You must gain control over your money, or the lack of it will forever control you.

~ Dave Ramsey

I've made a few mistakes along the way. I've gotten out of debt, then slid back into it death grip.

But now I've made the decision that enough is enough. I'm DONE WITH DEBT!!

I am going to do whatever it takes to get out of debt once and for all, and build wealth the right way, and I want you to join me.

If you're up for it, click the link below, fill out the form, and I will be in contact with you.

https://forms.gle/crn4Jkwbg9Bo1g46A

7 Financial Planning Tenets to Abide By

At its core, financial planning is a game, and just like any game, there are rules you need to follow if you wish to win. That said, there will be odds against you and unforeseen obstacles may rear their ugly heads.

But no matter how the game goes, your best chances of winning will be to abide by the time-tested rules that govern the game… the tenets of financial planning which will keep you on track regardless of market fluctuations, pandemics, inflation, etc.

1 You must have a budget

There’s a quote in Charles Dickens’ book, David Copperfield, “Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”

This is old wisdom that still holds true to this day. If your expenses exceed your income, you’ll constantly be in debt. Getting your finances in order can be a Herculean task and you can quickly find yourself behind the 8-ball.

Create a budget and decide how much you’ll allocate to needs, wants, savings, paying off debt and so on. Stick to this budget and try your best not to deviate from it.

2 Save 10% of your net income

Here’s an important point to note – the percentage is not as important as the habit.

Some people may be so deep in debt that even saving 10% is difficult. If that’s the case, aim for 5% or at the very least, try to save anywhere from $10-$25 a month.

When you have even a small amount of money set aside, you’ll shift your mindset just enough to go from a mentality of lack to one with a teeny bit of abundance. It’s not much but it’ll make a WORLD of difference.

If you’ve saved $25 a month for 4 months, you’d have a $100 in savings. This will be a refreshing change from before when you were so broke you barely had anything left before the next paycheck came in.

As you get better at saving, trim your expenses wherever you can and split the extra between your debt repayment and savings.

3 Pay off debt quickly

Being in debt can be a soul-sucking experience. The banks are NOT your friends. They’ll willingly give you the credit cards you want as long as you meet the criteria, but the moment you’re slow to pay up, you’ll see them show their fangs.

The late payment fees, the interest rates, the calls from the debt collectors, the never-ending bills in the mail will all add stress and pressure on you. It can be a very draining and burdensome experience.

The best way to avoid this will be to pay your credit card bills in full and on time. At the very least, make the minimum payments punctually so that you don’t incur late fees.

Create a debt repayment plan for yourself and stick to it. It’ll take time, but you’ll come out of debt slowly but surely.

If you don’t remedy this problem proactively, you’ll be in financial servitude to the banks for a long time and may even end up filing for bankruptcy.

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