.
This should cause you to be debt free and to pay off your house in a shorter period of time. With each $1000 extra payment you make you will cut the interest by close to $10000.
Visit http://www.thewoodsgroup.com/pcdiet.htm
Sunday, September 16, 2007
Pay Them Off
Now that I told you to pay off your debt, I will show you a few ways how. The first thing you must do is gather up your bills and place them in order from the lowest to the highest. Write them down in that order. Write down their monthly payments, Then start paying them off in that order by adding the minimum payment plus about 50 more dollars if it is at all possible. As you pay off each account you add that payment to the next bill.
(Example: If you had three bills one for 100, 300. and 500 wiht payments of 15, 22, and 28 dollars. Now since the one for 100 is the smallest you take its payment of $15 and add $50 for a total of $65. You would then pay $65 on the $100 which would lead to having $35 Dollars left.
The next month you take the $65 and pay the last $35 off. You take the extra $30 and apply it to the $300 bill which would have subtracted $22 the first month so it would be $278, now in month two you would subtract the extra $30 from bill one, plus the $22 for bill two for a total of $52, Now $278 minus $52 equals $226. Now for month three you would add the $50 plus the $15 available from bill one plus the $22 for bill two's regular payment which will total $87. You subtract the $87 from the $226 which comes to $139, month 4 you minus $87 for a total of $52 and month 5 you minus the $87 bill two will be paidoff with $35 left for bill 3.
Now that is five months so five payment should have been paid on bill three. So now you take the 28 for 5 months which is $140 plus the $35 that was left over from bill 2 for a total of $175. Take the $500 and minus $175 for a total of $325. At month 6 you take the extra $50 that you add, plus the $15 from bill one, the 22 from bill 2 and the 28 from bill three for a total of $115. Now for month 6,7 and 8 you minus $115 from the balance. $325 minus $115 equals $210, next $210 minus $115 for a total of $95 and so on. Now this does not take in account for interest or fee's but it work basically the same)
(Example: If you had three bills one for 100, 300. and 500 wiht payments of 15, 22, and 28 dollars. Now since the one for 100 is the smallest you take its payment of $15 and add $50 for a total of $65. You would then pay $65 on the $100 which would lead to having $35 Dollars left.
The next month you take the $65 and pay the last $35 off. You take the extra $30 and apply it to the $300 bill which would have subtracted $22 the first month so it would be $278, now in month two you would subtract the extra $30 from bill one, plus the $22 for bill two for a total of $52, Now $278 minus $52 equals $226. Now for month three you would add the $50 plus the $15 available from bill one plus the $22 for bill two's regular payment which will total $87. You subtract the $87 from the $226 which comes to $139, month 4 you minus $87 for a total of $52 and month 5 you minus the $87 bill two will be paidoff with $35 left for bill 3.
Now that is five months so five payment should have been paid on bill three. So now you take the 28 for 5 months which is $140 plus the $35 that was left over from bill 2 for a total of $175. Take the $500 and minus $175 for a total of $325. At month 6 you take the extra $50 that you add, plus the $15 from bill one, the 22 from bill 2 and the 28 from bill three for a total of $115. Now for month 6,7 and 8 you minus $115 from the balance. $325 minus $115 equals $210, next $210 minus $115 for a total of $95 and so on. Now this does not take in account for interest or fee's but it work basically the same)
Friday, September 14, 2007
Pay Your Bills
One of the most important things about being in debt is paying your bills. If you don't pay on time your cost will increased, this is caused by bad credit, higher fee's and higher interest rates. This is where the banks steal your tomorrow and they do it legally. So if you want to get out of debt you have to steal your tomorrow back, or don't let them take it in the first place.
How Do you steal your tomorrow back? First you must Know what you owe, second you must come up with a plan to pay what you owe. Then third you must pay what you owe. Now the way I put it to you was direct and to the point. Now I believe there are many ways to get there but it always balls down to just pay what you owe. Next cut up the credit cards and owe no more. Owe no more means to live within your means.
Visit http://www.thewoodsgroup.com and help me make my website better.
How Do you steal your tomorrow back? First you must Know what you owe, second you must come up with a plan to pay what you owe. Then third you must pay what you owe. Now the way I put it to you was direct and to the point. Now I believe there are many ways to get there but it always balls down to just pay what you owe. Next cut up the credit cards and owe no more. Owe no more means to live within your means.
Visit http://www.thewoodsgroup.com and help me make my website better.
Thursday, September 13, 2007
Break The chains
It time to break the chains. You can do this by recognizing that you are being played. Most of the decesions that you make are not your. Advertisement has manipulated you into believing you need things that you don't need. The next time you look at TV see how many silent ads they thrust at you. There will be coke cans, cars, rings, food, and the theme will be some sort of sex. Basically they are saying that if you buy that product you will attract sex. Well the truth is if you buy that your wallet won't be as heavy because they will have you dollars.
Stop throwing away your dollars on stuff that just don't mean a thing. If you want your American Dream to become an American Nightmare just keep buying into that s_ _t you will end up broke and in debt. Weath is something that you have to want, and plan ,and create, you do the exact opposite of what you did to get into debt. It is that simple, You can spend or save one will lead to ruin and the other will lead to wealth It's You Choice.
Visit my latest site http://www.thewoodsgroup.com/bdindex.shtml
Break The Chains
Now like you can get hooked, you can get unhooked. In order to get unhooked you have to realize what is happening. You have to open you eyes and realize you are being manipulated.
The ads are telling you what you want and that's the bottom line. Sex sales that why most ads play to your sense of sex. You buy a new car you get sex, you ware nice cloths you get sex, you eat classy food you get sex. If they can make your relate everything to sex, they can control you and that's exactly what they do. You are being controlled, they are your master.
Now you must break the chains. You must recognize that you are allowing the advertisement to control you and just get on with your life. It can't control you if you don't all it. It's just like being a scare of ghost, once you confront
one then they're just not that scary. So today I need you to watch as much TV as you can and notice all the silent ads within the ads. You will see coke cans, pizza, rings, cars, and designer cloths etc. They will usually be a pretty lady around or some kind of sex innuendo.
That is what is selling you. That is what turns the American dream into a nightmare. That is what makes you open you bank account and give them all your. money for worthless S_ _ T.
Stop throwing away your money on worthless S_ _t. Remember a penny saves is a penny earned..
The ads are telling you what you want and that's the bottom line. Sex sales that why most ads play to your sense of sex. You buy a new car you get sex, you ware nice cloths you get sex, you eat classy food you get sex. If they can make your relate everything to sex, they can control you and that's exactly what they do. You are being controlled, they are your master.
Now you must break the chains. You must recognize that you are allowing the advertisement to control you and just get on with your life. It can't control you if you don't all it. It's just like being a scare of ghost, once you confront
one then they're just not that scary. So today I need you to watch as much TV as you can and notice all the silent ads within the ads. You will see coke cans, pizza, rings, cars, and designer cloths etc. They will usually be a pretty lady around or some kind of sex innuendo.
That is what is selling you. That is what turns the American dream into a nightmare. That is what makes you open you bank account and give them all your. money for worthless S_ _ T.
Stop throwing away your money on worthless S_ _t. Remember a penny saves is a penny earned..
Wednesday, September 12, 2007
The Dirt On Debt
Well first of all lets get it all out in the open. You see it's not all your fault that you want what you want. There is a 24/7 bombardment of advertisement telling you what you want. Now you part is that in many cases you listen and that's how you get in the situation you now find yourself in. It comes in the form of the TV the radio, the newsprint the magazines, your movies etc. Every body is telling you what you need, and every part of you is listening.
Now because you are hooked on all this advertisement I'm not going to tell you to go cold turkey. All I want you to do is notice what they are doing to you, and fight it a little bit. You don't need that BMW, you don't need to be hooked on Viagra or any other drug. Count the cost of each purchase so that you can tell if it is worth it or not. You can't get rich if you can't cut back.
Visit: http://www.thewoodsgroup.com/bdindex.shtml
Now because you are hooked on all this advertisement I'm not going to tell you to go cold turkey. All I want you to do is notice what they are doing to you, and fight it a little bit. You don't need that BMW, you don't need to be hooked on Viagra or any other drug. Count the cost of each purchase so that you can tell if it is worth it or not. You can't get rich if you can't cut back.
Visit: http://www.thewoodsgroup.com/bdindex.shtml
Tuesday, September 11, 2007
Well I'm Back
Well I'm back, I spent the last few months setting up a web site
Visit my site at http://www.thewoodsgroup.com I am still making move to
get rich in one year. The first thing that I learned is that it is easier to get rich if you
get the debt at bay. You see your debt is robbing you of your future, In the coming days I will show you how to get it back.
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