Creating a debt snowball is my preferred method of getting out of debt. When My wife and I were paying off $46k of debt, we actually didn’t use a debt snowball worksheet, but looking back I think it really could have helped us. If you are wanting to pay off debt on your own, this […]
While I think few would argue that paying off debts is a good thing, there is a better way to accurately see the big picture of your finances. It is called your NET WORTH. And no it is not just a number that rich people talk about at cocktail parties. It is what financially savvy people use to track their progress.
Lately, I have been talking to a lot of folks who are heavily burdened by their student loan debts – some of whom have over $100,000 in student loan debt. And while I believe, according to scripture, we are to pay back our debts, if they are forgiven by the lender then we are off […]
To get the most out of this lesson, I recommend watching the video here, but for the Cliffs-notes version you can just continue reading below… The one simple principle that changed my life forever And you probably have already heard it, just like I had for years. But it wasn’t until I finally “got it” […]
12 years ago, Linda and I confronted our debt and decided that we were going to pay off our credit card debt on our own (and fast if at all possible). We were determined to make the sacrifices necessary to eliminate it as quickly as possible. We had $46k in total debt (though not all […]
I mean if you were making what your boss is making, it will not fix your financial squeeze. There is a famous principle that expenses rise to meet income, so if you are having a hard time paying your bills or making a dent in your mountain of debt money is NOT your answer.
I had a revelation about cars that has caused me to not really care what mine looks like. It’s not that I don’t want a really fast car, it is just that there is something I want a bit more: financial freedom.
I love checklists. Especially when I want to make progress in a particular area but don’t exactly know what steps to take. This is a personal financial checklist that covers many of the steps I have taken over last decade that have helped me move from being a financial mess to having a little bit of an idea of what’s going on.
Technology is changing everything – even the well-worn process of getting a loan through a bank. You can now streamline the whole borrowing process and consolidate your debt with Lending Club. Lending Club is the largest and most well-known of the rising class of direct lending platforms that enable both borrowers and investors to bypass […]
The following article was written by our CFP® friend Neal Frankle. He is the chief editor of WealthPilgrim.com. Nobody’s perfect. You aren’t and neither am I. But neither are the credit bureaus who compile your credit history or the creditors who report to those bureaus. If you have some splotches on your credit report […]
A little over a year ago I ventured out into self-employment after spending much of the previous decade in the “Rat Race”. For most of that time I was a glorified pencil-pusher in the corporate abyss of a Fortune 500 company.
Now that I have spent over a year working for myself I can’t imagine doing anything else. For as trapped and held down as I felt before, I feel the opposite extreme of the joy of freedom. Just to be clear, self-employment has it’s own challenges and difficulties, but I honestly think they pale in comparison to what I went through while spinning my wheels in the Rat Race.
Buying a home is a major expense – and a major debt. It’s said it’s the biggest purchase you’ll make in your life. A traditional mortgage loan is repaid over the course of 30 years, but today, some terms call for up to 40 years of repayment. To some, three or four decades seem like an interminable amount of time to take to pay off a debt… These are 4 simple ways to pay off your mortgage early!
I remember when I was living off of Kraft Macaroni and Cheese that was purchased on a nearly-maxxed out credit card. I remember the feeling of hopelessness as I watched my financial life spiral out of control before my eyes…
While it’s tempting to believe that wealth is about being lucky, the reality is that it’s mostly about using God-given wisdom and developing the smart money habits. If you can do that, and avoid too many foolish mistakes with your money, there’s a very good chance that you will have more money than you need. And that […]
Job loss. A lay off. Fraud. Getting fired. Robbery. Legal Issues. Credit card debt. In a moment, any of these instantaneous events can shatter your financial plan. At times these events do not come alone, but they come in groups – event after event. Unfortunately, life is filled with disappointment, frustration, and surprise. So what […]
It has now been a few years since my wife and I paid off all of our non-mortgage debt, but the benefits still remain. It is absolutely one of the best decisions I ever made and I can’t help but wish that everyone I know could experience some of the joys of having all of your debt […]
Before you begin your journey to get out of debt, it is important to know what the Bible says about debt. You can then use these truths to build your faith since faith comes by hearing the word. Once you have a solid understanding of what God has to say about the issue, then you can boldly pray about your debt in faith.
These are some simple ways to become poor… 1. Spend more than you make – Actually if you only do #1, you won’t have to worry about the other 9. This is the easiest way for anyone to become poor. It doesn’t matter if you make millions or hundreds each month, the same principle applies.
So you want to learn how to quit spending more money than you make? Here are a few ideas that have helped me…
Have you ever wondered how setting a goal and following God’s will can co-exist? After all, what is the point setting a goal that isn’t what God is wanting for us?