Debt Payoff & Wealth Building

Learn how you can make debt work for you so that you can build wealth…


In this day and age it is important that you turn a new page and not live your life with rage.


Now is the time that you put a debt payoff plan in place so that you can achieve at all ages, increase your wages and turn new pages.


Even though you may now have credit card debt, you can “flip the script”  and pay off your debt and use those payments to build wealth so that you and your family benefit (not creditor’s) for the remainder of your life and beyond.


You can leave a legacy for future generations and live daily with confidence because you decided to seriously confront your finances and you left all excuses behind.


In this discussion will show you how you can turn a negative situation such as debt payoff into a positive situation where you have over a million dollars in your account.  Keep in mind that it won’t happen overnight, however you can put yourself and your family in position to make it happen in a real way.


Analyze Your Cash Flow

You must know your monthly cash flow position prior to starting on your debt payoff plan if you desire to pay your debt down in the most efficient and effective manner possible.


You must create a personal cash flow statement (budget) at a minimum and by doing so you will open up the possibility of paying off your debt in a more timely manner–if your discretionary income is at an acceptable level.


If your income is not at an acceptable level you may need to get more income or cut your expenses–or do a combination of the two if you desire to make your debt pay down or debt pay off dream come true.


Increase your Income

You must increase your income if you are now falling short of paying off your debt in a timely manner.  You may have to get a second job temporarily to help pay off or pay down your debt in a timely manner or come up with other creative ways to increase your discretionary income.


In rare cases bankruptcy should be given serious consideration if your debt level is at an insurmountable level where the payoff will take greater than 5 years and you lack the means to pay off the debt.


This approach should normally be considered as a last resort after you have exhausted all other means as your credit will be severely affected for years–however you can make an effective recovery after bankruptcy if you are committed and you have an effective action plan.


You also want to use this approach (if necessary) “prior to” depleting your retirement and other financial accounts, therefore it is important that you get professional advice in a timely manner if you are currently in a difficult or distressed financial position.


Cut Your Expenses

In some cases you may be able to cut your monthly expenses by spending less, getting on budget or levelized billing for your utilities and looking at your variable expenses to find areas that you may be overspending in such as entertainment, clothing and the like.


You must look at ways that you can reduce your bills or cut expenses and the money saving can be used to reduce debt and/or achieve other goals that you and your family may have.


Pay Your Credit Card Debt Off in an Efficient Manner

You must come up with a debt payoff plan that is reasonable based on your lifestyle, realistic based on your ability to pay and has a definite deadline for achievement that is also reasonable.


You can choose from a number of payoff options such as smallest balance to largest balance (snowball approach) or highest interest rate to lowest interest rate (avalanche approach) and many other approaches that fall in between.  The real key is do you have the motivation at a high level and  are you determined to pay off or pay down your debt so that you can do xyz?


Why do you want to pay off this debt that you have?  Is the “why” enough of a motivating factor to keep you “locked-in” on your payoff schedule so that you can do what you desire in your future–including saving more aggressively for your retirement years?


Use Your Payments that You Were Using for Debt Payoff (along with other income) to Build Wealth

Once you pay off or pay down your debt you can use those payments that you were using to pay off your debt to build long-term wealth.


You can use the same discipline that you have become accustomed to with your debt payoff efforts to invest monthly for a consistent period of time whether it be 10, 20 or 30 years–or any time period that you desire that will take you toward the goals and objectives that you desire or need to achieve.


You can also use future salary or wage increases and other financial windfalls that may come your way to help build wealth more efficiently during your lifetime.



By paying off or paying down your debt at this time you can start on a path to enjoying life in the manner that it should be enjoyed.  You will put yourself in position after the debt payoff to use the funds to pursue wealth and help ensure a more prosperous retirement period once you age.


In a similar manner as those who promote “buy 20 year term life insurance and invest the difference” that you would be paying for whole life insurance over that 20 year period to build your future nest egg–so too can you use that same general concept when it comes to paying off your debt and building wealth.


For example, if you were accelerating your debt payoff  ( credit card debt of $12,400) by increasing the amount from $300 per month that you would be paying for 10 plus years before debt payoff to $600 per month for 25 months or just over 2 years–you could continue to use that $600 per month by investing consistently for 30 years and at a return of 10% per year you could have well over a million dollars in a relatively painless way.


Keep in mind that whether you buy term and invest the difference or pay off your debt and invest the “payoff monthly payment that you were making” to invest for a designated period–the real key is that you must have the right mental faculties or mindset to stay focused and make it happen in real time.


You must realize that many start on a positive note by buying term and investing the difference–however, many also fail to go the distance–they stop or cut back on their investing activity and end up falling short of what they needed or desired to achieve–such as reaching their retirement number, saving for their dream home, investing for the educational needs of their children and many other scenarios that are played out in real time based on adversity that they face at the various stages in their life.


Don’t let that be you!


And it won’t be you, because you are aware of the need to create  an emergency fund that is properly funded and you know why it is critical to do so at the earliest time possible because it helps you meet life’s emergencies without having to interrupt your long-term investing activity.


If you are now serious about eliminating or reducing your debt at this time you must sincerely look within and determine right now that you are willing to put forth a serious effort to pay down or pay off your debt consistently in a way that will lead to you reaching the goals that you desire or need to achieve.


You must always realize that while you are here on planet earth life happenings will always occur that can give your mind an easy way out as to why you “can’t” do what you need to do!  In most cases they are nothing but excuses and your mind will accept those excuses if you allow your mind to do so!


The good news is that you can decide to  to fight and not allow excuses or any other negative occurrence take your mind or mental thought process in the wrong direction during your lifetime.


Will you be in the group that allows adversity and the happenings of life to hold you back–or are you willing to move forward with an unstoppable force on the inside that says by your actions–I will be successful and I will achieve at the level that I  desire?


Because you control your mind and the outcomes that are in your future–the goals that you are pursuing cannot and won’t be denied because you have put together a serious debt reduction action plan and you know that you have the commitment level that is needed at this time–based upon looking deep within and sincerely accepting the challenge.


You are fully aware that by achieving the goals that you desire you can create a more rewarding future for yourself and your family while on earth (and even when you transition your heirs can still benefit from the actions that you took) and bring  the joy and happiness to your heart and mind that you need–and deserve.


Use your “new attitude” about your future success to pay down or pay off your debt and achieve any other goal that you may desire–starting today!


In closing, it is important that you realize that many of our past clients were unaware that they would be paying thousands upon thousands of dollars in interest for “many more years” than they anticipated if they continued on their “current” debt payoff trajectory.


By adding an additional amount to their monthly payment their debt payoff or debt pay down was accelerated to just a few years–as opposed to a 10 to 20 year payoff period.


If you are now fortunate to have discretionary income on a monthly basis you can use some or all of your discretionary income to pay down or pay off your debt and achieve other goals that you may have.


If you unfortunately don’t have discretionary income at this time you may need to:


1) increase your income on a monthly basis

2) cut your expenses on a monthly basis

3) do a combination of the two


You want to position your mind for continuous success and you do so by–seeing a realistic path toward making your dreams come true–and that is something that you now know how to do!


All the best toward your debt pay down and debt pay off success as you build your retirement nest and achieve other goals that will allow you to live at your absolute best…


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