Daily Archives: May 19, 2010

How YOU can Eliminate Excessive Credit Card Debt once and for all


Excessive credit card debt is like an anchor that weighs you down. Your thoughts are consumed by it, and it doesn’t seem like you can do too much about it. In fact, it almost seems as though the more you pay on a huge debt, the larger it becomes. There is a way to short-circuit the endless debt cycle, and you can be out of debt quicker than you think. It will take work on your part, but that is miniscule compared to a mountain of debt.

The strategy to eliminate excessive credit card debt is known by many different names, debt roll up, debt snowball, etc. Regardless of the name, the idea is the same. Get a psychological lift from paying off smaller debts, and roll the now available funds from that payoff to attack larger and larger debts, finally ending up with your mortgage. Most people who can stick faithfully to this plan find themselves debt free, including their mortgage, in ten years.

Here’s a rough idea of how it works. Gather your credit card statements and determine which card has the lowest balance due. With the next payment, probably the minimum payment, add as much extra as you can afford each month until this card is paid off. If you have been adding extra here and there to different cards, stop. Pay just the minimums on all the cards but the lowest balance one. You want to pay this one-off quickly to give yourself momentum to carry this to the end. Very important!

Once the lowest balance card is paid in full, take its minimum plus the extra you could afford each month and add them to the next lowest cards minimum. Make that payment monthly until the balance is paid off.

Next, you guessed it, add the total on to the next card. Keep on in this manner until all cards are paid off. Then take the total you were paying on the last card and apply it to your mortgage. If you do the math, you will most likely find you can be debt free in ten years.

Using a debt roll up strategy is a great way to beat the credit card companies at their own game by compounding payments. It’s a great way to eliminate excessive credit card debt.

Are YOU living in a False Sense of Financial Security?


You are currently living the ‘American Dream’. Right now you are happily married, you have kids, a dog, the house with a white picket fence, you own an SUV and a mini van, and you are in debt. Your story is the same as millions of other Americans in this country. Well, your story isn’t exactly as I just described, but close. In fact, the debt part is probably the only absolute truth. You are staying on top of all of your minimum monthly bills, and are making ends meet – or so you think. You’ve been drawn into a false sense of financial security and think you know how to manage money. The reality is you could be in too much debt. Here is a list of 10 warning signs indicating that you might be in too deep.

1. You have little to no savings.
2. You are only able to make the minimum payment on your credit cards and other bills.
3. You’ve been denied credit.
4. You use cash advances from your credit cards to pay other bills such as heat and hydro.
5. You are sometimes late with your bill payments.
6. You keep buying things with your credit card adding to the balance.
7. You don’t even know how much debt you have.
8. Some of your bank accounts are overdrawn and once in a while you bounce checks.
9. You have one or more credit cards that are close to the limit or are maxed out.
10. You have lied to family and friends about your debt and over spending.

Does one or all of these statements sound familiar? Even if just one of those is true, you might be in a little financial trouble and may need to learn how to manage money all over again. The good part is you are able to fix it. The bad part is you must start taking control of your finances right now. The more you wait, the worse the problem will get. Finances are something that can’t be swept under the rug and forgotten about.

STEP 1: Now is the time to make a check list and go through it. Sift through those 10 items and find out the parts that correspond with your life.

STEP 2: Discover a way to fix those problems. You have no savings? Start building an emergency fund. Deposit $25 a week or any amount that you can to increase that balance to $1000. You keep adding to your credit card balance? Start buying things with cash and start paying off your credit card. The list goes on and on, but you have to fix those problems.

STEP 3: Set goals and start making them happen. Tomorrow isn’t the best time to start making goals. Start today – better yet, start right now. Don’t set your goals too high, create financial goals that can work such as cutting your electricity bill by five or ten percent or save some cash by quitting smoking. Small steps are key to goal setting and learning how to manage money.

Being lured into a false sense of financial security isn’t hard to do, when you do not know the warning signs of serious financial problems. If you have gone through this list and have found any matches, it may be time to start fixing those problems before that security becomes a major issue. Understanding how to manage money is easy, and everyone is able to make it happen.

How You can Achieve Financial Freedom!


Everyone wants to achieve financial freedom. Whether you are just starting out and want to become financially independent without needing your parents support, or you want to retire with financial freedom and not have to worry about how you will make ends meet after a lifetime of working, or whether you are somewhere in between, we all have a common goal. But with our current worldwide economic instability and hundreds of thousands of jobs being eliminated, it can really start to seem like financial freedom isn’t attainable.

Still, despite the challenges and even if you’ve lost your job, you can achieve financial freedom. You just have to find the right home-based business that meshes with your financial goals and your talents and abilities.

Home-Based Business Ideas

If there’s one thing you’ve probably already learned by working for someone else, it is this: You will never achieve financial freedom by being someone else’s employee. You have to start your own business! It doesn’t have to be a huge corporation to start. It could just be a blog of your own or selling stuff via online auctions like eBay. But it has to be yours. You need to be accountable to and responsible for yourself.

Once you accept that mindset, you open yourself up to a whole variety of opportunities!. There are lots of different home-based business ideas you can pursue. Consider some of these for starters:

1) Create and maintain a blog or a podcast that will help others and get noticed. Advertisers will want to put ads on your site, paying you to do so, and you’ll also get an affiliate income on the sales generated from the click throughs on your site.
2) Start your own forum and groups. Moderate the group and get paid to sound off.
3) Write articles about topics you know well, and sell them via article directories and article websites.
4) Transcribe documents from one language to another.
5) Give advice as an online consultant.
6) Help people buy and sell domain names and websites.
7) Become a headhunter, and match employers up with qualified potential employees using your own website.
8) Use your technical skills to design websites, search engines, and software solutions for others. License the right to use your products.
9) Sell products on online auction sites like eBay and/or your own website.
10) Take photos and sell them online at stock photo sites.
11) Create informational products about topics you know and sell them (ebooks, videos, white papers, reports, and more).

Hopefully, these few suggestions got your creative juices flowing and you’ve started to think of even more ideas for things you could do. There are thousands of ways you can make money with a home-based business online. You just have to find a niche, start it, stick to it, and succeed!

One way to help discover your niche is to conduct a SWOT analysis of yourself and your situation. Evaluate your Strengths, Weaknesses, Opportunities, and Threats. Using an honest assessment will help you find opportunities that will really work, and are right for you. You need to know and understand yourself.

You might also want to consider hiring an expert to help you make this assessment. Likewise, as you are planning your route to financial freedom and starting to implement your plans, professional advice can often save you lots of false starts and losses. Sometimes paying an expert even saves you money in the long run.

The most important step is just to get started!

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